Equities were well bid in Asian and early European trade, staging a strong turnaround from the open when they fell on further market structure concerns as the Reddit rally is select highly shorted stocks continued unabated.

It’s been a night of relentless selling in Asian and early European trade with stock index futures unwinding most of yesterday’s gains as signs of stress started to appear across the asset spectrum.

Game Stop was down more than 67 dollars in post-market trade after Reddit announced that it will now close off the wallstreetbets subreddit to further members citing volume concerns.

Equities started to sell-off ahead of the North American open despite blockbuster earnings by Microsoft which suggested that the tech leaders continue to see growth despite the pandemic.

Equities were well bid in early European trade with Dax rising by more than 1.4% while Nasdaq futures recovered off earlier Asian session lows to trade just slightly below yesterday’s New York close.

The Euro was hit by unexpectedly weak IFO readings while equity futures opened the week strongly running to fresh all time highs before pausing in morning European trade.