FREELAND: CANADA WON'T ESCALATE OR BACK DOWN ON US TRADE FIGHT

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AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

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EUR Mini Wrap

CREDIT UPDATE
  • EGBs have reversed much of the early morning bid for 2y10y bunds to sit -2bp/-3bp after January flash PMIs implied less of a dovish conclusion than the headline figures initially suggested. Yields now ticking higher in the wake of stronger than expected gains in the US PMIs.
  • Main/XO opened tighter after which Main moved mostly sideways while XO tightened further still to sit -1.1bp/-8bp, bringing YTD moves to +1bp/+11bp. CDX also opened tighter though Main/XO are outperforming so far by 1bp/5.5bp.
  • FICM is showing €IG/€HY at +0.5bp/+1.5bp with Tech and Sub Fins outperforming within €IG, though swap spread vol implies less significant moves, against a quieter day in primary markets ahead of the ECB tomorrow.
  • SXXP is +1.1% with growth stocks significantly outperforming at +2.3% as Tech outperforms at +4.5% - see out comments on ASML (+8%) and SAP (+7.4%).
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