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China Should Act Early To Avoid Balance Sheet Recession

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Investment-grade corporate credit risk seeing broad based improvement Thursday while major stock indexes trade stronger after into the close: SPX eminis trading +61.5 (1.6%) at 3909.75; DJIA +358.03 (1.15%) at 31394.56; Nasdaq +266.7 (2.3%) at 11628.23.

  • Investment grade risk measured by Markit's CDXIG5 index at 93.116 (-5.144); CDXHY5 high yield index at 98.911 (+1.201).
  • Outperforming credit sectors (tighter or least wide): Communications (-6.6), followed by Health Care, Technology and Consumer Discretionary all (-5.8).
  • Lagging sectors (wider or least narrow): Financials Sr (-2.7), Utilities (-4.3) and subordinated Financials (-4.4).

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