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Drop in Commodities Undermines Materials, Mining, Energy Stocks

EQUITIES
  • European equities have accelerated losses from the open, with particular weakness noted in France's CAC-40, and the UK's FTSE-100.
  • Acute underperformance in the energy, materials and consumer discretionary sectors is weighing on headline markets, with a sharp drop in iron ore and oil prices pressing the likes of Anglo American, ArcelorMittal and BP.
  • US futures are lower in sympathy, with the e-mini S&P is now trading at new August lows and fast approaching first support at the 4341.3650-dma.
  • A break below here exposes losses toward the 4300 handle initially ahead of firmer support expected at 4224.00.
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