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Stocks Strong Pre-Payrolls

EQUITIES

Cash equity markets across Europe are firmer at the midpoint of the Friday session, with US futures following suit. The e-mini S&P touched a new alltime high overnight at 3,817.75, with Dow and NASDAQ futures mimicking the price action. Further signs of risk-on seen in Tesla shares, which sit higher by another 4% pre-market, indicating another extension of the recent rally at the cash open.

In Europe, German stocks outperform with the DAX higher by 0.7%, while UK, Spanish names lag. Tech and utilities are strongest sectors, with financials and energy lagging in likely profit-taking after Thursday's rally.

Strength in Germany's DAX has been driven by a 33% rally in TUI AG shares on signs that their rights issue had been fully underwritten to raise well over EUR500mln.

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