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Stocks Resume Decline, EuroStoxx50 Nears 200-dma

EQUITIES
  • Equity futures across both Europe as well as the US trade weaker, with losses of around 2% pretty uniform across continental cash indices. Equity weakness resumed across Asia-Pac hours, with the e-mini S&P rolling well off the late Tuesday highs of 4359.75. This puts the index in close proximity to the Monday lows at 4260, below which the outlook deteriorates further.
  • In Europe, consumer discretionary and industrials names are leading losses, helping pressure the EuroStoxx50 to fresh multi-month lows and within range of key support at the 3950.75 200-dma. A break below here puts the index on track to test mid-July lows and correction territory at 3827.85.

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