Since the European markets opened we have seen modest selling pressure, admittedly with little to no volume and thin liquidity wherever we look. The overnight ebullience in ES (the e-mini S&P futures contract) was not matched by other broad risk assets as CONTEXT (the risk asset proxy) rose only mildly and is now dropping (back below US day session closing levels). The main drivers of correlated derisking are rallies in TSYs (levels and 2s10s30s compression) and mild selling pressure in
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