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Late Corporate Credit Update: Catching Up to Risk-Off Tone

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Investment-grade corporate credit risk climbed off six week lows to late session highs Friday -- catching up w/ risk-off tone following weak US services sector PMI data (47.0 vs. 52.7 est), stocks near lows: SPX eminis --50.75 (-1.27%) at 3950; DJIA -236.2 (-0.74%) at 31796.7; Nasdaq -264.5 (-2.2%) at 11794.1.

  • Investment grade risk measured by Markit's CDXIG5 index +2.498 to 86.278; CDXHY5 high yield index at 99.988 (-0.645).
  • Outperforming credit sectors (tighter or least wide): Senior and subordinated Financials at -0.9 and -0.4 respectively while Healthcare risk held +0.1.
  • Lagging sectors (wider or least narrow): Technology (+1.9), Communications (+1.8), Consumer Discretionary and Utilities both +1.2.
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Investment-grade corporate credit risk climbed off six week lows to late session highs Friday -- catching up w/ risk-off tone following weak US services sector PMI data (47.0 vs. 52.7 est), stocks near lows: SPX eminis --50.75 (-1.27%) at 3950; DJIA -236.2 (-0.74%) at 31796.7; Nasdaq -264.5 (-2.2%) at 11794.1.

  • Investment grade risk measured by Markit's CDXIG5 index +2.498 to 86.278; CDXHY5 high yield index at 99.988 (-0.645).
  • Outperforming credit sectors (tighter or least wide): Senior and subordinated Financials at -0.9 and -0.4 respectively while Healthcare risk held +0.1.
  • Lagging sectors (wider or least narrow): Technology (+1.9), Communications (+1.8), Consumer Discretionary and Utilities both +1.2.