European spreads jumped tighter on Thursday as shares rose on upbeat results from Wells Fargo and after Japan said it would boost long-term lending to companies and Germany offered to take over a stricken bank.
By 1428 GMT, the Markit iTraxx Crossover index, made up of 45 mostly "junk"-rated credits, was at 880.5 basis points, according to data from Markit, 42.5 basis points tighter versus late on Wednesday. The investment-grade Markit iTraxx Europe index was at 155.75 basis points, 5.75 basis points tighter. Europes FTSEurofirst 300 index was up 1.93 percent, while the US S&P 500 share index was up 2.8 percent.
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