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Late Corporate Credit Update: Risk Measures Heating Up

US

Near late session highs - investment-grade corporate credit risk has climbed back to mid-July levels as stocks trade weaker in reaction of hawkish policy speak (Fed and ECB) and gepol risk as Asia/Taiwan tensions increase. Currently SPX eminis trade -53.25 (-1.32%) at 3978.75; DJIA -349.02 (-1.09%) at 31755.75; Nasdaq -183.1 (-1.5%) at 11835.87.

  • Investment grade risk measured by Markit's CDXIG5 index +3.243 to 91.498 (92.333 session high last seen July 15); CDXHY5 high yield index at 98.869 (-0.611).
  • Outperforming credit sectors (tighter or least wide): Financials (senior), Utilities and Consumer Discretionary all tied at (+0.2), followed by Health Care (+0.3) and Energy (+0.4).
  • Lagging sectors (wider or least narrow): Communications (+0.8), followed by Consumer Staples and Materials (0.7).
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