Europe Summary and Highlights 6 Nov
All about tech price action still, as Asia follow through weighs high beta FX
Nasdaq attempts a bounce but not a meaningful change at this point
Still all about the post-election accelerated pressure in AI/tech over the last few sessions. Nikkei and Kospi off 6%, having been off steeper still, latter testing the early year Fed-Mar lows. The baton-pass to Asia risk-off fed into pressure on the high beta counters with AUD and NZD off just under 1%. EUR also weighed back from the recent dollar slippage lift and back towards 1.1100 - 1.1130 support.
Nasdaq currently seeing a 1.3% bounce from the late Europe/NY slump yesterday, but it hasn’t regained the 27200 Aug low break nor really made a big dent in Thursday’s wide bar, so this can’t be considered more than intraday consolidation at this point.
DXY held the test of 101~ congestion/figure and has managed a bit of a bounce. Sentiment and flows though remain very erratic in the current episode.
German industrial production 0.7% (mkt flat) from 2%. UK Lloyds house price index -0.6%m/m vs mkt 0.1%