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Stocks Off Lows, But Mixed Performance

EQUITIES
  • US stock futures recovered well off the Asia-Pac session lows, with the e-mini S&P climbing well back above the 3,900 mark. Nonetheless, both Tuesday's and the week's highs are out of reach for now.
  • This translated to a mixed performance in cash markets, with the S&P 500 rising around 0.5%, while tech-led NASDAQ lagged, slipping around 0.7% ahead of the close.
  • US energy names led the way higher, with the surging oil price (WTI +5%) helping boost names that had suffered in recent sessions, explorers and oil services firms were among the main beneficiaries. At the other end of the index, communication services and consumer discretionary lagged. The likes of Viacom CBS fell sharply on a stock offering announcement as the company look to raise funds for streaming content.
  • In Europe, Germany's DAX fell while Spain's IBEX-35 outperformed for a second session. The index closed higher by 0.6%.

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