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European Stocks Hit Weekly Highs, But US More Cautious

EQUITIES
  • Continental stock markets are uniformly higher Wednesday, with UK names outperforming to pull the FTSE-100 higher by 1.1%. Peripheral European indices slightly underperform, with Spain's IBEX-35 higher by just 0.4%. The Stoxx 600 topped out at a new weekly high this morning, touching 416.69 - the best level since Feb 18.
  • The consumer discretionary sector is outperforming in Europe, with financials and energy not far behind. Defensive utilities and healthcare sectors are the laggards.
  • The e-mini S&P trades inside the Tuesday range so far, exhibiting more cautious trade so far relative to the European markets. This leaves resistance for the index at 3903.75 ahead of last Friday's 3934.50.

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