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CREDIT UPDATE
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CDX opens a firm -2.7/-12 tighter, S&P futures +1.2%. Airbnb -16% after earnings, macro read-through is hazy at best (despite the headlines). It says in the US it has seen a skew towards short-term stays but no evidence of trading down in pricing/rooms. It's still guiding to Q3 revenue growth of +8-10% with ADR's increasing moderately; equities seem to have gotten too used to only seeing double digit headline growth post-covid.

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CDX opens a firm -2.7/-12 tighter, S&P futures +1.2%. Airbnb -16% after earnings, macro read-through is hazy at best (despite the headlines). It says in the US it has seen a skew towards short-term stays but no evidence of trading down in pricing/rooms. It's still guiding to Q3 revenue growth of +8-10% with ADR's increasing moderately; equities seem to have gotten too used to only seeing double digit headline growth post-covid.