Slightly softer tones at the open
- Eurostoxx -0.2%
- Germany DAX -0.5%
- France CAC 40 -0.3%
- UK FTSE -0.4%
- Spain IBEX -0.7%
A bit more of a pullback, reflecting the mood in S&P 500 futures which are down by 0.7% on the day. Nasdaq futures are also lower but are seeing declines of around 0.4%.
This looks more like the market taking a bit of a breather following a stellar November month for equities, not so much of a turn in the risk mood. In that regard, the S&P 500 cash market keeping above 3,600 will again be key signal to maintain the bias.
As for European indices, it is hard to argue with the gains this month:
- Germany DAX +14.8%
- France CAC 40 +21.5%
- UK FTSE +14.0%
- Spain IBEX +26.3%
- Italy MIB +24.5%