The European corporate bond market went to bed on Tuesday night with a 1% fall in the S&P 500 going round its head, and ate its breakfast on Wednesday morning in front of headlines about emerging market assets crashing.
But by the time it had its mid-morning coffee, European stocks were up 0.5%, the Markit iTraxx Main and Crossover indices were a few basis points tighter, William Morrison Supermarkets had launched a bond, and there was the prospect of some good old-fashioned M&A, with Vodafone approaching Kabel
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