Observations + Charts
Europe and US futures in the green, trying to stabilize after a few rough sessions.
Asia mixed w/greater China trying to rebound (technical/oversold conditions).
HSTECH snaps 4d of declines, ended up 50bps after being down 10% last 4 sessions.
HSI same picture +75bps also helped by semis peers correlated to positive earnings from TSMC (+130bps).
Premier Li downplayed prospects of large-scale easing leading some overseas investors seeing China as 'un-investable.'
Taiwan +40bps also snaps 2d of losses thanks to TSMC beat.
Recent winner Japan lagging ending the session slightly in the red but nothing to fuel the idea of a rotation into China yet.
SXXP trying to rebound supported by semis and luxury names, 2 pods that have recently suffered.
GS EU luxury back in the green +220bps snapping 5d of consecutive losses. Richemont the trigger +9% on earnings. LVMH snaps 5d of losses.
Semis also back in the green after TSMC earnings. +2/4%. IFX snaps 7d of consecutive losses. ASML 3d.
EU Cyclicals +100bps snapping 4d of losses. First time this year having a perf >=100bps. China rev exp +130bps biggest gain since mid Dec.
Pro risk/pro cyclical setup this am w/EU High divi, quality, value -30/50bps while Utilities, Staples and Healthcare lagging so far.
Brent +50bp. US nat gas +270bp and 200bp in Europe. Copper unch. Bitcoin relatively flat while gold +30bp.
US futures mostly in the green w/ESH4 +2.25, HIWH4 -15.00, RTYH4 +1.50 and NQH4 +47.50.