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Stocks Bounce, But No Full Recovery Yet

EQUITIES
  • Stock markets across Europe and the US traded higher Thursday, with most indices bouncing after a few sessions of protracted selling pressure. The e-mini S&P pierced the key 50-dma support at 4054.00, but the ability for prices to avoid closing below the mark will be a relief for bulls.
  • There was little fundamental or macro newsflow behind the bounce, with profit-taking and position squaring ahead of Friday's retail sales release the likely driver.
  • Utilities and financials were the strongest performers Thursday, showing that the bounce in the recently-fragile tech and consumer discretionary sectors has been left wanting. Energy was the sole sector in the red as WTI and Brent crude futures gave up the week's gains to trade solidly in the red.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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