E-mini S&P inching up toward the best......>

EQUITIES: E-mini S&P inching up toward the best levels of the session an hour

out from the cash open, narrowing the gap with 2958.50, the late Tuesday high. A

recovery above here initially opens 2971.25, the 100-dma, which acted as decent

resistance yesterday at the 2976.25 Tuesday high.

- Optimism surrounding Moderna's vaccine update has fuelled gains this week, but

much of this was reversed into the Tuesday close. Today, an update from Inovio

Pharmaceuticals has provided the upside impetus, after their experimental

COVID-19 vaccine INO-4800 supported further study. Inovio's shares trade higher

by around 20% ahead of the open.

- Focus turns to FOMC minutes due later today, although the dated release (April

29th) is expected to be of little market relevance.

- VIX futures trade a little lower and are inching toward yesterday's lows as

indices stabilise and erase the late Tuesday losses.