From: Mark Taylor (MIRABAUD SECURITIES) <mtaylor339@bloomberg.net&gt;
Sent: 21 September 2020 10:46
Subject: STOXX600 bloodbath on heavy volumes this morning

 

STOXX600 bloodbath on heavy volumes this morning with overall turnover +48% vs the avg for this time of day. Volumes across Europe elevated with Spain hardest hit regionally on the biggest participation.

 

At the sector level gig turnover running through the banks (SX7P) which is running 112% above avg. Travel (SXTP) running 92% above avg and Fin Svs (SXFP) 85% above norms. Healthcare (SXDP) and Construction (SXOP) attracting 15.5% and 6% above avg respectively.

 

At the factor level, EU Momentum +3.3% vs Value -1.9% as the market trades with an inevitability that lockdowns are coming… Leaving the WFH winners in the likes of Hello Fresh, Just Eat, Logitech, Ocado outperforming even the defensives such as Nestle and Lonza. Anything that looks or smells like a travel and leisure exposure pacing losses this morning.

 

All eyes onto Chris Whitty is due to give a televised update at 11am after Health Secretary Hancock reiterated his “Tipping Point” comments this am… Our govt clearly doesn’t have its flag pinned to the market quite like those across the Atlantic!

 

SXXP chart watch {97<go>}

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