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US Futures Roll Off as Europe Lockdowns Add Pressure

EQUITIES
  • The e-mini S&P printed a fresh alltime high in early Asia hours, inching up to print 4723.50 before momentum faded. European lockdown headlines were the catalyst, with Austria re-instating pandemic measures for both the vaccinated and unvaccinated populations. This was compounded by a parallel statement from the German health minister, who warned that a lockdown cannot be ruled out for Germany.
  • As a result, European banking names have been hit hard, with the sector the worst performing on the continent. Energy and communication services are similarly weak.
  • US futures remain bullish despite the pullback, with the overnight highs further supporting the current buy-the-dip mentality. Volatility could remain high across the session, with sizeable weekly index and single stock option expiries rolling off on Friday.

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