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European Stock Markets In the Red As Late Wall Street Rally Fades

EQUITIES

Continental stock markets are uniformly lower, with losses of 1.0-1.4% across Europe. Spanish stocks are underperforming, while Germany's DAX is spared from the bulk of the losses. Index futures in the US are suffering comparable losses, with the e-mini S&P off around 35 points at pixel time.

Financials are the poorest performer, with consumer staples and healthcare not far behind. Sweden's H&M are among the stocks sliding furthest, after earnings this morning showed the profit outlook has deteriorated thanks to lockdowns and discounting.

The e-mini S&P continues to find support at the 50-dma of 3712.39. Indices are seeing heavy volumes, with the e-mini S&P seeing volumes around 80% above average.

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