After a great weekend (involving the first restaurant visit in months for many of us), markets started with a heavy risk-on tone. It all began with China having a bouyant session after a clear effort by the Govt there to encourage moves higher. The CSI 300 made a 5 year high, HSI traded above its 200dma and the Shanghai Composite made a 2 year high after it broke the resistance level of 3288 (April 2019 high). Here in Europe, equities followed (SXXP +1.3%) and encouragingly, once again on healthy volumes. Cyclicals are back outperforming defensives and Spanish names seem to be on trend (Ibex currently up +2.2% vs peers all below +1.8% and the only index trading above its 10d AVAT).
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