European credit indexes retraced an early tightening to trade slightly wider late Thursday morning, ahead of the European Central Bank's latest interest rate decision. By 1113 GMT, the investment-grade Markit iTraxx Europe index was at 71.50 basis points, according to data from Markit, 1 basis point wider versus late on Wednesday, according to data from BGC Partners.
The Markit iTraxx Crossover index, made up of 50 mostly "junk"-rated credits, was at 411 basis points, 2 basis points wider. Early morning tightening on overnight gains in US equities retraced by late morning, ahead of the results of the ECB rate-setting meet, after which President Jean-Claude Trichet could comment on Greece's economic woes, which weighed on corporate CDS market sentiment on Wednesday.