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Profit-taking Leads to Lull in European Equities

EQUITIES

After a formidable start to 2020, European equity markets are modestly lower early Monday in likely profit-taking after last week's ~3% rally in the Stoxx 600. Core European indices are lower by 0.3-0.5%, with German stocks slightly underperforming while Swiss equities trade more favourably.

Energy and utilities names are leading losses on the continent, with materials and consumer discretionary not far behind. Defensive healthcare sector is one of the sole sectors in the green.

In US futures space, the e-mini S&P is off around 20 points, opening a small gap with the alltime highs posted Friday at 3824.50. Nonetheless, the downside pressure is mild, with Friday's lows still a way off at 3775.00, the first intraday support.

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