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Credit holds firm ahead of US CPI

CREDIT UPDATE

No signs of de-risking ahead of US CPI & continuing supply - €IG cash prints still point to a skew tighter with €HY compression, $IG also pointing to move tighter ahead of the 10y & Fed's Williams. Local equities on track to end flat, no major credit linked equity movers outside of €HY equity names; Grifols (+12%) & Synthomer (-7%). IEAC (-0.04%) has crossed lower on the day following ECB Schnabel's remarks this afternoon, belly +3 higher, cash bunds leading the moves.

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