The opening gains have now largely faded...>

EQUITIES: The opening gains have now largely faded for European equities, with

core European markets now in minor positive territory, while peripheral Italian

and Spanish markets slipped into negative territory. Cyclicals have edged to the

bottom of the pile on a sectoral basis, with energy, communication and financial

names now the poorest performers while defensives hold onto the bulk of the

day's gains.

- Largest individual movers include UK homebuilders/construction names as

Berkeley Group, Travis Perkins and Kingfisher are sharply higher, while oil &

gas services names are slipping - Subsea 7, TechnipFMC are among the hardest

hit.

- The e-mini S&P remains in the green but is well below both the overnight and

yesterday's highs at 3157.75 and 3167.25. Prices bounced well off the 100-dma at

the beginning of the week, which remains key support on any pullback at 2934.48.