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EuroStoxx Bank Index Hits New Pullback Lows on Soft Earnings

EQUITIES
  • The EuroStoxx Bank Index hitting a new multi-month pullback low shortly following the open, clearing support at the early September lows to hit the lowest levels since July.
  • Earnings are the driver, with weakness across Standard Chartered (-10%), Swedbank (-5.5%) and BNP Paribas (-4.7%) all coming after their Q3 reports.
  • No surprise to see financials the poorest performer in the Stoxx600, although consumer discretionary is similarly soft. Energy names the only sector in the green after 30 mins of trade.
  • The NASDAQ underperforms across US futures (lower by 1.5% vs. E-mini S&P's -0.9%) after the soft Meta earnings after-market yesterday (post-bell trading put shares lower by 3.4% during the earnings call). Key reports today include Bristol-Myers Squibb, Comcast, Mastercard, UPS and Amazon after the close. Full schedule here: https://roar-assets-auto.rbl.ms/files/56296/MNIUSE...

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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