After a pretty mixed session in Asia this morning (and with little newsflow to catch investors’ eye), European equities didn’t have any choice other than to follow the trend. UK is once again underperforming vs its peers and Germany continues to be the winner in the region (Angela Merkel’s decision to extend the job-preserving subsidies helping the cause today). The DAX was actually very near a 6m closing high yesterday so hopefully it doesn’t disappoint us again today. Other than that, Europe remain trading in the ranges. For your reference, EuroStoxx ranges at 3173/3451and Stoxx at 350/380. Vols have been pretty low since the open with EU indices back trading well below their AVAT levels (c.-30% vs 20d). Focus for the rest of the week will be Jerome Powell’s speech tomorrow at the virtual Jackson Hole summit.
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