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Looking for deeper insight on markets?  In tonight’s Closer sent to Bespoke Institutional clients, we take a look at the rally in credit which has brought it right up to resistance.  Staying on the topic, we pivot towards the underperformance of banks which have been moving contrary to what credit would lead one to believe.  After making note of recent late session trends, we turn to macro data with an update to our Five Fed Manufacturing Composite which—with the addition of the Philly Fed’s release—is showing strong shipments but weaker forward-looking indicators.  We finish tonight covering the lackluster labor productivity in some Eurozone countries and Chinese auto sales dragging down the global metrics.

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