The European corporate CDS market opens firm, with the main Europe index 1bp tighter at 118bps and the Crossover index 5bps tighter at 477bps. Investors are still trying to get a grip on Italian Prime Minister Mario Monti's decision to resign and are bracing for two months of campaigning. Tuesday's agenda includes the ZEW German economic sentiment survey, which will be the main European data point. Greece will also complete its debt buyback. In the US, trade figures are due for release while the fiscal-cliff negotiations continue.
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