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CREDIT MACRO: € Credit Close

CREDIT MACRO
  • Rates were a little higher through the session driven mainly by ECB commentary with the global IT issues causing some volatility. DBRs / USTs close +3bp.
  • IT issues weighed on stocks also, but only marginally. Earnings also saw some decent moves; Danske Bank +8%, Sartorius -10%, Autoliv -9%. All sectors were in the red with Consumer Discretionary weakest. SPX / SXXP are left -0.4%/-0.7%.
  • €IG cash closes unchanged and tighter at the margin. SRTGR was the big mover on disappointing earnings, up to 20bp wider.
  • CDS was better bid with risk off in equities. Main / XO close +0.5/+2bp.

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