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CREDIT MACRO

Bunds finish unchanged with speculation ahead of the UK Budget and better than expected EZ retail sales taking yields higher. The move was reversed in the afternoon post lower ADP and Powell. The speech didn’t contain a whole lot new but did reference that rate cuts will depend on the economy.

Stocks ticked up throughout the session. SX5E is left +0.5% with SPX +0.7%. Tech and Energy led the way on both sides, with not much dispersion.

IG Cash closes unchanged to governments for the second session in a row. Main/XO close 1.1/3.7 tighter.

Primary was slower today with no benchmark IG issuance. We did get TELEFO perps and Plastic Omnium in sub-IG.

Earnings from SMDSLN, AIB and DHLGR were largely uneventful although AIB CET1 missed.

Companies reporting tomorrow include CONGR, RTOLN, LHAGR, ITVLN and VIVFP.

  • RKTLN was the worst IG performer (+4-6bp) with acne creams including Clearasil linked to cancer risk.
  • In HY Grifols was hit again on the latest Gotham note (see our earlier bullet). 28s closing -2.75pts.
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