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US Futures Inch to New Highs, Germany, Italy Outperform

EQUITIES
  • US futures trade in positive territory, pointing toward a positive open on Wall Street later today. The e-mini S&P crested at a new all-time high of 4542.25 in early European hours and have consolidated somewhat since then. Markets have largely shrugged off poorer-than-expected China PMI numbers, with both the manufacturing and non-manufacturing sectors slowing faster than forecast.
  • Across Europe, Germany's DAX and Italy's FTSE-MIB are the top performers so far. Europe's utilities and consumer discretionary sectors are buoying markets, countering weakness in energy and real estate names.
  • VIX futures are under pressure, touching new contract lows for the active Sep contract.

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