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Stocks Mixed Pre-Payrolls

  • Equity futures across Europe and the US are mixed ahead of the September payrolls report, with markets on watch for a release of around +500k. An inline report would keep the Fed on track with their plans to taper asset purchases by the end of the year.
  • European cash markets are generally lower, although the UK's FTSE-100 and Italy's FTSE-MIB hold just above water.
  • The e-mini S&P trades just below a major pivot point at the 50-day EMA of 4397.50, a break above which would open the 50-dma at 4433.2 and levels not seen since end-September.
  • Europe's utilities and tech sectors are the poorest performers, countering the bounce in energy names. This breakdown is also reflected in US futures, with the NASDAQ future indicating a lower open relative to modest gains in the S&P and Dow Jones contracts.
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