The bullish trend continues and encouragingly, we are seeing more indices approaching their 200dma levels every day (with the DAX and EuroStoxx smalls joining the list of those breaking above today). In the US, we had the S&P making another 3-month high last night, we saw further improvement across Asia this morning and EU equites extended the rebound after having their best day in two weeks yesterday. Volumes have been decent since the open, which suggests once again where the conviction stands. Cyclicals keep outperforming with Autos (supported by Chinese data this morning) and Banks (regardless of Bailey’s warning over a no-deal Brexit) leading the way and Healthcare amongst the losers.
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