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European Indices Sink, Led by Banks

EQUITIES
  • European cash markets opening broadly lower, sliding in line with their US equity future counterparts as the concern over contagion risk surrounding Silicon Valley Bank continues to pervade through markets.
  • No surprise to see the European financials sector at the bottom of the pile in the Stoxx600, with the EuroStoxx Bank Index gapping lower to fully erase the 7% rally posted since the start of February. Single names seeing particularly sharp losses include Deutsche Bank, Commerzbank and ING, all of which trade lower by 5% or more in early deals.
  • Volumes are sizeable - the open saw over 30,000 contracts in Eurostoxx futures change hands in the first five minutes - the third most active open in the contract of the year (behind only Feb27, Feb14).
  • The headline H3 EuroStoxx future sees next support at 4180, the Mar02 low, a break below which would expose the 50-day EMA at 4167.40.
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