After a pretty mixed day yesterday, today’s session has felt better somehow. Not that anything has changed on the virus front but the OPEC formal release coupled up with the Georgia results becoming clearer have fuelled investors with a positive sentiment. The 10-year yield is above 1% for the first time since March, prompting banks to pop since the open (SX7P up 4.4%) and defensives to underperform. The only thing I would point out though is volumes (up 35% vs the last 20 days). Yes, encouraging for conviction but strangely it doesn’t feel as busy as it looks. Maybe more futures / quant driven?
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