STOXX 50 Consolidates Near Fresh Cycle Highs

Euro STOXX 50 futures are ~15 points firmer on the day, while the cash equivalent is ~0.4% better off. The healthcare sector has led the recovery of the Euro STOXX 50 index from session lows, although earnings (see Heineken, struggling today post-reporting) and a slightly stickier than expected core Eurozone CPI reading provided some offset to the early optimism that was at least partially linked to a light rally in Chinese & HK equities on the back of the latest reports/rumours surrounding Chinese policy stimulus. Still, a move away from session cheaps in European bonds has helped underpin the index around best levels of the day, and it is on track to record a second consecutive monthly gain after registering fresh cycle highs earlier today.