Eurostoxx futures +1.5% in early European trading

• German DAX futures +1.5%
• UK FTSE futures +1.0%

The jump here belies the more tentative risk mood on the day, as it is in part to do with a catch up to the late gains in US equities yesterday. European stocks slumped heavily, missing out on the late resurgence which saw US stocks close higher.

As we look towards the start of the session, S&P 500 futures are trading flattish so it isn't indicative of a much stronger risk tilt for the time being.