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EUR Mini Wrap

CREDIT UPDATE


  • Market skewed wider in early trading; FICM shows €IG/€HY cash at +2bp/+9bp though we see aggregate moves around 1-1.5bp wider vs. govies based on swap spreads. Energy looks to be outperforming again while Sub Fins are taking the brunt of the move. Main/XO are +2bp/+9bp bringing WoW moves to +8bp/+44bp.
  • Movers include Rolls Royce (+6-8bps), Lufthansa (up to 12 bps wider post-earnings) and Eurofins.
  • Rates subdued with 2y/10y bunds 1-2bps richer as participants weigh ongoing Middle East tensions against this morning’s mixed UK labour market data.
  • SXXP is -1.3% with all sectors in the red and Autos, Banks, Basic Resources all over/around 2% lower. Notable €IG movers include Adecco -9%, SES -6%, Nidec +7%, CPI Property +6%, Ericsson +6%.

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