Sales & Trading EMEA Macro Credit Trading

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Sales & Trading EMEA Macro Credit Trading

Sales & Trading

EMEA Macro Credit Trading J P M O R G A N

03 August 2026

This is a product of JPMorgan’s Credit Trading business. Contact your JPMorgan Sales Representative if you would like to discuss further or be added to the distribution directly.

Trader Commentaries

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iTraxx On-the-Run

• Active week overall in index given the time of year with over 12bn going through the book despite liquidity drying up

considerably. The week started on a relatively strong tone on de-escalation headlines over the weekend until weakness re-

emerged mid-week ahead of the Fed meeting but that was very short lived as Thursday index squeezed back in a very

illiquid move as VGA rallied over 100 ticks in a straight line. Index still trading wide to stocks in the recent ranges

(trading +3stdev to VGA on Friday) but feels floored when equities rally. Activity overall led by HFs and bank desks net

better buyers of protection while CTAs remained quiet and turned small buyers on Friday.

• XO/Main decompressing aggressively mid-week with weakness in HY singles and cash but the move was then retraced on

Friday with Worldline rallying back after widening on Wednesday. Fins still very firm with selling in single names and

skews attempted until the move partially retraced on Friday with buyers of Fins stepping in. IG/Main trading very

compressed all week with the pair stabilizing sub-0.5 despite the continued noise on ME as treasuries and tech were

leading the weakness.

Cash & ETF

• I am not sure what to think about this week as I feel we're trapped in a range for a long time. We started the week with