Tech Soft, With SoftBank Bets Eyed & Tesla Missing S&P 500 Inclusion

E-minis witnessed a defensive start to the new trading week, with Brexit risk front and centre and perhaps some digestion of Friday's news that the Trump administration is considering whether to add China's top chipmaker SMIC to a trade blacklist playing out.

• On the non-traditional front it is worth highlighting that various outlets have pointed to SoftBank being a driving force behind the tech rally, with several source reports pointing to the company being active in single name tech company long call plays in recent months.
• It is also worth noting that Friday bought news that Tesla did not make the cut in the latest round of S&P 500 inclusion announcements, which may also be pressuring the tech space. Still, a bounce from lows was seen in the major e-mini contracts, with the S&P 500 contract now -5 DJIA contract +30 and the NASDAQ 100 contract still lagging on the idiosyncracies, -85.
• The major regional equity indices were biased lower during Asia-Pac hours, but not drastically so, with little fallout in the Hang Seng despite the re-emergence of notable social unrest over the weekend.
• SoftBank traded heavy in Tokyo, on the back of the aforementioned news flow.
• Nikkei 225 -0.3%, Hang Seng -0.2%, CSI 300 -0.7%, ASX 200 -0.1%.