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Stocks Just Above Water as 50-dma Remains Out of Reach

EQUITIES
  • US equity futures traded in minor positive territory into the close, with the e-mini S&P rebounding around 40 points of so off the overnight lows. This keeps the index trading either side of the 100-dma at 4357.3, which has anchored the index for close to two weeks.
  • Weakness across the likes of communication services, healthcare sectors countered strength in real estate and consumer discretionary, leaving headline indices broadly unchanged.
  • Markets appear to be adopting a more neutral tone ahead of the key earnings cycle which begins in earnest on Wednesday. Blackrock and JPMorgan Chase will be in focus, with markets looking to gauge the extent to which bank profits are benefiting from a steeper yield curve that should flatter margins.
  • Across Europe, performance was mixed, with losses for the EuroStoxx50 and CAC-40 running against gains for Italian and Spanish indices.

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