Tepid tones observed in Europe to start the session
- Eurostoxx +0.1%
- Germany DAX -0.1%
- France CAC 40 +0.1%
- UK FTSE +0.5%
- Spain IBEX +0.1%
Elsewhere, US futures are still keeping a little more optimistic with S&P 500 futures up ~0.4% while Nasdaq futures are up ~0.6%. However, once again the bond market and currencies aren’t really singing to that tune.
10-year Treasury yields are down 0.5 bps to 0.722% while in the currencies space, not much is happening besides an extended fall in the pound below 1.2900.
This now puts the focus on support around 1.2875-80 with the 50.0 retracement level of the recent swing move higher @ 1.2879 being tested as well.
In turn, that is propping up UK stocks as we get things going on the session.