European indices fade headed into the US open

After a positive start to the Tuesday session, European equities are in
retreat, with Italian and French indices hit the hardest, while UK,
Spanish markets are faring better and holding onto minor gains.

European tech firms are underperforming, with consumer discretionary not
far behind. Real estate, energy and healthcare sectors are trading better,
but have come well off the highs.

The sharpest decliners in Europe today include luxury goods firms,
with LVMH, Christian Dior and Moncler all lower by 4% or more. Faring
better are UK housebuilders, with Bellway, Barratt Development and
Berkeley Group among Europe's best performers today.

The e-mini S&P has pulled off overnight highs of 3,246.75 but there's
a fair margin ahead of first support at the Monday low of 3,192.00.

VIX futures remain at the lower-end of the recent range, and remain
well within reach of the mid-July/June lows (which marked the lowest
print since the beginning of the COVID-crisis).