US futures are indicating a lower open. European equity markets have opened lower, following mostly lower Asian trade. Risk appetite remains soft as are yields supported on hawkish Fedspeak by Bullard, Kashkari and Evans, suggesting rate hikes may end only in 2023. News that China is debating cuts to inbound Covid quarantine did little to support. The pullback has followed a big two-day bounce that most analysts regarded as a bear market bounce, driven by UK fiscal U-Turn, extended technical readings and positioning.
Companies mentioned: Philip Morris (NYSE:PM), Swedish Match, Brookfield Asset Management (TSX:BAMa), EQT, Orange