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Sizeable Sell Programs Accompany Pullback in Equity Indices

CROSS ASSET
  • Reversal off highs for equity markets prompting a catch-up bid in the USD in recent trade, helping drag the likes of EUR/USD and GBP/USD well off the earlier highs.
  • Biggest sell programs of the day so far (and bigger than any seen yesterday) going through via the NYSE TICK Index, with near 850 names sold - adding weight in the index to put the e-mini S&P at fresh lows. More sizeable volumes crossed in equity futures at 1035ET/1535BST - helping trigger the weakness in stocks.
  • Equity drop doing little to turn around yields, however, with the 10y yield pushing to fresh highs of 3.7545% and getting a tailwind from the hawkish interpretation for the BOC. A 3.76% print would be the highest of the week so far.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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