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Fading From Stronger Open

EQUITIES

Continental stock markets started the session well, taking their lead from another all time high posted in the e-mini S&P during Asia-Pacific hours. This resulted in a green open across Europe, but this has since faded, with most core markets drifting lower ahead of the NY crossover.

As such, European markets are down 0.1-0.4%, but selling pressure has been inconsistent, leaving the equity outlook dependent on US players returning from their three-day weekend.

In Europe, the materials and tech sectors are leading, countered by weakness in communication services and utilities names. The lack of tier 1 data out of the US today keeps focus on the Fed speakers, with a number of FOMC members on the docket as cash trading gets underway.

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