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EQUITIES: Citi note that Thursday saw equities rally "nearly 2.0% on the
collective stream of information but Citi Equities Trading Strategy notes that
the move came on lacklustre volumes. Overall volumes continued to track lower
with total consolidated turnover around 15% below the 100d average, and the
futures market broadly in line with the 6m averages. Beyond the price action
itself, questions coming in focused on the retail community activity and
relative value between Europe/Japan versus the US."