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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 AccessEquity Roundup: Scaling Back, Inflation Focus After ECB
Stocks trading weaker, near session lows - gradually paring back portion of Wed's rally
With wary eye on Russia/Ukraine headline risk, market focus on economic factors after ECB delivered "hawkish hold" policy message this morning: keeps rates steady but accelerates asset purchase wind down -- concluding in third quarter. ECB Lagarde: "persistence of higher price expectations uncertain" and of course "war is a substantial upside risk to inflation".
- SPX eminis currently trading -1.18% 4216.0, comfortably between first technical support of 4094.25 Low Feb 24 and a bear trigger, and first resistance: 4335.19 20-day EMA.
- SPX leading/lagging sectors: Energy sector +2.35% with oil rebounding after Wed's sale, Utilities and Consumer Discretionary sectors holding near steady; Information Technology sector lagging -2.85% with semiconductor stocks broadly lower; Financials sector recedes -1.62%, Bank of NY Mellon (BK) -6.11% after CEO steps down.
- Dow laggers: Microsoft underperforming -7.62 at 280.88, with Goldman Sachs not far behind -7.23 at 326.36.
- Technicals for ESH2: A break key first support would confirm a resumption of the downtrend. The 20-day EMA, at 4335.19, represents an important near-term resistance. Price has recently failed to hold above this EMA. A clear break of it though would suggest scope for a stronger corrective bounce.
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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.