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European Indices Defensive, But No Sharp Retracement

  • Cash equity markets across the continent are modestly lower, with the EuroStoxx50 lower by 0.7% - with similar losses seen across Italian, French and Spanish markets. The UK's FTSE-100 is lower, but losses are limited to 0.2% or so.
  • Consumer discretionary and IT names are the poorest performing sectors, with consumer staples and real estate not far behind. Europe's financials sector is the sole group in the green, with Eurozone banks benefiting from higher yields across the curve.
  • US futures markets are trading similarly lower, with the e-mini S&P off around 20 points to remain anchored by the 50-dma at 4432.00. Nonetheless, the outlook remains broadly constructive following the rally off the Wednesday low last week, with markets eyeing the Sep27 high at 4472.00 as the first upside level.
  • The US earnings cycle continues this week, with highlights this week including Tesla, Intel, Verizon Communications and Netflix all on the docket. Full schedule found here:

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