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EQUITIES: Wednesday's risk-off tone spilled into Asia-Pac hours, with the major
regional equity indices under pressure, while e-minis edged lower. Worth
remembering that holidays in Hong Kong, China & Taiwan thinned liquidity out
(with the two latter centres also closed on Friday). In terms of technicals
bears will want to force the S&P 500 contract back below its 200-DMA.
- Key points of tension on Wednesday included continued/heightened COVID-19
worry in the U.S., perhaps best punctuated by Houston grinding towards its ICU
capacity, as well as New York, New Jersey & Connecticut outlining a quarantine
for travellers out of virus hotspot states, U.S/EU trade matters (stemming from
long running disputes surrounding Airbus) and Sino-U.S. sabre rattling.
Month-/quarter-end rebalancing & a pullback in oil markets may have added
further pressure. Wednesday also saw Goldman Sachs CEO Solomon note that "the
equity market does seem to be a little bit ahead of my view of the future
earnings performance of businesses, as we look six to 12 months out."
- Nikkei 225 -1.3%, Hang Seng closed, CSI 300 closed, ASX 200 1.7%.
- S&P 500 futures -17, DJIA futures -165, NASDAQ 100 futures -34.