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Late Corporate Credit Update

US

Investment-grade corporate credit risk see-sawed near second half highs as equities broke support, SPX eminis extending session lows: ESM2 currently -76.00 (-1.7%) at 4407.0 - well through 50-day EMA of 4456.43 and 4425.96, a Fibonacci retracement -- eying round number of 4400.0 next key support.

  • Ongoing focus on latest earnings cycle that kicks off this week with financials making up the bulk of releases: JP Morgan and BlackRock are due to set the tone on Wednesday, before Citigroup, Goldman Sachs, Morgan Stanley and Wells Fargo follow. Current selling may be positioning ahead Tue's CPI.
  • Investment grade risk measured by Markit's CDXIG5 index currently +2.092 to 72.692 vs. 73.469 high; CDXHY5 high yield index mildly lower at 103.860 (-.413).
  • Outperforming credit sectors (tighter or least wide): Materials sector (+2.0) outperforming Utilities and Industrials (+2.4-2.5) with gas and electric service provider debt narrowing.
  • Lagging sectors (wider or least narrow): remain Energy (+3.6) underperforming Financials, Technology and Communication sector names each appr +3.3-3.5.
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