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Lose momentum

  • The bounce in Equity futures is losing some steam, off the session high for Europe and the US.
  • In cash, Stoxx600 is up 0.71%, with Construction and Auto/parts the early leaders.
  • Focus remains on Tech stocks, with Hang Seng Tech stocks coming under renewed pressure on growth fear, as they re opened, albeit off the lows.
  • Chinese tech stocks have lost 16.83% since the 29th April.
  • Higher US yield have also put pressure in the Nasdaq, with cash (NDX) falling at its lowest level since 30/11/20 yesterday.
  • Yesterday's low for the Nasdaq futures was at 12,102.25, but further push lower, will have most investors looking at the Psychological 12,000.00 as the main area of interest.

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