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Equity Futures Dip in Early Europe; No News Driver Noted

CROSS ASSET
  • Equity futures dipping half an hour out of the European open and putting pressure on futures indices on both sides of the pond. Move looks largely contained to stock markets, but is adding to some USD strength: GBP/USD has now largely reversed the jobs-data inspired move higher and USD/CAD has cleared to fresh highs.
  • A modest uptick in equity futures volumes keeping markets under pressure: just over 4,000 contracts changed hands at 0830BST/0330ET, for a cash equivalent of approximately $930mln.
  • No notable headline or news drivers behind the move - with little on the schedule until German ZEW data at 1000UK time.

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