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of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free AccessEquities Roundup: Financials Underperforming
- Stocks still trading mixed with SP and DJIA lagging modestly higher Nasdaq shares in late trade. At the moment, S&P E-Mini futures are currently down 3 points (-0.07%) at 4408.75, DJIA down 108.27 points (-0.31%) at 34354.66, Nasdaq up 41.5 points (0.3%) at 13538.18.
- Financials sector weighed by regional banks after S&P Global Ratings downgraded Associated Banc. Corp. (ASB), Comerica Inc. (CMA), KeyCorp. (KEY), UMB Financial Corp. (UMBF) and Valley National Bancorp. (VLY) late Monday citing "risks relating to funding, liquidity and asset quality with an emphasis on office commercial real estate."
- Laggers: Regions Financial -4.9%, Zions Bancorp -4.65%, Keycorp and Comerica shares both -4.2%.. Elsewhere, Energy and Consumer Staples sectors traded weaker.
- Leading gainers: Real Estate, Utilities and Communication Services sectors outperformed. Real Estate buoyed by estate management shares, CoStar Group +.60%, followed by residential and industrial REITS with Digital Realty +2.32%, Iron Mountain +2.12%, Weyerhaeuser +1.36%.
- Technicals: A bearish theme in the E-mini S&P contract remains intact and last week’s price action reinforces this theme. Furthermore, this week’s gains appear to be a correction. The move lower last week resulted in a break of the 50-day EMA and a breach of channel support drawn from the Mar 13 low. 4368.50, the Jun 26 low, was breached last Friday and attention is on 4344.28, a Fibonacci retracement. Initial firm resistance is at 4454.24, the 50-day EMA.
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.