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Stocks Extend Recovery Off Tuesday Low

EQUITIES
  • Equity markets continued their recovery off the Tuesday lows well after Wednesday's London close, with the e-mini S&P rallying to just shy of first resistance at 4667.50 / 4669.75.
  • All sectors traded in the green Wednesday, led higher by energy as oil & gas producers were buoyed by a rebound across both WTI and Brent crude futures. Financials also traded well, with firm gains seen across diversified banks despite a further flattening of the US yield curve. Nonetheless, most banks remain below the week's best levels printed at the Monday open.
  • S&P E-minis remain vulnerable following last week's sharp sell-off and yesterday's weakness. Attention is on the 50-day EMA at 4567.21. This average has in the past proved to be a reliable support and represents a key pivot level.
  • European indices outperformed, with particular strength in the EuroStoxx50, which added just shy of 3% in a session led by blue chip German names including Siemens, Daimler, BMW and Volkswagen.
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