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Late Corporate Credit Update, Materials, Consumer Staples Credit Risk Rising

US

Investment-grade corporate credit risk extending to new six week highs late Wed as stocks tick lower. Currently SPX eminis trade -14.5 (-0.36%) at 3973.25; DJIA -134.86 (-0.42%) at 31656.37; Nasdaq - 32.5 (-0.3%) at 11851.45.

  • Investment grade risk measured by Markit's CDXIG5 index +1.839 to 92.958 (lvl last seen July 15); CDXHY5 high yield index at 98.768 (-0.168).
  • Outperforming credit sectors (tighter or least wide): Energy +1.5, Industrials +1.6, Consumer Discretionary +1.7.
  • Lagging sectors (wider or least narrow): Financials Sr +2.0 followed by Materials , Consumer Staples and Communications sectors clustered around +1.9.

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