Europe opened down -1% post a Risk off move started about 2am UK as yields lower, Futures hit during Asian as HK close -5.5% lows & Shanghai -2% amid headlines that China's plans to impose a national security law on Hong Kong.

Asian exposure names leading EU weakness this am: Prudential -7%, HSBC -5%, Luxury also weak led by Moncleer -2%, LVMH -1.5% although BUBERRY +2.5% post better tan expected earnings.

EU continues to tick higher driven by a high beta turnaround & a 400bps rally in EU BANKS now +1% on day banks volume +10% aswell. Auto's also up on the day so does appear some rotation back in value names.