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Stocks Start Week Positively, But Well Shy of Last Week's Highs

EQUITIES
  • Equity markets have started the week on the front foot, with cash European indices higher by 0.5-0.8%. The recovery is further reflected in US futures, with the e-mini S&P higher by over 20 points at pixel time.
  • Across Europe, the energy sector is leading the bounce - helped higher by the $2.50/bbl recovery in oil prices. Utilities and financials also trade more favourably.
  • Despite the positive across Europe, US futures remain well below Friday's best levels, keeping a more solid bounce in check for now. Markets need to top 4509.20 to improve the near-term outlook, which looks far more fragile after last week's price action. On the weekly chart, last week marked the first week in 14 in which the e-mini S&P failed to print a new alltime high.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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