Europe Summary and Highlights 26 Oct
French spreads off the highs after Moody's holds
Risk a bit firmer in the session, oil off on regional meeting
Some early week respite as French spreads ease off after Moody’s opts not to downgrade from Aa3, with 10s in about 6bp to around 160~, off from last week’s 177 high – though the intraday look below this key break level support hasn’t been sustained, as things stand.
EUR/USD remains around 1.12 +/- currently nudging fractionally below after not managing a bounce clear. Euro crosses seeing a little bit more consolidation, up around ¼ %, after fast runs and with wider risk steadier (some bounce for equities in the session, especially European, and volatility nudging off).
Oil off around $2~ helped by reports that officials from Saudi Arabia, Turkey and Pakistan to meet Iran in Tehran today.
German October Ifo business climate 90.2 from 89.9 (mkt 90.0), highest since May 2023