STOXX 50 Sheds Over 1%

The 20-day EMA (4305.50) and 4,300 have given way in Euro STOXX 50 futures today, with the contract last -45 or so, while the cash equivalent sheds 1.1%.

• That leaves bears focused on the bear trigger at the Sep 8 low (4,210.00)
• A disappointing strategic plan at Societe Generale helps apply pressure to the broader financial sector, with the name shedding ~11%.
• Guidance withdrawal from Swiss Steel, based on softer than expected summer performance in its core European market, is likely weighing on material names.
• Meanwhile, slowing champagne demand for LVMH pressures the name, as wider consumer discretionary stocks struggle.
• Elsewhere, weakness in U.S. equity benchmarks since Europe’s cash close on Friday will be helping add some weight.