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EQUITIES: Earnings The Key Driver of Futures Weakness, But ESA Support Intact

EQUITIES

Risk-off trade pervades across European equity markets and US futures so far this morning, with tech leading underperformance in US futures (NASDAQ 100 future lower by 0.9-1.0%), while French stocks underperform thanks to pull lower in Luxury names (LVMH -4.8% post-earnings). Despite weakness in the e-mini S&P today, 5542.00 support is intact, but a break of this mark opens the 50-dma of 5497.65 and the early July lows.

Pre-market trade in the US restarted at 0900BST - most notable movers are: 
Gaining: 

  • Enphase Energy +7.1%
  • Seagate Technology +5.4%
  • Texas Instruments +1.9%
  • Chubb +0.9%
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Declining:

  • Capital One -0.9%
  • Visa -3.2%
  • Alphabet/Google -3.2%
  • Tesla -7.3%

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