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Adidas (A3, A-; double neg) Equities weaker on embezzlement headlines

CONSUMER CYCLICALS
  • Equities were slow to move but are now down ~4% (SXXP flat).
  • As we said this morning caution for those eyeing shorts - Kanye/Yeezy situation gives a good proxy and lines held firm through it.
  • We are also not sure how valid CSPP/PEPP is as the only driver; 26s are not held in either yet trades with curve & shown similar low vol in the past.
  • 28s +4 today at Z+27 - only a partial reversal of -8 move in last week.

Embezzlement claims

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