The new month has started more with a whimper than a bang given several European markets are closed due to the Whit Monday holiday. Of those markets that are open, volumes are down hard versus the 20d AVAT, though are managing gains. Looking at the SXXP sectors, all are currently in the green with Travel & Leisure and Banks leading the way. With Friday’s month end and subsequent profit-taking now in the rear-view mirror, the Airlines and Tui resumed their rally. Cyclicals are generally outperforming Defensives today, while in the US, the protests over the weekend has had little impact on US Futures, which are currently trading flat, despite the possibility of store closures in some major cities.
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