China concerns fuel sell-off, but technical trading drives Euro-US relative value shift
Another lurch wider for spreads is reopening some of the recently healed divide between European and US credit performance, even though US-China relations are among investors’ biggest growing concerns

Italian rally extends as Europe opens week on stronger tone than US
Improvement in Italian spreads is helping the European market maintain its better tone at the start of the week, but after July’s rally many investors will be wary at entering a month that has often been negative for credit performance

Relief rally extends despite US and EU sending mixed signals on recession
Growth and inflation data on Friday has added impetus for the European Central Bank to maintain a hawkish stance at its September meeting, despite US signals suggesting that economy is in recession

Fed gives boost to markets, but warm glow may wane fast
Financial markets are carrying over the rally they began on Wednesday, after the US Federal Reserve appeared to signal it could ease its foot off the pedal with future rate hikes

US tech earnings fuel relief rally even as Europe's gas supply drops
Stronger than anticipated earnings at US tech giants have boosted financial market sentiment and brought a relief rally to credit following yesterday’s sell-off

Russia and retail put stop to credit rally with big spread reversal
Russia’s move to cut gas supplies once again to Europe, as well as a Walmart profit warning in the US, are weighing heavily on markets Tuesday and sending credit spreads sharply wider

Relief rally lifts markets despite Italy turmoil adding to ECB headache
Financial markets look to be heading to the weekend on a slightly firmer tone, as investors ease back from their bearish positioning of recent sessions

Italian rout gathers pace as credit relationships warp well beyond historical norms
Renewed selling pressure on Thursday has taken credit spreads back towards the year’s wides, with financial borrowers underperforming as Chinese covid cases, US inflation and a drought in Italy all weigh on sentiment

Europe takes brunt of spread blowout as US inflation exceeds forecasts
The gap in performance between European and US credit has yawned wider on Wednesday, with investors adding hedges indices in response to a key inflation number that came out higher than expected

Euro credit drives wider as currency hits parity with dollar
Caution ahead of the latest US inflation numbers, weakening commodity prices, and the euro falling to within touching distance of the dollar have taken financial markets on another downwards push, with European credit again an underperformer

IG payers provide best tail-risk hedges: Barclays
Investors seeking the cheapest tail risk hedge should look to CDX IG payers, while iTraxx Europe payers are the best hedge against further European underperformance, finds Barclays

Mixed signals abound but European weakness persists
European financial markets are losing further ground against the US in a cautious start to the week, as the euro approaches parity with the dollar for the first time and latest data supports the Federal Reserve maintaining a hawkish approach to policy

Go long duration in consumers and industrials: BofA
The year’s wides still lie ahead in the second half, but China reopening is bullish for consumer and industrial spreads and investors should extend duration in high-quality credit, according to Bank of America strategists

Europe leads relief rally while UK gets Borexit done
UK prime minister Boris Johnson’s resignation has brought a collective sigh of relief across all political parties on Thursday that finds pathetic fallacy – but little attributable causal connection – in a strong relief rally in European financial markets

Europe vs US arb hits resistance as dislocation becomes more extreme
Recession fears have pushed several different asset classes to key psychological levels, while leaving European and US credit markets at a high level of dislocation

Euro markets slump against US after slowdown signals drive sell off
European credit is once again underperforming the US, after data pointing to economic slowdown sent the euro to a 20-year low against the dollar

Credit tacks sharply as hiking talk brings choppy start to week
European financial markets opened the week on a cautious footing, after a weak Asian session, with credit indices oscillating between wider and tighter prints over the course of Monday morning

EU inflation prints frame challenge ahead as horror show first half ends
Financial markets are heading into the weekend with a rare stationary session, but the mood is more one of shellshock than considered positioning, after one of the worst first halves to a year on record

Energy co joins Europe's choir of fallen angel candidates as spreads soar
The financial market sell-off is entering acceleration, with credit indices blowing to new psychological levels and a growing number of investment grade companies reaching high yield spreads

Consumer confidence shock sends spreads back to wides
Weak US consumer confidence numbers on Tuesday sent shockwaves through markets that are continuing to reverberate in Wednesday's trading session

Property firm's troubles mount while rest of market rallies
Financial markets have opened the week brightly on a mix of improved sentiment and technical repositioning. But one European high yield company is heading further into stress, against the flow

Skew opens up as indices pivot following broad sell off
The opening of the US session on Thursday has brought a firmer tone, after European and Asian markets extended their weak run. But the reversal in index direction has left single name credits still sitting at much wider spreads

Energy firms underperform in credit sell off as oil prices slump
Investment grade credit is the underperformer on Wednesday as the market pivots wider amid negative economic signals and ahead of US Federal Reserve chair Jerome Powell’s appearance before Congress

Credit rally gathers momentum as Fed pitches for credibility
European credit’s relief rally has extended on Tuesday, with US stock futures pointing in a positive direction on return from the country’s holiday and the US dollar slipping a touch against the euro

Fed hike speculation holds sway over Europe and Asia despite US holiday
Credit markets have opened the week marginally tighter, with Europe and Asia cautious on Monday in the absence of a US trading session, and US Federal Reserve statements likely to drive sentiment in the rest of the week