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Stocks Backtrack Recent Rally

EQUITIES

Core European equities trade lower in early European hours, with markets backtracking some of the gains posted since the beginning of the week and the vaccine-induced rally. Most markets trade lower by 0.5-1.0%, with US index futures following suit.

Across Europe, the energy and financials sector is underperforming and leading losses (they were among the main beneficiaries of Monday's rally). Communication services and tech firms are holding more water.

This is echoed in individual performers, with Ubisoft Entertainment and Ocado among the top risers, while Rolls-Royce and Trainline retrace.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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