MNI EU Credit Weekly: As You Were

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Executive Summary: 

• Spreads were little changed on the week, with no major changes to the narrative; the rates cycle remains supportive alongside resilient economic data.
• In macro, hawkish repricing extended on US data and ongoing fiscal fears in Europe & the UK.
• USD and EUR IG fund flows turned positive again, while equity inflows continued across all regions.
• Supply rose to over €15bn. Books were slightly weaker while average NICs were 5bp higher.  Bloomberg’s primary survey implies broadly similar expectations for next week for both corps and fins.