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Free AccessSolid Asian Equities Fails to Translate to Firmer US Futures
- Equity futures point to a mixed cash open later today, with a strong performance from Asia markets (particularly Hong Kong) failing to translate to more solid trade in US, European index futures. The Hang Seng is on course to close higher by 1% on a touted cut to stamp duty taxes on stock trading, although opening gains of over 2.5% were swiftly trimmed.
- Particularly patchy trade is noted in NASDAQ futures (off by 0.5% vs. a flat DJIA future) due to poor results from Alphabet's Cloud unit, which drove earnings lower and prompted a 6% sell-off in after-market trading. This leaves Alphabet set to wipe off over $100bln in market cap at today's open. The underperformance in Cloud specifically will be hampering tech names, and has countered any support from Microsoft's 4% rally post-earnings.
- Futures indicate early underperformance in France's CAC-40 (down 0.5%), while the DAX is set to fare better as the future sits 0.2% in the green.
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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.