E-Minis Bounce As Japan Outperforms In Asia

E-minis bounced from their early Asia-Pac lows (which came on the back of the latest lockdown measures being implemented in the UK/Europe & a heavy start to the week for crude oil), aided by a move higher in the Nikkei 225, in the wake of a slew of Japanese corporate earnings. The move also came ahead of a Japanese holiday, slated for Tuesday, so presented the final opportunity for meaningful pre-U.S. election trade in Tokyo.

• Stronger than expected Chinese Caixin m'fing PMI data also provided a boost for broader sentiment after the official Chinese PMI metrics printed in line with broader expectations over the weekend.
• More broadly, market participants are focused on the incoming round of U.S. risk events, headlined by the aforementioned U.S. election and subsequent FOMC decision.
• Chinese equity trade was choppy, in lieu of a heavy round of corporate earnings in recent days, focus on the Ant Financial IPO, knock on impact from Chinese PMI data and as participants assessed the impact of the U.S. election on Sino-U.S. relations.
• Nikkei 225 +1.3%, Hang Seng +0.9%, CSI 300 +0.4%, ASX 200 +0.3%.
• S&P 500 futures +5, DJIA futures +38, NASDAQ 100 futures +6.