Early Wednesday trade sees US equities.....>

EQUITIES: Early Wednesday trade sees US equities offered, pressuring the e-mini

S&P back toward the overnight lows of 3081. The Dow Jones is underperforming,

off close to 1.5% while the S&P500 and NASDAQ are posting far shallower losses.

- Cyclicals are being hit the hardest, with energy, financials and materials the

poorest performers. Utilities and tech are lower, but are posting smaller

declines.

- Once again cruiselines are falling, with Norwegian, Carnival and Royal

Caribbean off well over 7% apiece. Airlines are also well offered. Of the few

risers today (430 stocks in the S&P are lower, 70 higher), pharma, a few retail

names and goldminers trade well (namely Regeneron Pharma, eBay and Newmont

Corp).

- VIX remains higher having cleared the Tuesday highs, but the week's best

levels at 35.4 are some way off.