The more solid gains belie the current risk mood
- German DAX futures+1.0 %
- French CAC 40 futures +0.7%
- UK FTSE futures +0.9%
Just be reminded that European stocks ended trading yesterday with quite heavy declines, missing out on the major turnaround in US stocks later in the session.
Hence, the moves we are seeing here are largely in part due to that i.e. catch up play.
The underlying risk tone as we approach the start of the session is more tepid, with US futures keeping closer to flat levels. The same mood is observed in the bond market as well.
As such, major currencies are also finding it hard to gather any real conviction to start the day as we see narrow ranges still prevail for the most part.
