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CREDIT COMMENTARY
Dec 02, 2013
Manufacturing data drives mild rally
Credit markets started the week with a mild rally following the release of Markit Eurozone Manufacturing PMI at 51.6 in November.
The index beat the flash estimate which came in at 51.6 on 21st November and the October PMI at 51.3.
The Markit iTraxx Europe and the Markit iTraxx Europe Crossover indices both traded slightly tighter throughout the European session at 78.40bps (-0.65bps) and 315.73bps (-3.16bps), respectively.
In the US, the Institute for Supply Management (ISM) released its November PMI at 57.3. The ISM's index monitors employment, orders and supply activity in the manufacturing sector.
The Markit CDX North American Investment Grade index was trading 0.38bps tighter at 69.18bps as the ISM PMI hit its highest level since April 2011.
Credit markets were pretty much eventless apart from these two data releases. The holiday season appears to have impacted trading as we have seen a drop in number of CDS quotes and CDS contracts traded.
Services PMI including the new Markit US Services PMI and the ADP employment survey in the US -- both due to be published on Wednesday -- are well anticipated by the markets. Aside from these, the ECB announcement of monetary policy decisions expected on Thursday stands out on this week's economic calendar.
Akif Ince, Credit Analyst, Markit
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