S&P futures stabilize overnight, oil continues weak
EM currencies followed S&P futures, bottoming and recovering slightly overnight.
The Trump Retracement took a pause overnight as S&P futures stabilized. Oil continues to trade weakly. Banks (-1.85%) and Basic Resources (-1.64%) were the worst performers in the EuroStoxx index, followed by financial services and insurance. Japan followed the same pattern, with the TOPIX insurance sector down by 5.39% and banks down by 3.22%, followed by transport equipment (-3.06%), Steel (-2.81%) and Nonferrous Metals (-2.61%). Emerging market currencies followed S&P futures, bottoming and recovering slightly overnight.