CREDIT BULLETS: Issuers stay away, 2025 window closing

EU stocks are set to end the morning lower, threatening to end an 8-session winning streak. Falls follow a -ve Wall Street handover where weakness in financials weighed on S&P500 (-0.61%) and Nvidia fell on China anti-trust concerns. In Asia, HK/mainland shares rose though, buoyed by ongoing hopes for an easier monetary stance. US index futures are currently flat ahead of today’s session which offers only second-tier data ahead of Wed’s key CPI print
Stoxx600 -0.36% at worst to follow an 8-day/3.2% win streak. All sectors fall except real estate
Govvies: Choppy session for German debt with no overall direction while French bonds outperform (deja-vu). 10yr GER/FR spread narrows to 73bps vs the long term high above 88bps seen last Monday
Primary: Issuers stay away on what may be the last day for meaningful supply of 2025 given US CPI is due Wed, followed by the ECB on Thu (25bps cut fully priced)
Performance checker of Monday’s EUR benchmark deals(bp spread change from reoffer) –
- Corp: MTNA 3.125% 12/28 -6, MTNA 3.5% 12/31 -7
Ahead: 3yr UST sale gets the latest refunding cycle underway. No speakers (ECB and Fed officials remain in blackout). S&P futures unch and Nasdaq futures +0.1%

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Key Data

CN Nov Exports YoY below f/c at 6.7% (exp BBG 8.7%, prev Oct 12.7%)
CH Nov Imports YoY below f/c at -3.9% (exp 0.9%, prev -2.3%)
GE Nov F CPI YoY confirmed at 2.2%
IT Oct Industrial Production MoM matched f/c at 0.0% (prev rev to -0.3%)
US Nov NFIB Small Business Optimism beat at 101.7 (exp 95.3, prev 93.7)

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