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Analysts at ANZ Bank New Zealand Limited explained that US equities swung but are higher after European shares erased most losses in their afternoon.  

Key Quotes:

“This month’s equity rout is all just “a little pause” according to a Trump tweet overnight. Real estate and consumer staples were the best performing sectors of the S&P 500, boosted by strong US consumer confidence. In Europe peripheral bond yields pushed higher (Italy 10-year +14bp, still 21bp off its 18 October high) with core yields little changed, while US Treasury yields are marginally higher.”

“AUD and NZD squeezed higher.”

“Near-term Brent oil is down 2.1%, with Saudi saying they were ready to boost crude production and spare capacity, while WTI is down 1.5% at the time of writing.”

“Gold is currently down 0.5% to USD1223/oz.”

“All eyes will be on earnings reported after the bell today to see if stocks can continue to push higher.”