Credit morning wrap after big risk sell-off overnight. NFPs at 1330 London time.

• USTs ended yesterday little changed ahead of the key NFP data later today and EGBs were similar though with a slightly flattening of the bund curve (2Y was 2bp wider with 10Y around 4bp tighter). S&P sold off late in the session to end 1.2% lower and US CDX indices both widened sharply after Europe went home.
• Main/XO both tightened yesterday (-1.5 and -6.4) as did cash bonds. EUR IG was -2.2bp but HY only -1.7bp tighter with tech, transport and consumer cyclicals leading in a broad-based rally.
• Equities: SXXP was broadly flat yesterday with SXXP +0.18%, led by utilities, financials and consumer cyclicals though the French and Italian markets were both marginally lower.
• Asia: risk assets moved lower late during the Thursday session as Mid-East geopolitical tensions rose and oil, USD and JPY all moved higher. The Fed’s Kashkari made hawkish comments. The higher Yen is weighing on Japan export names, while front end JGBS have hit highest levels since 2011. Elsewhere South Korea's trade surplus widened, while Australia's trade surplus narrowed.