May 23, 2024 14:30 GMT
US Opens
CREDIT UPDATE
Equities and CDX reverse back to flat levels on rates moves post strong PMIs. ETF flows still net flat, $IG +0.4 yesterday. Both regions still in a holding pattern, <1bp WTD. €IG skewed tighter today & reminder long-weekend ahead for UK and US on Monday holidays - with early close for $ desks tomorrow.
Earlier;
Strong risk-on moves despite mute vol in US rates; S&P futures +0.7%, CDX (-0.9/-5) taking iTraxx with it.
Initial Jobless Claims 215k (220k expected - May 18 week), prior week up to 223k (was 222k)
In-line: US CONTINUING CLAIMS +0.008M to 1.794M IN MAY 11 WK
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