US equity futures often lead, but not every index CFD is a perfect mirror. Know the contract you actually hold.
Lead–lag is a tendency, not a law
S&P and Nasdaq futures frequently set the tone for other equity CFDs after the US cash open. European and Asian index products can gap on the open to catch up. Treat “follow Wall Street” as a hypothesis you invalidate when local news dominates.
Contract specs beat brand names
Margin, tick value, trading hours, and dividend adjustments differ by broker and symbol. Two “US500” labels can behave differently around expiry or cash-open gaps. Read the instrument sheet before comparing charts across platforms.
News minutes are equity minutes
CPI, FOMC, and mega-cap earnings can whip index CFDs harder than many FX pairs. If you are flat in FX “because of risk,” check whether you are still long beta elsewhere under another name.
Practical framing
Use US futures as context, then confirm liquidity and spreads on your CFD before sizing. Correlation is not a substitute for risk limits on the position you hold.