MNI China Daily Summary: Friday, December 27

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EQUITIES: Futures Point to Softer Cash Open Friday

EQUITIES
Bank of EnglandCentral Bank NewsEquitiesCEEMEABulletUKMarketsFixed Income BulletsForeign Exchange Bullets

Headed through to the Friday cash equity open, futures point to a mildly lower open - with NASDAQ futures modestly underperforming the e-mini S&P and Dow indices. The e-mini S&P has shown through the Dec26 low of 6063.50 on today's weakness, opening 6029.75 and 5965.25 as the first levels of support.

  • The run higher in the US 10y yield remains a key driver here, with yesterday's cycle high print at 4.6393% a key sentiment driver.
  • US performance contrasts with that of Europe, which is mostly higher in cash markets - although the FTSE-100 is the laggard on today's GBP bounce: lower by 0.2% on the day.
  • Megacaps are generally lower pre-market (Tesla down 1.3%, Alphabet down 0.6%, Microsoft off 0.4%) which may be driving headline sentiment here.
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Headed through to the Friday cash equity open, futures point to a mildly lower open - with NASDAQ futures modestly underperforming the e-mini S&P and Dow indices. The e-mini S&P has shown through the Dec26 low of 6063.50 on today's weakness, opening 6029.75 and 5965.25 as the first levels of support.

  • The run higher in the US 10y yield remains a key driver here, with yesterday's cycle high print at 4.6393% a key sentiment driver.
  • US performance contrasts with that of Europe, which is mostly higher in cash markets - although the FTSE-100 is the laggard on today's GBP bounce: lower by 0.2% on the day.
  • Megacaps are generally lower pre-market (Tesla down 1.3%, Alphabet down 0.6%, Microsoft off 0.4%) which may be driving headline sentiment here.