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China Probe, Apple Court Loss Lead Equities Lower

  • Despite a solid start to the session, US equity indices dipped sharply after the cash open as risk sentiment soured into the weekend.
  • The e-mini S&P was already trading shakily before Bloomberg reported that the Biden administration were looking to open a new probe into Chinese trade practices in a move seen adding pressure to Beijing over their use of subsidies.
  • The e-mini S&P showed below support which had held up price action earlier in the week at the 20-day EMA, suggesting scope for further downside.
  • In single stock news, Apple trades poorly (off as much as 2%), with the shares slipping to new daily lows as judges ruled in favour of Epic Games in their antitrust lawsuit over App Store usage and fee payments.
  • European shares were mixed-to-lower, with France's CAC-40 off 0.5% while the UK's FTSE-100 held onto gains of 0.1%.

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