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US Open

CREDIT UPDATE

US risk relatively mute this morning, CDX -0.8/-2, S&P futures +0.2% - those that reported in pre-market including DHR, GE, KMB & FM up >4% leading gains - heavyweights Tesla & Visa come after the close. €IG is skewed 2-3bps tighter in another strong session - matched in HY cash. Not much in US data that endangers that this afternoon; PMI's are S&P (market focus on ISM) & annual retail sales revisions may be glossed over by rates.

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