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Equity markets worsen further in early.....>

EQUITIES
EQUITIES: Equity markets worsen further in early US cash trade, leaving many
scratching their heads over catalysts for the sell-off. Cash equity markets are
lower across the board, with NASDAQ and tech stocks underperforming in
particular, prompting some to point to Apple's new iPhone event due later today
(AAPL down 0.8-0.9% in early trade). The E-mini S&P now trades close to 50-dma
support at 2948.88.
-Others have pointed to headlines flashing that the US have set tariff schedules
for Chinese ceramic tile imports - although the timings don't match the market
sell-off and the schedule is likely part of pre-announced tariff measures.
-The US curve is flattening in response, with the 2s30s curve flatter by just
shy of 2bps. This has sapped some strength out of USD/JPY, which tests the
50-dma at Y107.15.

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