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CREDIT UPDATE
  • Weakness in $IG (~+1bp) in US morning though Fed before their close will have the final say. £IG looks net flat.
  • €IG equity basket is flat but plenty of earnings linked vol in $ & £ equities. SPX is -0.3% in US morning - though its being dragged on by Energy (-1.5%) & Tech (-1%). Former on WTI falling -3% (weekly US inventories came high), latter on earnings misses.
  • $IG basket is still -0.2% dragged on by double digit falls on CVS, Starbucks & Estee Lauder earnings.
  • Treasury refunding was inline while ADP (not a mover for NFP) showed private jobs at firm +192k (+c183k) in April. JOLTS job openings missed at 8488k (c8680k) dropping ratio to unemployed to 1.32 lowest since Aug '21.
  • Main data - ISM manufacturing - was tad weaker at a contractionary 49.2 (c50, prev. 50.3) though with hawkish read through on prices paid at 60.9 (c55.4, prev 55.8).
  • US rates are net -3bps through their morning data.
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