US Futures Shrug Off Putin-Inspired Downtick

S&P E-Minis remain soft despite the recent stabilisation and have shrugged off an initial down move on headlines that Putin has called for partial mobilisation across Russia. Prices continue to trade closer to recent lows. Last week’s breach of 3900.00, the Sep 7 low, strengthened bearish conditions and signals scope for a move towards 3819.54 next, 76.4% retracement of the Jun 17 - Aug 16 bull leg. A break would open 3741.75, the Jul 14 low. EUROSTOXX 50 futures maintain a bearish tone following the reversal on Sep 13 and the subsequent move lower. A key support at 3423.00, the Sep 5 low, has been pierced. A clear break would expose 3360.00, the Jul 16 low.

• Japan's NIKKEI closed lower by 375.29 pts or -1.36% at 27313.13 and the TOPIX ended 26.47 pts lower or -1.36% at 1920.8.
• Elsewhere, in China the SHANGHAI closed lower by 5.229 pts or -0.17% at 3117.177 and the HANG SENG ended 336.8 pts lower or -1.79% at 18444.62.
• Across Europe, Germany's DAX trades lower by 25.88 pts or -0.2% at 12646.65, FTSE 100 higher by 44.43 pts or +0.62% at 7238.07, CAC 40 down 3.78 pts or -0.06% at 5975.69 and Euro Stoxx 50 down 4.71 pts or -0.14% at 3462.38.
• Dow Jones mini up 26 pts or +0.08% at 30827, S&P 500 mini up 3.25 pts or +0.08% at 3876.25, NASDAQ mini up 2.25 pts or +0.02% at 11925.75.