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Stocks Extend Bounce, ES1 Steers Clear of Close Below Key Support

EQUITIES
  • Global equity markets are firmer Friday, with US indices leading the bounce as the e-mini S&P recovers over 100 points off the Thursday low. The index probed the 50-dma support yesterday but managed to steer clear of a close below, which has aided this morning's bounce.
  • European cash markets are all higher, with Spain's IBEX-35 a modest outperformer, trading with gains of just shy of 1%. European financials lead the firm trade, with industrials and energy not far behind. Materials remain weak after sagging on Wednesday/Thursday and are the only European sector in the red so far.
  • VIX futures are trending away from the Wednesday/Thursday high and gravitating back toward recent averages. Focus turns to the upcoming US retail sales release, which could spark further activity.

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