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Firmer E-Minis Support Sentiment But China's COVID-19 Situation Weighs

EQUITIES

U.S. e-minis found poise after S&P 500 avoided a bear market close on Friday, despite extending its losing streak (on a weekly basis) to the worst rout in two decades. While the uptick in U.S. equity-index futures supported risk sentiment, murky outlook for China's COVID-19 outbreak complicated the overall picture, as Beijing reported a record number of new infections during the current outbreak.

  • Major regional indices (ex-China) trade flat or in the green, trimming initial gains as the session progressed.
  • China's equity benchmarks provided a notable exception and retreated from the off amid weakness in the local tech space.
  • E-minis are 0.7-1.2% better off at typing, with the NASDAQ 100 leading.
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