SPM, EU OIL & GAS, BP

Research evidence excerpt

SPM, EU OIL & GAS, BP

oU. It remains to be seen whether this latest process is only more credible than previous

ones

Markets - SPX was up 81bps from the European close to finish 70bps higher on the day (7,489). The index started higher then

sold off, making the intraday lows after 45 minutes, to then rally holding gains for the rest of the day, managing to close above the

50 dma (7,471). L/S momentum +0.5%. Overall volumes tracked 21% above 30 dma as oil rallied with both USD and treasuries

lower. Consumer discretionary, communication services and industrials were the best sectors with utilities, materials and real

estate the worst. JPM cash was better to buy with Tech, financials and materials leading the skew. Industrials consumer

discretionary and healthcare were better for sale. The press is looking at US calling off airstrikes at the weekend, OPEC+ modest

increase in production and the intervention in YEN. Overnight USD is well bid, treasuries have steadied and commodities are

mixed with gold higher and Oil down. Today in US we have ISM, construction spending and Auto sales. In Europe we have

Eurozone PMIs. Asian markets are mixed with Korea the worst. Japan is seeing weakness in real estate, HK in materials and

China in Tech. Taiwan has been taken higher by healthcare and Australia by utilities. Our flow is better for sale with HK and

Korea leading the skew. Japan and Taiwan are better to buy. In the sectors we are selling tech and industrials versus buying

everything else.

MOVES VS FRIDAY'S EUROPEAN CLOSE; S&P minis +1%, Nasdaq minis +1%, Nikkei fut +85bps, FTSE futs +33bps,

Eurostoxx futs +64bps; US Momentum -75bps, US Value +25bps; DXY -43bps, EUR +25bps, GBP +7bps, CHF +5bps, CNH