Credit Risk Gauge Rises After U.S. Warning About Ukraine
- U.S. stocks fall and credit markets see large sell offs
- U.S. believes Russia could attack Ukraine as soon as next week
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A barometer of high-grade corporate credit fear climbed to the highest level since September 2020, after stocks weakened and the U.S. warned that Russia could attack Ukraine as early as next week.
The spread on the Markit CDX North American Investment Grade Index, which rises as perceived credit risk increases, had increased about 3 basis points to 68.8 basis points as of 3:03 p.m. New York time. The Markit CDX North American High Yield Index price, which falls as credit risk increases, declined about 0.6 points to 105.3. The two credit derivatives indexes had already been reflecting greater concern earlier in the session.