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CREDIT UPDATE: € Credit Close

CREDIT UPDATE
  • Rates were little moved before PCE sparked a bid, with DBRs / USTs closing -1/-3bp.
  • Stocks were better over the session, with PCE helping to instigate a further uptick. €IG equities were +0.7% with all sectors in the green and Industrials and Healthcare firmest. Notable movers include 3M +17%, Bristol-Myers Squibb +9%, Sartorius +8%, EssilorLuxottica +7%, Signify -7%.
  • €IG cash closes marginally wider. ERRFP -4-6bp is finally catching up to equity recovery a little.
  • CDS moved tighter with stocks, Main / XO close at 54.3 / 296, -0.7/-4.

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