Credit Movers on US Equities Open

US equities are -1.3% on the cash open as rates sell-off +12bps on CPI - limited pass through to local rates (€+6/£+8), but iTraxx still moving wider on CDX (+1.2/+10). $IG prints are pointing to a move wider, 3 $IG issuers were on the side-lines but no signs of activity since CPI. €IG is skewed tighter, with equivalent equities down -0.4% relatively strong vs. SXXP (-1.4%) - Tech underperformance (-4%), financials holding firm (-0.3%) & LVMH drag on equity indices driving the outperformance. VF (-8%) is the biggest fall - paring some of yesterday's gains - no signs of that in credit with € cash lines another 4-10bps tighter.

Limited outperformance from $IG basket (-1% vs. SPX -1.3%) with $ financials struggling (-1.2%) & not helped by lifer Brighthouse missing on earnings this morning, analyst takes NSN S8SRN2T0G1KW <GO>. Cocal Cola (KO) +0.6% on strong 4Q results, hyperinflation helping on headline. FY24 guidance for cash flow from operations of $11.4b (c$12.3b), capex $2.2b and FCF of $9.2b, Analyst takes; NSN S8SOOVT1UM0W <GO>. Marriott struggling (-5%) despite beating on Q4 & giving firm 3-5% RevPAR guidance for this year, equities are coming off a strong rally, analyst takes; NSN S8SQ5GT0AFB4 <GO>.