US Open

ETF flows have turned weak, $IG's largest LQD faced -$1.5b in outflows over rolling week while largest HY (HYG) not far behind on -$700m. It does come on the back of a US led rates sell-off - some of that is being pared back today on dovish read through from 1Q revisions (downwards) to personal consumption & core PCE - April PCE tomorrow is likely to have the final say. Credit spreads have waved past equity weakness this week (€IG basket is -1% to yest.) to continue a slow move tighter - one that has extended to local HY spreads. Both regions look unch today.

Names mentioned in pre-market {CPRI US Equity -3%} {BIRK US Equity +13%}