The usual cross-asset correlations are playing out, with European equities & U.S. equity futures reversing gains as yields edge higher, oil ticks lower and the broader USD firms at the margin.

• Outside of the fresh cycle highs in Euro Stoxx 50 futures (seen before the pullback) moves are relatively contained, with the major market benchmarks sticking to recent ranges.
• News flow remains light, immediate focus is on the final European manufacturing PMI prints.