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Stocks Bounce, But Recovery Needs Legs

EQUITIES
  • Global equity markets extended the late Monday bounce, with the e-mini S&P adding close to 100 points from the week's lows to briefly show above the Monday high. The bounce was built on outperformance in financials and industrials names, with a re-steepening of the US Treasury yield curve helping nurse banks off their weakness on Monday.
  • Strong earnings from the likes of HCA Healthcare and Dover Corp underpinned the recovery, with only around 25 of the 500 names in the S&P 500 lower on the day.
  • The bounce in stocks worked against the VIX's rise this week, bringing the index back under 20 points after trading north of 25 yesterday.
  • This price action was mimicked across continental Europe, which saw mainland indices rally with outperformance in French, Spanish and Swiss names.
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