The downside push earlier came after the dreadful PMI readings from France and then Germany, with S&P 500 futures being down by 28 points, or 0.7%, at one point. There was a quick turnaround earlier before some moderation but we are seeing a slow uptick higher in the past hour or so.

That said, outside of equities, markets are still lacking broader optimism in general.

Bonds are still largely more bid with 10-year German bund yields down 17 bps to 1.44% and 10-year Treasury yields down 4 bps to 3.11% on the day. Meanwhile, the dollar and yen are still leading gains by a fair amount in the major currencies space. USD/JPY in itself is down 0.7% to 135.25 at the moment.