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Stocks Extend Bounce Off Post-Fed Lows, Within 20 Points of ATH

EQUITIES
  • Stock markets extended their bounce from the post-Fed lows early Wednesday, with US futures indicating a modestly higher open on Wall Street later today. Markets initially first resistance at the Jun 16 high of 4258.25 ahead of the 4264.41 level, marking the 1.618 proj of the Mar 25 - May 10 - 13 price swing.
  • Across the continent, markets are moderating, with mainland indices off 0.3-0.7%. The EuroStoxx50 and German DAX are underperforming, while UK's FTSE-100 was spared the bulk of the losses, lower by 0.1% at pixel time.
  • Europe's energy firms are the sole sector in the green Wednesday, thanks to new cycle highs in WTI crude futures, with the August contract rising to touch $73.58/bbl. All other sectors are in the red, with consumer discretionary and utilities leading losses.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
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