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Generally Lower To Start The Week

EQUITIES

E-minis ran out of steam after an early show higher, as the S&P 500 futures contract failed to consolidate its brief showing above the 3,700 level (during which the contract lodged another fresh, all-time high).

  • There is some expectation that lawmakers in DC will sign off on a stopgap funding package to prevent a government shutdown on Friday, with broader focus looking to ever-more positive rhetoric re: the prospects of a streamlined fiscal pact on the Hill.
  • Further afield, vaccine deployment matters continue to attract attention, as do Sino-U.S. tensions, with reports pointing to DC readying itself to levy a fresh round of Hong Kong related sanctions on Chinese officials providing the latest potential point of stress.
  • A wider than expected Chinese trade surplus was a by-product of better than expected exports and softer than expected imports, which didn't paint a particularly firm picture re: internal demand in China, meaning that the reading failed to provide any real support for local equities. Elsewhere, A-Shares may have been pressured after FTSE Russell noted that it will delete Hikvision equities, in addition to 7 other Chinese co.'s covered by U.S. restrictions surrounding military ties, from the relevant metrics.
  • Nikkei 225 -0.9%, Hang Seng -1.7%, CSI 300 -0.8%, ASX 200 +0.5%.
  • S&P 500 futures -11, DJIA futures -81, NASDAQ 100 futures -9.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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