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Stocks Catching Up With Rallying USD, Weak Oil

EQUITIES
  • With Treasury yields slipping and oil resuming yesterday's decline, equity markets are playing catch-up, with the E-mini S&P falling through the European morning lows and shedding around 10 points within as many minutes.
  • The resumption of oil weakness is working against oil & gas exploration names, with energy comfortably the poorest performing sector in the US. Still some way to go, however, until markets test yesterday's lows of 4305.25.
  • With the market resuming risk-off mode, the USD is well bid, weighing heavily against the likes of EUR, GBP, CAD and others. EUR/USD now through to lowest since early April and narrowing the gap with key support of 1.1704.
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