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2026-01-09 17:35:33
[European Credit Default Swap Costs Rise Across the Board as Markets Await US Non-Farm Payroll Data] ⑴ Market focus is on the upcoming US non-farm payroll data, to be released at 21:30 Beijing time. Prior to this, European credit default swap (CDS) costs have generally declined. ⑵ The iTraxx Europe Crossover Index, reflecting the credit risk of Eurozone high-yield bonds, fell 2 basis points to 241 basis points. ⑶ Meanwhile, the iTraxx Europe Senior Financials Index, reflecting the credit risk of Eurozone investment-grade financial institutions, fell 1 basis point to 53 basis points. ⑷ Analysts point out that this employment data is crucial, as it will test the validity of the US's cumulative 75 basis point rate cuts since last September. ⑸ Market price action indicates that short-term investor concerns about European credit risk have eased ahead of the key data release, temporarily supporting risk appetite. ⑹ Future market direction will be directly guided by the data results. Strong data could challenge existing easing expectations, while weak data could strengthen the logic of rate cuts and further depress risk premiums.
