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CREDIT UPDATE

€IG looks skewed tighter into the close, iTraxx closed -1.5/-8.5 taking direction from equities (+1.15%) & some support from local rates (-2bps) - though on weaker data. We saw some divergence in PMI's across EU, UK & US though yet to see that emerge in any large extent between ECB vs. Fed pricing. ECB tomorrow - no change in rate or policy statement expected by MNI in baseline scenario with focus on Pres. Lagarde's pressor & her extent of push-back against cuts and/or any guidance on timing of easing.

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