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US Open

CREDIT UPDATE

CDX stays weak; +0.5/+6, S&P futures -1.2% dragged on by Intel (-22%) and Amazon (-8%). US July labour data in a hour will have the final say for rates that are 20-25bps tighter across both regions. Spreads not benefiting from that but yield investors are; IG returns across both regions has now crossed 2% YTD and €HY is over 4%. Flows have remained strong across the board thus far.

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