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CREDIT UPDATE
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  • Misses lower on Spain & France inflation this morning help bunds continue their rally; -4 today and -9 on the week in the belly. The US August PCE report confirmed core inflation has averaged below the Fed's 2% target for four months now - it is dragging nominal spending down with it (through the year) but in real terms our economist still sees a firm trend. UST's -3 today but +3 on the week.
  • Low vol in €IG cash outside of Altarea 30s (-0.7pts) and leaves us looking net unch today and should leave us 1-2bps wider on the week. iTraxx was marginally tighter following the equity sentiment (SXXP +0.5%) and ends the week -1/-7 tighter.
  • Movers in €IG equities include Forvia (+12%), AIA (+7%) and Worldline (+7%).
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  • Misses lower on Spain & France inflation this morning help bunds continue their rally; -4 today and -9 on the week in the belly. The US August PCE report confirmed core inflation has averaged below the Fed's 2% target for four months now - it is dragging nominal spending down with it (through the year) but in real terms our economist still sees a firm trend. UST's -3 today but +3 on the week.
  • Low vol in €IG cash outside of Altarea 30s (-0.7pts) and leaves us looking net unch today and should leave us 1-2bps wider on the week. iTraxx was marginally tighter following the equity sentiment (SXXP +0.5%) and ends the week -1/-7 tighter.
  • Movers in €IG equities include Forvia (+12%), AIA (+7%) and Worldline (+7%).