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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.

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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.

Keep reading...Show less