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Stocks Sinking, Taking Lead From Surging Treasuries

EQUITIES
  • Equities are soft ahead of the NY crossover, with European cash markets and US futures solidly in negative territory so far Thursday.
  • The themes largely remain the same, with concerns over the Delta Variant, the prospect of tighter global monetary policy and a possible peak in near-term GDP growth unsettling sentiment.
  • This time, the tremors began in Asian hours, with the Hang Seng selling off sharply and dropping near 3% at the close. This bled into the European session, with broad-based losses posted across the Energy, Financials and Consumer Discretionary sectors.
  • S&P E-minis are running against the previously strong bullish tone, slipping below the Tuesday low in early trade. Bulls need the dominant buy-the-dip strategy to return to keep focus on round number resistance at 4400.00. Watch support at 4270.00, the 20-day EMA.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
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