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Stocks Softer on Variant Concerns, Russia Hack

EQUITIES
  • Equity markets across the continent are softer, with core indices off around 1.0-1.6%. Peripheral Spanish and Italian markets are underperforming, down 1.6 and 1.3% respectively, but losses are broad-based as US futures are also offered.
  • The e-mini S&P has retreated around 15 points off the week's alltime high. Variant concerns remain top-of-mind for markets, with the more transmissible Delta variant now detected across countries from Turkey to South Africa to the US.
  • Elsewhere, sentiment was somewhat unsettled by headlines in German press reporting a Russian-based cyberattack on the German banking system. The likes of Deutsche Bank and Commerzbank both trade weaker.
  • Europe's utilities sector is leading the decline, with consumer discretionary and financials sectors also adding weight. Healthcare and real estate are faring more favourably, although reman in negative territory.
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