Stock markets in Europe maintain losses....>

EQUITIES: Stock markets in Europe maintain losses after the negative close on

Wall Street post-Fed yesterday, with continental indices down 2.4-3.2%.

Peripheral markets underperform slightly, with Italian and Spanish bourses hit a

little harder than the core.

- Reflecting the risk-off theme so far Thursday, cyclicals are slipping,

pressing energy, financials and consumer discretionary to the bottom of the pile

on a sector-by-sector basis. Defensives including consumer staples and

healthcare are also lower, but are shielded from the bulk of the losses.

- Extending a string of poor performance this week, transport and airlines are

again lower, with Carnival, Deutsche Lufthansa, International Consolidated

Airlines and Peugeot all sharply lower.

- US equity futures are indicating a lower open for all three major indices

Thursday, with fair values now all firmly negative and suggesting a mispricing

of 1.2% for NASDAQ, 1.7% for S&P and 2.1% for DJIA futures.

- The Friday low at 3106.50 is first support for the e-mini S&P and a break

below here would open the 200-dma at 3011.62.