There is the threat of a risk rally into the European close but afterward, and especially after the NY lunch, I expect to see consolidation. The strong hands will be done for the day and the bias will be to sell risk ahead of US earning season. EUR, CHF and AUD will be most vulnerable to pullbacks.

  • DAX up 3.1%
  • CAC 1.8%
  • FTSE 1.8%