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  • EM financials, which has been strongly supported in the current risk on environment (with USD weakness), struggle to break above the 351.28 resistance, which corresponds to the 61.8% of the 224.27- 429.79 range (2018/2021 range).
  • Main risk for equities in the short run: governments delay the global reopening, increasing uncertainty for next winter, which could push preference for 'safe' assets such as US bonds and USD.
  • Another risk for cyclical stocks is the sharp contraction in Chinese liquidity.

Source: Bloomberg/MNI