Sector roundup

“The credit markets this year have been like walking through treacle.” This was how BarCap’s head of credit research summed up 2004 so far. He did add that the “backdrop is still quite supportive” but in general there is certainly less optimism in the market than at the end of last year.

Marketweight / slightly underweight

Although analysts say industrials spreads are now very tight, the success of Rolls-Royce, a UK maker of aircraft engines and a name that analysts say they have serious doubts

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