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  • Bunds closing 7bp tighter after a volatile session, with a strong US Manufacturing PMI taking rates higher before lower than expected ISM index and prices paid reversed the move and then some.
  • Stocks ticked up over the session, ending at the highs with SX5E +0.16% and SPX +0.43% respectively at the time of writing. Tech and Energy – WTI +3% - led the way in both markets with Utilities the laggard.
  • IG Cash moved marginally better, bucking the 2-day widening trend. Index OAS is still +2.1 wider over what was a supply heavy week. High beta names ELOFR, VTRS, BAYNGR lead the way after weakness earlier in the week. ENGIFP also recovered from supply lead widening. Main/XO close -0.3/-2 tighter.
  • NYCB -24% : CEO leaving after material internal control failures identified. Market sensitivity to this name seems to have faded, for now.

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