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Stocks Lower, E-mini S&P ~40 Points Off ATH

EQUITIES

European markets are uniformly lower, with mainland indices off 1% apiece or more. Losses are led by Italian, Spanish and German markets, which are slipping on reports of further Italian political unrest, with current PM Conte supposedly approaching lawmakers from Berlusconi's Forza Italia party in an attempt to bolster support for the government.

In Europe, energy and materials are leading the decline, with the sectors off 2.3% and 1.5% respectively. Defensive names aren't spared from the declines, with consumer staples and healthcare at the top of the pile, but still lower on the day.

US stock futures are similarly lower. The e-mini S&P has opened a 40 point gap with yesterday's alltime highs, with focus remaining on the digestion of earnings. Intel, IBM both trade sharply lower after disappointing updates after the bell Thursday.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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