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CREDIT UPDATE

• Global rates moved slightly higher after the UMich survey showed a jump in inflation expectations. Bund / Treasury yields close +3 / +5bp.

• Stocks close higher with SXXP (+0.8%) catching up to SPX (+0.1%) overnight strength. Utilities led the €IG issuer basket, with Autos the only sector in the red dragged by Nissan (-4%) post earnings. CRH and EDP both 4%+ higher post earnings.

• €IG cash closes less than 1bp tighter overall in a low vol session. LHAGR moves 5-7 wider following their € mandate. RBIAV continues to recover ground with financials generally firm.

• CDS indices close marginally better with Main / XO -0.1 / -3.

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