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Stocks on the Bounce, But Friday's Highs A Way Off For Now

EQUITIES
  • Equity markets are modestly firmer early Monday, with the e-mini S&P higher by close to 20 points ahead of the opening bell. Global futures markets started poorly, extending last week's weakness to touch new cycle lows of 4126.75. But, losses were pared as Europe opened, prompting stocks to show above water. Nonetheless, the intraday recovery remains well short of the Friday highs, which mark first resistance at 4220 for the Sep-21 contract.
  • Across Europe, cash markets are uniformly higher, but gains are modest at present, with the Eurostoxx50 higher by 0.5% while Spain's IBEX-35 lags slightly, but remains higher by 0.2%.
  • Europe's materials and consumer staples sectors are leading the bounce, while healthcare, real estate and financials are the primary laggards.
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