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Europe Stocks Trading Higher, Energy Outperforms

EQUITIES
  • Equities across Europe starting higher, with core indices up 0.4 - 0.7% in cash terms, with France's CAC-40 outperforming very modestly.
  • Europe's energy sector leading the way higher (sector's up 2.1% in the Stoxx600), while defensive healthcare and real estate names are in very minor negative territory.
  • E-Mini S&P appears vulnerable following last week’s sharp move lower. Thursday’s sell-off reinforced a bearish threat and note that this also highlights the importance of a shooting star candle formation on Dec 13 - a reversal signal.
  • EUROSTOXX 50 futures traded sharply lower late last week to extend the pullback from 4043.00, the Dec 13 high. The move down suggests potential for a deeper retracement with sights on the 50-day EMA, at 3798.90.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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