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European Morning Wrap

CREDIT PRE-MARKET

Market Wrap (following 4-day European weekend)


  • EGBs traded within a narrow range on Thursday with Bunds finishing broadly unchanged. USTs were also little changed yesterday with the futures (Jun’24 10Y) steady and curves slightly bull-steeper. US ISM printed higher than expected with prices up for the third month.
  • Main/XO closed on Thursday marginally wider on the week (+0.7/+7.2) with cash bonds showing slightly tighter on IG (-0.9) and wider on HY (+14).
  • SXXP had a relatively good run in to the quarter end, +0.6% on the week, led by retail and financials. Tech and T&L lagged.
  • Asia: HK markets have been strong overnight on the back of a strong local PMI published Sunday, the market was playing catch-up with the mainland China indices.

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