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JUNK BONDS REGAINED A SLIGHT EDGE over less-risky  investment-grade debt, as stocks in Europe's bourses took a turn to the upside. The pan-European   Stoxx 600  index reflected a string of gains among European equities, driven mainly by   dovish comments from Mario Draghi, chief of the   ECB (European Central Bank). In a more-or-less expected stance, Draghi pledged to move cautiously in scaling back stimulus measures, sending the  euro lower  and putting many investors in risk assets in a good mood. Corporate-bond traders took cues from   early gains in Spanish banks, with   Banco Sabadell SA  shares up 4.7% at one point,  BBVA  up 3%, while   Nokia Corp. was off over 17% as of   5 PM  London time.

MOSTLY SIDEWAYS TRENDING, BUT WITH A SLIGHT UPSIDE SLOPE,  bids for European high-yield corporate bonds edged out investment-grade securities. Nonetheless an   extended push-pull mode  kept overall price moves channeled in fairly tight bands, resembling much of yesterday's market dynamic.   U.K. inflation touching the highest level in about five years served to push the British   FTSE  and some   Stoxx 600  equities and junk debt higher. However  Germany's   ZEW  data pointed to   disappointing German economic confidence, coming in at 17.6 versus 20.4 expected, pulling some upside moves back, in mean reversion.   Spanish banks remained pressured  amid acute political risk linked to a Catalonian bid for independence, exemplified by pullbacks in   CaixaBank SA  shares.