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E-Minis Back To Flat

EQUITIES

Some weakness around the European cash equity open and softer than expected flash services PMI data out of France sees the S&P 500 e-minis briefly into the red, with the early Asia-Pac gains related to U.S. President Biden flagging an agreement with House Speaker McCarthy re: avoiding a default (albeit with no overarching debt ceiling agreement forthcoming at this point) now more than unwound.

  • Weakness in mainland Chinese equities wouldn’t have helped the broader risk tone overnight.
  • Bulls failed to force a challenge of initial technical resistance in the S&P 500 e-mini (located at Friday’s high, 4,227.25).
  • Debt ceiling rhetoric will be front and centre again today, with ongoing meetings relating to the matter slated as we near early June (the window that Treasury Sec Yellen has warned could see her department run out of cash).
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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