Recorded 10am UK time - 5am EST

* Europe trading -1%, off the low but lack of conviction buying the dip

* Concern among Fed members that US Fiscal support will not come has hit growth names

* FT highlighting Interactive Brokers are talking about increasing margin requirements for retail investors into the election ...

=> Result of this surely has to be higher volatility over next few weeks at least!

Sector wise in Europe nothing too dramatic to report. Retail underperforms on vanilla profit taking after recent outperformance and banks and aerospace drifting on the continued lack of real buyer and incremental negative newsflow

THIS IS NOT EQUITY RESEARCH: This material is a marketing communication and is not and should not be construed as investment research Please refer to Jefferies’ important disclosure via this link: www.jefferies.com/globaljefferiesllc

Recorded 10am UK time / 5am EST

* Europe +1.5% - impressive bounce back but feels short covering led

* Value bouncing back well with Banks and Travel sectors +3%

* Healthcare in focus with Genmab -12% - we discuss why we think its overdone

* Tesla traded $3b aft hrs - i've not seen a stock trade that much value in recent months... Should that hit Nasdaq futs more? We discuss recent ETF trends and rotation into single stock WFH proxies

* Retail in focus after Nike +12% aft hrs - China not as good as US/Europe but not enough evidence here to suggest luxury and China proxies should be sold relative

* Lots of EU macro data out - long and short of it is it supports the uncertainly the ECB has been presenting and therefore supports the buy the dip philosophy predicated on CB backstops...

THIS IS NOT EQUITY RESEARCH: This material is a marketing communication and is not and should not be construed as investment research Please refer to Jefferies’ important disclosure via this link: www.jefferies.com/globaljefferiesllc

Recorded 10am Uk time / 5am EST

* Heavy risk off day in Europe - 2.5x Standard Deviation move to the downside. S&P futs -2%, Dax/Estoxx futs -3%

* Virus narrative worsening but banks also hit very hard on compliance issues at HSBC, Standard Chartered and ING

* We discuss the receent pick up in Institutional appetite for Europe ahead of earnings but question how this mixes with evolving lockdown measures and impact on markets

* Europe (SXXP) trading right at lower end of 3 month channel range, is there a lack of protection in the market post expiry Friday?

THIS IS NOT EQUITY RESEARCH: This material is a marketing communication and is not and should not be construed as investment research Please refer to Jefferies’ important disclosure via this link: www.jefferies.com/globaljefferiesllc