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US Equities Open

CREDIT UPDATE

No clear direction from $IG cash this morning, equity equivalents are +0.1%, tech (-0.6%) dragging on the SPX (-0.7%). Consumer discretionary (-1.3%) struggling including on a drag from VF (news agnostic) & auto names (linked to Euro Area sales data) while staples (+1.5%) is bucking the moves led by Walmart's earnings beat (equity takes; {NSN S95S5TDWX2PS <GO>}). Financials (+0.3%) is being held in the green by Barclays (+9%) whose earnings included ahead of consensus buyback/equity return targets over next 3yrs.

€IG equities are flat in line with broader equities, auto supplier Forvia (-12%) continuing its post-earnings fall. €IG cash credit is skewed tighter, Bayer now a 10-17bp rally and a tailwind for the index.

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