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Estoxx spikes 18 points

EQUITIES

Equities, Tech and oil outperforms, with no new catalyst.

  • Some short term cover, after breaking back above 3600, as well as order flow related, given the lack of spillovers into Govies or FX.
  • Possibly a program order, as the move lacks traction.
  • Equities and risk are buoyed after Yellen backed Biden's stimulus plan yesterday.
  • Attention turns to Biden's inauguration, with some program staring from 16.00GMT.
  • VGH1 trades above yesterday's high, ahead of initial resistance at 3635 (14/01 high)

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