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EUR Mini Wrap

CREDIT UPDATE
  • Bunds are slightly off intraday cheapest levels though still 3-4bps cheaper at most maturities with our DM team noting the continued supply (EFSF/EU) feeding through along with the already-mentioned Powell Interview and BOJ sources piece. Final Eurozone services and composite PMI readings came in mostly in line with flash estimates, as did PPI.
  • Main/XO are sitting +0.4bp/+4.3bp while €IG/€HY cash are 0.5bp/0.2bp tighter as per FICM, with all €IG sectors in the green though without any large sectoral differences in performance.
  • SXXP remains at +0.2% – Autos underperformance has worsened with the sub-index now at -0.6% DoD despite Renault +1% on the consolidation news while Energy stocks are -0.6% with BP -1% ahead earnings tomorrow in the wake of the poor Shell report.
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  • Bunds are slightly off intraday cheapest levels though still 3-4bps cheaper at most maturities with our DM team noting the continued supply (EFSF/EU) feeding through along with the already-mentioned Powell Interview and BOJ sources piece. Final Eurozone services and composite PMI readings came in mostly in line with flash estimates, as did PPI.
  • Main/XO are sitting +0.4bp/+4.3bp while €IG/€HY cash are 0.5bp/0.2bp tighter as per FICM, with all €IG sectors in the green though without any large sectoral differences in performance.
  • SXXP remains at +0.2% – Autos underperformance has worsened with the sub-index now at -0.6% DoD despite Renault +1% on the consolidation news while Energy stocks are -0.6% with BP -1% ahead earnings tomorrow in the wake of the poor Shell report.