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Stocks Roll Off Recent Highs as Risk Sours

EQUITIES
  • Despite the positive close across Asia-Pac markets, European markets started the session poorly and extended lower from there. Wall Street was similarly negative, pressing the S&P500 lower by between 0.5-1.0%.
  • Real estate and industrials weighed on the headline S&P 500, with a steeper US Treasury curve working against those sensitive to the economic cycle. Financials traded defensively, with banks holding their ground throughout.
  • The pullback in US equities worked in favour of the VIX, which extended the recovery off the September lows printed late last week at 15.7 points.
  • Focus turns to the ECB decision Thursday, as well as any further progress in the rally across Treasury yields.

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