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A Little Below Flat Into The Cash Open

EQUITIES

While the tone of the rhetoric surrounding the debt ceiling debate has improved since Friday’s breakdown in talks, resulting in a Biden-McCarthy meeting being tabled for today, hawkish Fedspeak from Bullard (which was a reiteration of previously outlined views), a negative open for European equities, an EU fine for Facebook parent Meta and protectionist action from China against chipmaker Micron leaves e-minis flat to a shade lower as we near the cash open in NY.

  • Note that regional lender PacWest show over 10% higher pre-market, aided by reports of a sale of over $2bn worth of loans (albeit at a discount).
  • Broader policymaker rhetoric out of China re: the U.S. has been mixed outside of the Micron matters.

Pre-market e-mini futures levels:

  • S&P 500: -0.02%
  • DJIA: -0.02%
  • NASDAQ 100: -0.07%
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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