EURO CORP-Spreads tighten on rate cuts, govt econ action


LONDON, Oct 30 (Reuters) - European credit derivatives extended a rally into a third day following a U.S. interest rate cut and commitments by Japan and Germany to plough billions of dollars into their economies to help stave off recession. By 1101 GMT, the Markit iTraxx Crossover index , made up of 50 mostly "junk"-rated credits, was at 779 basis points, according to data from Markit, 53 basis points tighter versus late on Wednesday. The investment-grade Markit iTraxx Europe index was ...

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