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Midmorning Reversal, Bid Evaporates

EQUITIES

Equities reversed course midmorning, ESH1 pared gains from a high of 3747.75 to 3714.5 low in late trade. Some desks suggest asset reallocation going into month/year end, others pointing to Apple shares leading early sale. Desk expect Month End hedges out of Equities following the big gains of late, and this is the most likely driver

  • Japan's NIKKEI up 714.12 pts or +2.66% at 27568.15 and the TOPIX up 31.14 pts or +1.74% at 1819.18
  • China's SHANGHAI closed down 18.249 pts or -0.54% at 3379.036 and the HANG SENG ended 253.86 pts higher or +0.96% at 26568.49
  • The German Dax down 28.91 pts or -0.21% at 13761.38, FTSE 100 up 100.54 pts or +1.55% at 6602.65, CAC 40 up 23.41 pts or +0.42% at 5611.79 and Euro Stoxx 50 up 5.96 pts or +0.17% at 3581.37.
  • Dow Jones mini down 82 pts or -0.27% at 30225, S&P 500 mini down 8.5 pts or -0.23% at 3719.25, NASDAQ mini up 6 pts or +0.05% at 12839.25.
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