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EQUITIES: Stocks Set for Soft Open, DAX Remains the Heaviest Hit

EQUITIES
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Equity futures point to a mixed-to-lower open in Europe, with the DAX future particularly weak: off a further 0.6% having shed 1.5% into the close yesterday, in a session led lower by profit-taking on some of the sharper gains posted this year (Rheinmetall fell as much as 11% intraday on Thursday, but has still more than doubled year-to-date).

  • Eurostoxx futures are at daily lows headed into the open - with firmer gas prices potentially adding some weight here: TTF prices are higher by ~4%, with markets eyeing reports of Ukrainian attacks on Russian gas installations in Kursk.
  • The rout in Turkish stocks continues: the Borsa Istanbul has again tripped a circuit breaker having gapped lower by 5% shortly following the open. The moves come despite the withdrawal of liquidity and emergency CBRT rate hike (overnight rate, not headline policy rate), which will be keeping the Turkish authorities under pressure today.
  • The e-mini S&P remains pinned either side of 5700 as has been the case for much of the week - meaning a close at current or higher levels will be the first positive weekly performance for the index since mid-February - but remains over 8% off the cycle highs.
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Equity futures point to a mixed-to-lower open in Europe, with the DAX future particularly weak: off a further 0.6% having shed 1.5% into the close yesterday, in a session led lower by profit-taking on some of the sharper gains posted this year (Rheinmetall fell as much as 11% intraday on Thursday, but has still more than doubled year-to-date).

  • Eurostoxx futures are at daily lows headed into the open - with firmer gas prices potentially adding some weight here: TTF prices are higher by ~4%, with markets eyeing reports of Ukrainian attacks on Russian gas installations in Kursk.
  • The rout in Turkish stocks continues: the Borsa Istanbul has again tripped a circuit breaker having gapped lower by 5% shortly following the open. The moves come despite the withdrawal of liquidity and emergency CBRT rate hike (overnight rate, not headline policy rate), which will be keeping the Turkish authorities under pressure today.
  • The e-mini S&P remains pinned either side of 5700 as has been the case for much of the week - meaning a close at current or higher levels will be the first positive weekly performance for the index since mid-February - but remains over 8% off the cycle highs.