Tepid tones observed in early trades

  • German DAX futures -0.1%
  • UK FTSE futures -0.3%
  • Spanish IBEX futures flat

This mirrors the sentiment from S&P 500 futures, which are near flat levels as we get things going in European morning trade. There are a couple of contrasting narratives at play as we start the new day, so that is sort of keeping the risk mood more tepid/fragile.

The good:

The bad: