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Equity Bid Fades


The usual cross-asset correlations are playing out, with European equities & U.S. equity futures reversing gains as yields edge higher, oil ticks lower and the broader USD firms at the margin.

  • Outside of the fresh cycle highs in Euro Stoxx 50 futures (seen before the pullback) moves are relatively contained, with the major market benchmarks sticking to recent ranges.
  • News flow remains light, immediate focus is on the final European manufacturing PMI prints.
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