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US Open

CREDIT UPDATE

CDX opens -0.4/-2 tighter, S&P futures flat with low single name vol. $IG with a more mute +0.9bp close yesterday while $HY held ~flat on spreads even as rates went bid (5y -8bs). US data is heavy today with ADP Aug. Jobs report at 1:15pm London followed by Weekly claims and August ISM Services (including the employment sub index).

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