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Stocks Trim Losses, But Remain Lower Pre-NY

EQUITIES
  • Equity futures creeping higher and recovering well off the European morning lows, as the e-mini S&P trims the session's losses to ~10 points, erasing the downtick noted through the European open at ~0600GMT/0100ET (this was initially tripped by slippage through yesterday's lows). Soft intraday resistance expected at 4800.75, ahead of yesterday's highs at 4815.75.
  • Equity volumes are healthy, with a pickup in activity over the past 15 minutes or so helping volumes sit ~40% ahead of average for this time of day.
  • Nonetheless, cash trade in Europe is uniformly negative, with the FTSE-100 bearing the brunt of the losses, slipping 1.75% on the back of weakness in Shell and AstraZeneca, both of which are lower by over 2% apiece and responsible for over 30 points of the ~130 point drop in the index today.
  • It's a quieter session for US earnings, with US Bancorp, Charles Schwab and Citizens Financial coming in mixed. US data should prove a more notable market mover, with December retail sales and industrial production stats set to cross.

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