European corporate credit default swap spreads were a touch wider on Friday, despite a strong start to the third-quarter earnings season, amid continuing uncertainty about economic imbalances and currency volatility. By 0700 GMT the investment-grade Markit iTraxx Europe index was at 100 basis points, according to data from Markit. That is 1 basis point wider than late on Thursday, according to data from BGC Partners.
The Markit iTraxx Crossover index, made up of 50 mostly "junk"-rated credits, was at 462.5 basis points, 1.5 basis points wider. "It was a good week for earnings with 85 of the 103 companies on the S&P 500 which reported coming in ahead of expectations," said Gary Jenkins, head of fixed income at Evolution Securities.
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