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MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
CROSS ASSET
Equities are weaker over the past hour - no particular headlines driving the move lower, nor is there much cross-asset corroboration for the move (in USD or Bonds).
- However, the drop does appear to be tracking lower oil prices, which leaves Energy stocks as the biggest sectoral underperformers this morning. Chart below shows intraday S&P futs / Brent crude / Shell share price (the biggest single drag on Euro energy stocks this morning).
- On oil, our commodities team notes no particular reason underpinning the move today. But Brent front month (off $1.35 today at $91.91) has been bouncing between 91 and 94 for a few days now, with markets weighing the balance between economic slowdown and China demand vs Russia and OPEC supply risk.
- Having retraced from resistance at the 3820/3822 bull trigger level, next support for S&P eminis is seen at 3641.50 (Oct 21 low), per our tech analyst.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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