After reports that the US and Iran reached an agreement to end the war, the cost
of insuring euro-denominated credit fell to near four-month lows. S&P GLOBAL
MARKET INTELLIGENCE showed the iTraxx Europe Crossover index slid 5bps to
248bps, its lowest since Feb 20; ActivTrades' Frank Sohlleder said investors
were upbeat because the accord is expected to immediately normalize traffic
through the Strait of Hormuz and sharply reduce prices in an already competitive
energy market.
