Recorded 10:15am GMT / 5:15am Eastern Time

• Europe -0.3% with value underperformering after recent gains

• Month end with continued talk of sell programs around given recent o/p of equities vs bonds - notable pick up in volumes generally today

• Monster volume in FANG names on up move aft hrs yesterday halting the recent rotation trade

• Banks big underperformer on fade in value - uk retail also under pressure

• Oils in focus - RD Shell cut the divi prompting talk of rotation within FTSE hurting yield - we think staples and tobacco best placed to absorb flows