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EUR Mini Wrap

CREDIT UPDATE


  • Bunds are trading flat to 1bp tighter with our DM team flagging earlier STIR moves in the wake of a hawkish FT interview with the ECB’s Schnabel while this morning's German Ind. Production print was below consensus, though saw upward revisions to last-month’s data.
  • Main/XO have opened slightly wider at +0.5bp/+1.2bp, back to levels of roughly 60bp/330bp respectively, bringing YTD performance to +1.7bp/+19bp. FICM is showing €IG/€HY as flat/+0.6bp with broad-based performance (Fins underperforming slightly withing €IG).
  • SXXP is now flat, Auto/parts, Banks are some of the early winning sectors and on the other end of the spectrum sees Healthcare, and Chemicals as part of some of the losing sectors.

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