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Stocks Remain Offered, Stoxx600 Wipes Out 2021 Gains

EQUITIES

Following the negative close on Wall Street after the Fed rate decision (S&P500 closed lower by over 2.5%), European stock markets are similarly offered this morning, resulting in the Stoxx600 erasing all gains posted since the beginning of the year.

UK's FTSE-100 and Germany's DAX are hardest hit this morning, off by around 1% apiece, while France's CAC-40 is lower, but by the smallest margin. Energy and communication services names are the worst performing sectors, while consumer staples are flat.

The e-mini S&P is in the red, but has retraced much of the day's losses to around 10 points. After yesterday's spike higher, VIX futures have calmed, but remain well elevated above recent averages.

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

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