Turnaround in the Strait of Hormuz situation, eurozone credit default risk slightly eases

Golden Ten Data reported on March 4 that as global markets stabilized following President Trump's plan to ensure the safe transportation of oil through the Strait of Hormuz, the cost of euro credit default insurance declined. This news brought a slight sense of optimism to the market. According to S&P Global Market Intelligence, the iTraxx Europe Crossover Index, which measures the cost of default swaps for euro high-yield bonds, fell by 3 basis points to 274 basis points; the iTraxx Europe Main Index, which measures CDS for euro investment-grade bonds, dropped by 1 basis point to 58 basis points.