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JGB TECHS

(M2) Correction Extends

US STOCKS

Late Session Rebound

AUSSIE 10-YEAR TECHS

(M2) Corrective Cycle Remains In Play

AUSSIE 3-YEAR TECHS

(M2) Gains Still Considered Corrective

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EQUITIES
EQUITIES: Indices in Europe are mixed, with German stocks outperforming (DAX
higher by over 1%) and UK stocks slightly softer (FTSE-100 down 0.5% at typing).
Pro-cyclical technology and consumer discretionary firms are higher on a
sector-by-sector basis while utilities, energy and staples are lagging.
- US futures are similarly mixed, with tech-led NASDAQ futures indicating a
higher open, the S&P seen opening flat and the Dow Jones in the red.
- UK homebuilders appear to having a second rally after Sunak's Summer statement
yesterday cut stamp duty for all purchases up to GBP500k, with Persimmon, Taylor
Wimpey, and Bellway among the top performers across Europe today. The
better-than-expected RICS house price balance also helping.
- VIX futures are well below yesterday's highs, reflecting the more sanguine
Asia-Pac trade overnight. VIX would likely see some support on any break of the
intraday parameters for E-mini S&P at 3,125.50 (week's low) and 3,184.00
(Tuesday high).
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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