EQUITIES: Eurostoxx 50 Futures Through Key Support at 4,848/46

Eurostoxx 50 futures have started Thursday trade poorly, with the contract breaking through several supports in early earnings-driven weakness. 4,848/46 have now both broken, giving way to a new pullback low at 4822.00. These levels mark key reversal points, opening round number support of 4800.00 initially, ahead of 4762.00 and the 200-dma. For bulls, a move higher and a break of 5087.00, the Jul 12 high, would argue for a return to the bullish theme. E-Mini S&P prices ebbed to a new pullback low early Thursday, building on the weak Wednesday close and souring the S/T outlook. Price has traded through the 50-day EMA as well as key support at 5501.50. This opens for further losses toward 5433.55, the 3.0% 10-dma envelope - a level pierced only three times since the beginning of 2023 and a decent reversal indicator. Sights to the upside are on 5741.34, a Fibonacci projection.

• Japan's NIKKEI closed lower by 1285.34 pts or -3.28% at 37869.51 and the TOPIX ended 83.26 pts lower or -2.98% at 2709.86.
• Elsewhere, in China the SHANGHAI closed lower by 15.21 pts or -0.52% at 2886.742 and the HANG SENG ended 306.08 pts lower or -1.77% at 17004.97.
• Across Europe, Germany's DAX trades lower by 216.44 pts or -1.18% at 18170.66, FTSE 100 lower by 71.88 pts or -0.88% at 8081.49, CAC 40 down 119.12 pts or -1.59% at 7393.37 and Euro Stoxx 50 down 64.98 pts or -1.34% at 4795.92.
• Dow Jones mini up 114 pts or +0.28% at 40221, S&P 500 mini down 3 pts or -0.05% at 5468.75, NASDAQ mini down 50.25 pts or -0.26% at 19153.25.