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CREDIT UPDATE

  • CDX opened a tad wider but is heading into unch leevls. S&P futures -0.7% , tech earnings continuing to drive moves (Meta -14%) - Microsoft & Alphabet after the close today. We'll update the $IG basket once cash opens - gives cleaner read for credit.
  • €IG is again net flat in relatively low vol moves. Cash across both regions closed flat. $IG with +0.3bp close despite HY holding relatively firm (on spreads), quiet primary & rates/yields rising is worth noting. Both €/$IG are 3bps from recent lows.
  • On positive $IG showed small (<$500m) of inflows returning yesterday.
  • Macro returns, all at 1:30pm London/8:30am with Q1 Core PCE & GDP - former should give enough of a read for tomorrow's March number. Weekly claims as well - continuing is a reference week for payrolls.

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