European corporate credit default swap spreads opened tighter on Wednesday, tracking global bourses higher on positive earnings news from bellweather stocks. By 0655 GMT, the investment-grade Markit iTraxx Europe index was at 116.75 basis points, according to data from Markit. That was 3.5 basis points tighter versus late on Tuesday, according to data from BGC Partners.
The Markit iTraxx Crossover index, made up of 50 mostly "junk"-rated credits, was at 524 basis points, 14 basis points tighter.