EUROPEAN INFLATION: EZ Services Inflation Revised Marginally Higher In March

• RXK5 130c, bought for 49.5 in ~5.6k.
• RXK5 126.50/125.50ps, bought for 33 in 7.75k.

The trend condition in S&P E-Minis remains bearish and fresh cycle lows last week reinforced current conditions. Moving average studies are in a bear-mode set-up highlighting a dominant downtrend. The medium-term trend direction in the Eurostoxx 50 futures contract remains up and the recent pullback is considered corrective - for now. However, note that support at the 50-day EMA, at 5314.94, has been pierced.

• Japan's NIKKEI closed higher by 343.42 pts or +0.93% at 37396.52 and the TOPIX ended 32.27 pts higher or +1.19% at 2748.12.
• Elsewhere, in China the SHANGHAI closed higher by 6.566 pts or +0.19% at 3426.128 and the HANG SENG ended 185.59 pts higher or +0.77% at 24145.57.
• Across Europe, Germany's DAX trades higher by 61.14 pts or +0.27% at 23046.41, FTSE 100 higher by 13.92 pts or +0.16% at 8645.73, CAC 40 up 26.1 pts or +0.33% at 8053.5 and Euro Stoxx 50 up 13.3 pts or +0.25% at 5416.74.
• Dow Jones mini down 208 pts or -0.5% at 41304, S&P 500 mini down 27.25 pts or -0.48% at 5616, NASDAQ mini down 99 pts or -0.5% at 19620.5.

• A pick up in Volumes in Bund, as it extends above the 127.65, bought in over 10k cumulative volume, so suggestion that some short have bailed out, at that level and above.
• Around 30k has gone through in just the past 5 minutes.
• Next resistance of interest is now at 128.33.