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Stoxx 50 Futures Below 4,800 For First Time Since Mid-August, 4-Week Rally Set To End

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A heavy start for European equities, Stoxx 50 futures are ~40 points lower, below 4,800 for the first time since mid-August.

  • Next support comes in at the 50.0% retracement of the Aug 5-Sep 3 bull cycle (4,747.00).
  • The index is on track to halt a run of 4-consecutive weekly gains.
  • Soft industrial production data out of Germany and France will be feeding into the move.
  • Set up for the U.S. NFP release may also be factoring in, with this week’s already-released U.S. labor market data soft to inline vs. expectations.
  • This is probably best reflected in the move lower in BBG’s “whisper number” covering the NFP print, which has fell from 165K to 152K over the past couple of days.
  • Also note that the Dutch government has published new export controls impacting some of ASML’s machines. This will be applying some pressure to the tech giant.
  • Meanwhile, the latest move lower in yields will be weighing on financials.
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A heavy start for European equities, Stoxx 50 futures are ~40 points lower, below 4,800 for the first time since mid-August.

  • Next support comes in at the 50.0% retracement of the Aug 5-Sep 3 bull cycle (4,747.00).
  • The index is on track to halt a run of 4-consecutive weekly gains.
  • Soft industrial production data out of Germany and France will be feeding into the move.
  • Set up for the U.S. NFP release may also be factoring in, with this week’s already-released U.S. labor market data soft to inline vs. expectations.
  • This is probably best reflected in the move lower in BBG’s “whisper number” covering the NFP print, which has fell from 165K to 152K over the past couple of days.
  • Also note that the Dutch government has published new export controls impacting some of ASML’s machines. This will be applying some pressure to the tech giant.
  • Meanwhile, the latest move lower in yields will be weighing on financials.