Mixed morning for financials in CDS market
Financials faced mixed market sentiment in early trading today, with the cost of credit protection rising on European banks but falling on US firms.
CDSs on JP Morgan tightened to 170.7bp from 182.4bp on rumours that the bank made a $5 billion profit on its fixed-income derivatives business in 2008.
In the UK, CDSs on Lloyds widened to 192.7bp from 179.8bp, while spreads
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