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Oil Capital

Morning Market Pulse - Inflection or correction?


Equities are mixed mid-morning, with the UK FTSE making fresh highs, US Futures regaining some lost ground and Germany's DAX underwater after encountering resistance. Investors continue to discuss a bond market inflection that could hurt all asset classes, despite Chinese denials that it might be considering buying less US Treasuries. The UK FTSE is being driven north by Tobacco (9pts, weaker GBP) and Miners/Oil (13pts metals bounce, oil rally) while Retail (3pts, Xmas trading update), Telcos (3.5pts; risk appetite) and Banks (4pts; bond yields calmed) drag. Germany’s DAX underperforms as losses for SAP (MS downgrade), Deutsche Bank (calmer bond yields) and Deutsche Boerse contend with gains for Linde, Continental (rebound) and HeidelbergCement. The FTSE 100 is hugging this morning's fresh record highs at 7760. The DAX 30 found resistance at 13000. Dow Jones Futures are back just shy of Tuesday's 25440 record high. Gold continues to consolidate $1315-$1325.”

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