European corporate credit default swap spreads were mixed on Friday as stocks turned lower and investors remained wary about the global economic growth outlook and the health of the US consumer. Stronger-than-expected gross domestic product (GDP) growth figures out of Germany and France helped drive spreads tighter initially, but US retail sales data suggested consumer spending remains limp and helped to send stocks lower.
By 1338 GMT, the investment-grade Markit iTraxx Europe index was at 112.5 basis points, according to data from Markit. That is 0.5 basis points tighter 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 511 basis points, 4 basis points wider.