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Markets Stable Ahead of Final Session of the Week

EQUITIES
  • The e-mini S&P trades broadly flat and wholly inside the Thursday range, giving few fresh clues to the trend direction Friday. The data calendar and speaker slate is relatively quiet, keeping focus on some of the larger stories from earlier in the week - namely the inflation outlook and Treasury curve, Elon Musk selling further his stake in Tesla, as well as the well-received Rivian IPO on Wednesday.
  • This week's pullback in S&P E-minis is considered corrective and a bull theme remains intact. Another all-time high print on Nov 5 confirmed a resumption of the uptrend and the focus is on 4717.00 next, a Fibonacci projection. Trend signals such as moving average studies remain in a bull mode, reinforcing current conditions and market sentiment.
  • European equity markets are mixed-to-stronger, with France's CAC-40 higher by 0.4%, while the FTSE-100 gives back recent gains to shed around 0.5% at the midway point. Europe's energy and utilities sector is leading declines, while consumer discretionary and communication services sectors sit at the top.

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