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  • EU risk sentiment rebounds after the FBI cleared Clinton of any wrongdoing over the w/e in connection with its email probe, giving her campaign a boost just a day before the US Presidential election

  • Clinton favoured at 83% according to Betfair, up from sub-70% last week

  • Stoxx600 rises 1.24% as at 11.19 recovering all of Friday's 0.83% loss and with financials leading the charge, up 2.17%

  • Brent on course to end a 6-day losing streak, up 1.23% at USD46.14 as at 11.20. That follows a chunky 8.58% drop last week

  • Govvies - Core EGBs lose safe haven bid seen last week as markets react to the aforementioned twist in the US election in favour of Clinton; periphery outperforms core squeezing 10yr spreads vs Bunds in sharply; PGB/Bund yield matches a 2-month low at 383bps
  • Asian markets closed higher with Nikkei +1.61%, Hang Seng +0.7% and Shanghai Comp +0.26%
  • Primary - CORP SNAPSHOT: Icade pulls the trigger on 9yr Euro; pipeline builds (see below)
  • Performance check on Fri's Euro deals (bp change from reoffer) - FIG: NAB 0.625% 11/2023 +1.5
  • iTraxx indices tighten sharply before moving sideways with Main -2.3 at 74.1 and Crossover -8.9 at 331.0 as at 11.22
  • Afternoon - Watching ECB CSPP tally and ECB's Lautenschlaeger in absence of any top-tier US data; S&P500 called 1.41% higher and looks set to recover circa 50% of the 3.1% drop seen over the past 9 sessions

New deals in the pipeline / updates

07-Nov

Icade

EUR

500m n/g 9yr at m/s +100 area IPTs; BBB+

07-Nov

ING-DiBa

EUR

500n n/g 10yr covered via CA/Cmz/Danske/ING/LBBW

Key economic data / events so far

  • GE Sep Factory Orders MoM missed at -0.6% (exp 0.2%, prev 0.9%r)

  • SP Sep Industrial Output SA YoY missed at 0.8% (exp 2.5%, prev 4.3%r)

  • UK Oct Halifax House Prices 3-Months beat at 5.2% (exp 4.9%, prev 5.8%)

  • EC Oct Retail PMI falls to 48.6 from 49.6 in Sep

  • EC Nov Sentix Investor Confidence beats at 13.1 (exp 8.6, prev 8.5))

  • EC Sep Retail Sales YoY missed at 1.1% (exp 1.2%, prev 1.2%r from 0.6%)

Government auctions

  • There are no significant term auctions in Europe or US on Monday 7th November.

On the agenda later

  • 12 S&P500 companies report

  • ECB CSPP tally (14.45)

  • ECB's Lautenschlaeger (16.00)

All times GMT

kajal.mawdia@informagm.com

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