Futures Re-Open...Down

Having twiddled thumbs all day, equity futures just reopened with a modest drop - extending losses from the overnight session. Volume handily picked up from this morning as we note Gold dribbling along at $1900 and a small rise in the Dollar Index. Swissy seems modestly bid - especially relative to EUR (which is holding below 1.41 for now against the USD).


We are also seeing the first runs come through in credit markets and it is not too pretty. Not quite as ugly as Europe but IG is 4.5bps wider at 125bps and HY 7bps wider at 690bps (though 3Y HY is 20bps wider at 553bps). Obviously, financials are the hardest hit so far with Goldman Sachs (+12 to 235bps) and Merrill Lynch (+19 to 389bps) the standouts in a quiet late session.


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