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EQUITIES: Global Trade Optimism Adds Further Tailwind for Stocks

EQUITIES
  • Equities continue to grind higher an hour following the cash open, with the e-mini S&P comfortably clear of last week's highs and narrowing in on 5585, the next resistance and Jul24 high.
  • The US exempting firms from allied countries in their chip export rules continues to be a boon for the sector, which comfortably tops stock markets from Europe to the US. NVidia leads the gains with an 11% rally today alone (adding over $300bln in market cap today alone).
  • This isn't the first piece of positive news on global trade we've had this week - just yesterday the USTR confirmed a delay to the new tariffs on Chinese goods by at least two weeks - tariffs that were set to cover both the semiconductors sector as well as electric vehicles.
  • 5577.1 is a key level for the index ahead - marking the 50% retracement of the pullback off the alltime and contract high of 5721.25 in mid-July.
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