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Equities gap lower on the Open

CROSS ASSET
  • European Equities have all gapped lower, Estoxx futures has just closed Monday's gap.
  • Stoxx600 targets 508.78, the June low and the lowest printed level since the 6th May.
  • Price action is starting to drag on OAT, and given the outperformance in Bund, the OAT/Bund spread is back above 75bps, towards 76bps.

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