Following on from the lower...>

GLOBAL MARKET/OPINION: Following on from the lower close on Wall Street

yesterday, it's unsurprising to see European markets sagging from the open

Thursday. The losses are broad-based, with all mainland and peripheral indices

slipping around 1% - the exception being Italy, with the FTSE-MIB dropping over

2.5%. The losses for indices are reflected in higher vol today, with the V2X

Index (the European equivalent of the VIX) rising to touch the best levels since

early January.

-Energy and materials are the poorest performers in Europe Thursday, but a lot

of focus remains on the Eurostoxx bank index. The index clearly sits on wobbly

ground, breaking below the 2016 lows at writing and re-focusing on the 2012 low

at 72.00.

-US equity index futures are lower again, rubbing out the modest gains seen in

late Asia/early Europe after the China MoF statement on countermeasures. Markets

eye any response from the White House headed into 0700ET.