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Early Gains Evaporate to Put Stocks at Flat

EQUITIES
  • The E-mini S&P traded well throughout European hours, with the index rallying to touch 4,230.00 alongside the cash open. This sentiment soon reversed, however, with prices slipping back to unchanged just after the London close.
  • The ISM Manufacturing release added some weight, with particular attention paid to the unimpressive employment sub-component, which fell back to the lowest levels since November last year. This raises focus on Friday's payrolls release, with markets on watch for any further slowdown in job gains.
  • In the US, healthcare led losses, countering more modest gains in real estate and financials. Energy and materials were the day's hotspot, buoyed by new cycle highs in WTI crude futures.
  • The VIX bounced as equities edged off the week's highs, bouncing off a multi-month low printed yesterday.
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