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USDCAD TECHS

Needle Still Points South

US TSYS

Yields Bounce as Equities Make New Monthly Highs

AUDUSD TECHS

Heading North

EURJPY TECHS

Bull Rally Accelerates

COLOMBIA

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.