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

* Europe -1%, off the lows of -2% in lasst 15 mins on no news - futures led rally

* Weakness overnight mix of Eurogroup meeting extension and Gilead drug headlines

* Huge focus on Italy with regard to upcoming S&P review and 2 weeks of waiting for solution on funding

* Equity volumes very low and wider dispersion. Beta undermining on low volumes and credit wider

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: https://www.jefferies.com/Disclaimers/Jefferies-LLC-Global-Disclaimer/Pages/560

Recorded 10:15am GMT / 5am Eastern Time

* Europe unch having traded in a 1% range through the morning so far

* Macro data in Europe very poor, French and German PMIs big misses and US Jobless claims later in the US remain a focus

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: https://www.jefferies.com/Disclaimers/Jefferies-LLC-Global-Disclaimer/Pages/560

Recorded 10am GMT / 5am Eastern Time

* Europe bouncing +1.5% but on very low volume

* Core bonds selling off mirroring equities

* Lack of focus on crude a feature - WTI calm but brent sell off remains. We look a bit more at long term contracts and read thru to energy names

* Looking at tech after hours earnings and huge volume in Netflix after hours - where from here?

* Earnings big focus today in Europe, beta moves to upside in 5-6 names distorting the market

* Banks rallying but on very light volumes - we see sector as key trigger for the market

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: https://www.jefferies.com/Disclaimers/Jefferies-LLC-Global-Disclaimer/Pages/560

Recorded 10:30am GMT / 5:30am Eastern Time

* Eurostoxx  and Dax futs down 2%

* Crude is all over the place, front month WTI back negative after trading between $1-2 early this morning its currently trading at -$3.50

=> CL2 getting hit hard now, -20% and Brent is also starting to fall, that is -20%

* Market focus outside crude on earnings & health of North Korea leader Kim Jong Un

* Market volumes a bit better than yesterday, so +25% DoD but still -30% vs the 2 week average

* On earnings a few out as we build through the week but notable how low volatility is in the reported names

* Note after the close today we get earnings from Netflix...

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: https://www.jefferies.com/Disclaimers/Jefferies-LLC-Global-Disclaimer/Pages/560

Recorded at 10am GMT / 5am Eastern Time

* Narrative on virus over weekend much improved

* Rotation a big theme in the US on Friday – we discuss why US energy bid vs EU energy

* Crude still a focus with front month WTI -20%...

* Focus growing on ECB and banking sector ahead of Eu summit later this week

* Reporting season peak is on us, 130 of the Stoxx600 report this week – similar percentage report in the US

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: https://www.jefferies.com/Disclaimers/Jefferies-LLC-Global-Disclaimer/Pages/560

Recording time 10am GMT / 5am Eastern Time

* Europe +2.5% on reports of progress on Covid19 cure (not vaccine)

* Short covering a feature

* Stay at home baskets being sold

* WTI front month being hit very hard and storage constraints

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: https://www.jefferies.com/Disclaimers/Jefferies-LLC-Global-Disclaimer/Pages/560