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Stocks Sink as Chinese Equities Extend Plunge

EQUITIES
  • Equity markets across Europe are uniformly lower, with the EuroStoxx50 off by close to 2% as sentiment remains shaky following late weakness on Wall Street Monday. Compounding concerns is the accelerated sell-off in Chinese markets, which prompted the Shanghai Composite to shed another 5% overnight, pushing the index to its lowest levels since mid-2020.
  • Focus remains on the ongoing Ukraine conflict, with Russian representatives this morning cautioning against optimism in bilateral peace talks, stating that they while it is positive that talks are continuing, it is too early to discuss what the talks may lead to.
  • As was the case for US stocks, cyclical stocks including consumer discretionary, energy and materials names are leading declines across Europe, with food and staples retailing the only subsector to trade higher so far.
  • E-Mini S&P futures remain vulnerable. Key support lies at 4094.25, the Feb 24 low. A break of this level would confirm a resumption of the downtrend and expose the 4000.00 handle. The 20-day EMA, at 4299.75, still represents an important near-term resistance.
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