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Risk Appetite Fades Through London Close, With WTI, Stocks Shedding Early Gains

CROSS ASSET
  • Selling pressure across WTI futures noted as markets head through the European close - a decent spike in volumes but little in the way of news or headlines to trigger oil weakness.
  • Risk appetite more broadly knocked slightly in recent trade - the E-mini S&P has shed ~40 points off the post-NFP data high, with the largest sell program of the day crossing in tandem (NYSE TICK data shows 702 names sold at 1629GMT/1129ET, with another sell programme of 864 names crossing at typing).
  • Profit-taking, rather than news and headlines, seen driving the move - with NVIDIA a particular name of focus - stock had traded higher by as much as 5% and has now edged back into negative territory - mimicking the reversal off highs for other highly speculative assets - most notably bitcoin, which hit record levels this morning.
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