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Accor Moves Wider

CONSUMER CYCLICALS

Accor (Snr; NR, BBB-, BBB-; S) a name that's screened rich to us - particularly after a post-earnings rally last week- is reversing some of that this morning, 26/28's +4/7 wider. Could be making room for Booking supply though would not travel names (higher beta) are underperforming on today's spread sell-off. No weakness in equities space.

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