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E-mini S&P Strength Persists Amid Buy Programme and Renewed NYCB Planning

EQUITIES
  • As noted above, with the e-mini seeing further upside traction through resistance, and the cash index nearing the 5,000 level - move coincides with a 1,148 print in the NYSE Tick Index and another report on NYCB - this time detailing the bank's plans to offload mortgage risk by drawing finance for their residential mortgage portfolio.
  • Latest run higher in US equities puts all three futures contracts further into positive territory and draws European stocks closer to unchanged on the day: VGH4 now down 0.1% and CAC-40 futures bounce off session lows.
  • Moves are generally contained to equity space, however Treasuries have been volatile through the US open - with US 10y yields close to 5bps off the earlier recovery highs.

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