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Emerging Markets

CDS traders feel sick over Fannie, Swiss Re earnings

Poor earnings, particularly from Fannie Mae and Swiss Re, appeared to unnerve the market and credit default swap index levels rose from the recent lows. The CDX Investment Grade is back over 100bp, for example. Quite why these particular losses should provoke a bearish move, when all the market has had for the past four weeks is losses is another question entirely.

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