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US Open; CDX opening unch to wider following weak equities

CREDIT UPDATE
  • Not much colour from us on local credit sentiment - Europe is away today with bunds closed for trade. For what its worth £IG looks net flat on spreads (Gilts open). S&P futures -0.4% continuing yesterday's sell-off on heavy falls from tech (SWKS, SMCI, AMD) & staple retailer (Starbucks -12% & CVS -11%) earnings misses.
  • Cash across all 3 regions stayed in a holding pattern yesterday - arguably poor performance given rates moved +6-8 higher for both continuing to question if any support remains from yield buying. $ETF flows stayed net flat, with small outflows in $HY. Supply quiet across both regions today, $IG ex. Boeing mute this entire week.
  • Plenty in US Macro coming up including Treasury Refunding at 1:30pm London/8:30am ET & ISM Manufacturing & Job openings at 3pm/10am ET. Fed comes later tonight.

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