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Needle Still Points South


Yields Bounce as Equities Make New Monthly Highs


Heading North


Bull Rally Accelerates


Economists Survey Raises 2021 CPI Forecast To 4.9%

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  • Equity markets across the continent trade higher, partially reversing Monday's sharp losses, but are yet to take out the week's high. In cash markets, gains are led by France's CAC-40 and Germany's DAX, higher by 1.4% apiece.
  • Energy and tech stocks are leading the rebound, with cyclicals outperforming defensive names. Nonetheless, the rally at present looks like a stabilisation of sentiment rather than any sea change in investor appetite. Chinese equity markets remain closed for holidays, with markets awaiting domestic investor response to the uncertainty surrounding Evergrande.
  • US futures are taking the lead from their continental counterparts, with the e-mini S&P higher by around 100 points off the Monday low. VIX futures have ebbed off Monday's highs, but remain well elevated above last week's levels.