E-mini S&P remains the key driver for......>

EQUITIES: E-mini S&P remains the key driver for cross-asset risk appetite, with

the index rallying through the overnight highs shortly ahead of the release of a

sharp slowdown in Florida COVID-19 cases (rose 3.7% vs. previous 7-day average

of 5.5%). In cash markets, the Dow Jones leads gains, higher by over 1.5%, while

the NASDAQ lags with 0.5% gains.

- Industrials, materials and consumer staples are leading the gains, with tech

and healthcare both higher, but posting the slimmest gains. Airlines and certain

manufacturing names are outperforming, with Boeing, Southwest Airlines, American

Airlines among the strongest gainers Monday. At the other end of the scale,

PayPal, Paycom and Fortinet are the largest fallers.

- The gain in equities is helping the greenback, with the USD index inching to

the best levels of the session (and close to the best levels of June). Recovery

in the greenback is most evident against GBP, pressuring GBP/USD well below

$1.23 to near one-month lows.

- E-mini S&P's recovery from the overnight lows has helped keep a lid on the VIX

so far today, which trades well within recent ranges either side of 35 points.