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Europe Tumbles, But US Manages to Eke Out Gains

EQUITIES
  • Markets globally started the session poorly, with the e-mini S&P following European cash markets to new monthly lows. The 50-dma once again proved solid support at 4342.50, with dip-buying emerging ahead of the level to help tip the index back into positive territory ahead of the close. Tech and consumer staples helped buoy US markets back into the green, but it was a different story in Europe.
  • France's CAC-40 led the continental decline, with the high concentration of luxury goods makers and miners denting the index. Some of the largest names in the market including Kering and ArcelorMittal dropped 7% or more on concerns over a Chinese wealth crackdown and lower commodities prices respectively.
  • The lower open and swift turnaround for the S&P 500 helped support the VIX, which traded up to just shy of 25 points and a new monthly high. These gains faded into the close as markets bottomed and plotted a more steady course.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
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