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Off Lows But Futures Still Point to Negative Open

EQUITIES
  • European equity markets opened markedly lower, with mainland indices off as much as 1.4% as risk sentiment took a hit at the Asia close. Markets have recovered somewhat at the NY crossover, but US futures continue to point to a lower open, with the e-mini S&P off around 5 points at pixel time.
  • Financials and industrials were the main contributors to the weakness across Europe, although losses were more broad-based into the halfway point of the session.
  • German carmakers remain a particular point of weakness, with the likes of Volkswagen, Daimler and BMW among the poorest performers in the EuroStoxx50.
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