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Risk Sentiment Stabilizes, But No Reversal Yet

CROSS ASSET
  • A fair amount of market interest in the stabilization of risk this morning: the e-mini S&P is ~35 points off lows, while EuroStoxx futures have recovered above the 38.2% retracement of the Monday pullback. Activity and volumes are broadly inline with recent averages, however liquidity may be being impacted by German unity day - not a market holiday, but could be limiting participation to a degree.
  • Stabilisation of sentiment also reflected in the bounce off lows for EUR/USD, with the USD modestly softening across early European hours. This has alleviated some of the downward pressure on spot gold, firming off the overnight print of $1815.3.
  • The steadier footing for markets not triggered by any particular data release, speaker or macro newsflow, with markets more likely in consolidation mode, awaiting JOLTS data later today before a busy data session on Wednesday (and NFP on Friday). No major retracement levels have been cracked across broader risk assets, meaning further upside impetus will be needed before any more solid reversal.
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