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A One-Day-Break To Finish The Month

31 July 2015 by lberuti

The economic data released in the US generated some volatility on the equity markets. Stocks dipped after the US Employment Cost Index came out, but credit was largely unaffected. The trading range on all the credit indices was very narrow (1bp on iTraxx Main and 3bps in iTraxx Crossover) and they felt well offered throughout the session, even though volumes were on the low side. Continuing the trend of the week, protection is still better bid on single names but there was no major casualty to report, except CWCLN (Cable & Wireless Ltd) after they released the indicative terms of their new $750mln 7 year deal. The weakest names were given some respite to mark the end of the month, but many expect them to come under renewed pressure in the very near future.