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  • European cash markets are mixed ahead of the Thursday NY crossover, with peripheral markets (Spanish, Italian) seeing solid gains of 0.5 - 0.8% while the core EuroStoxx50 as well as German and French markets sit slightly lower.
  • Europe's financials sector is propping up broader sentiment, mimicking stronger US bank stocks after the hawkish Fed decision yesterday, with solid earnings from the likes of Banco Sabadell and Deutsche Bank. This sentiment is mirrored in the outperformance for peripheral bond markets this morning, with both Spanish and Italian spreads tighter against the German benchmark.
  • Across futures, the e-mini S&P has recovered off the pullback lows of 4263.25, but is yet to make any headway on yesterday's highs of 4446.25. Earnings remain a key focus, with McDonald's, Mastercard and Apple among the larger reports due Thursday.
  • S&P E-minis remain vulnerable and price action is volatile. The contract sold off sharply Monday but recovered from the day low. Price has reversed sharply lower from yesterday's high and attention is on the key short-term support and bear trigger at 4212.75. The outlook is bearish and a break of this support would resume the trend.
MNI London Bureau | +44 203-865-3809 |

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