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US Equities open brings little vol.

CREDIT MACRO
  • US Equities open has brought little vol; $IG is +0.1% vs. SPX -0.1%, drag on the latter from Alphabet (-3%). No large sector movers, Financials holding firm +0.7%.
  • €IG is trading with broader equities (-0.2%), RE the only sector mover (-1.0%) & includes Icade {ICAD FP Equity}, the real-estate developer - seems noise on the small-cap equity (it did have a news release this morning but we don't see anything in it); cash bonds (NR, BBB+) are unch today.
  • In €HY we had usual suspect Grifols (see above) but also notable fall from Air-France {AF FP Equity} - seems news agnostic - Its equities have shed -16% from last week week, including on earnings. Cash lines mixed today.
  • No clear skew in € or $IG cash lines heading into London close.
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