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  • Despite the passage of Biden's flagship $1.9trl COVID stimulus package late yesterday, stock markets globally have come well off the overnight highs, with futures pointing to a lower open on Wall Street later today.
  • The e-mini S&P stalled ahead of a test on the all time highs posted in mid February, leaving 3959.25 as first resistance. Support undercuts at Thursday's 3893.00.
  • The pullback from overnight highs has coincided with a rally in Treasury yields, with the curve steepening across the European morning. Markets appear to be mulling the reflationary theme, with a swifter return to growth possibly adding sharper inflationary pressures to the economic mix.
  • The moves are similar in Europe, with Germany's DAX leading declines as the index drops 0.8%. Spain's IBEX-35 is modestly outperforming and is the only major index in the green - higher by around 0.1%.

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