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Moving Lower After Early, Limited Uptick

EQUITIES

E-mini futures have dealt either side of unchanged in early Asia trade after Friday’s bloodbath, with participants initially happy to look through weekend negative outlined elsewhere; soft Chinese PMI data, deeper COVID restrictions in Beijing, Sino-U.S. relationship angst and worry re: European desire surrounding an embargo of Russian oil products (although Hungary has noted that it would veto such a move at the EU level). The 3 major contracts have given up their early gains and now trade 0.1-0.2% below Friday’s settlement levels, with the S&P 500 and NASDAQ 100 contracts printing through their respective Friday troughs.

MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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