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Stocks Bounce as Gas Price Pressure Eases

EQUITIES
  • European equity markets are uniformly higher, with Spain's IBEX-35 the outperformer, higher by 1.8% as the index remains high beta relative to the core EuroStoxx50. US futures are similarly higher, with the e-mini S&P edging higher by 0.7% ahead of the NY open.
  • The moves follow the late turnaround in stocks Wednesday, which erased the bulk of the day's losses to finish higher and cementing a near 2% rally off the session low.
  • Materials and utilities are leading the way higher on the continent, with consumer discretionary and financials not far behind. Markets are finding a more solid footing on the back of an ease in gas prices after Russian President Putin soothed concerns yesterday with a pledge to stabilize prices.
  • The recovery in equity prices has weighed further on VIX futures, which have now erased the entirety of last week's run higher.
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