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CREDIT UPDATE

• Government bond yields opened lower and took another leg post CPI (lower than expected). Bund yields close 12bp lower, treasuries 8bp lower.

• Stocks also jumped on the data, with SPX / SXXP +0.7% / +0.5%. Within the €IG issuer basket, real estate was the best performing sector (+3%) while energy and autos were the only ones in the red.

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• Government bond yields opened lower and took another leg post CPI (lower than expected). Bund yields close 12bp lower, treasuries 8bp lower.

• Stocks also jumped on the data, with SPX / SXXP +0.7% / +0.5%. Within the €IG issuer basket, real estate was the best performing sector (+3%) while energy and autos were the only ones in the red.

Keep reading...Show less