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06/11/23 Briefing


The S&P 500 futures are up 6 points and are trading 0.1% above fair value. The Nasdaq 100 futures are up 25 points and are trading 0.2% above fair value. The Dow Jones Industrial Average futures are up 26 points and are trading 0.1% above fair value.

Stock futures indicate a higher open following last week's big gains on continued carryover interest.

The 10-yr note yield is up four basis points to 4.60% and the 2-yr note yield is up two basis points to 4.88%. This week's calendar features several Treasury auctions, including a $48 billion 3-yr note on Tuesday, $40 billion 10-yr note on Wednesday, and $24 billion 30-yr bond on Thursday.

Elsewhere, South Korea's KOSPI jumped 5.7% after South Korea banned short selling until at least June 2024, according to FT.

There is no U.S. economic data of note today.

In corporate news:

  • Tesla (TSLA 223.45, +3.49, +1.6%): aiming to build EUR 25,000 vehicle at Germany plant, according to Reuters

  • Palo Alto Networks (PANW 245.05, +1.52, +0.6%): nearing deal to acquire Talon Cyber Security, according to The Information

  • CRISPR Therapeutics (CRSP 53.96, +2.97, +5.8%): Announces Preclinical Data at the American Heart Association (AHA) Scientific Sessions 2023

  • DISH Network (DISH 5.15, -0.34, -6.2%): reports Q3 (Sep) results, misses on revs

  • Align Tech (ALGN 199.90, +2.46, +1.3%): is planning to repurchase $100 million of Align's common stock through open market repurchases under Align's $1.0 billion stock repurchase program

  • Clorox (CLX 127.11, +1.56, +1.2%): upgraded to Neutral from Sell at UBS

  • Berkshire Hathaway (BRK.B 353.54, +1.73, +0.5%): reports Q3 results

  • Albemarle (ALB 126.72, -1.26, -1.0%): downgraded to Neutral from Buy at UBS

  • Paramount Global (PARA 13.28, -0.48, -3.5%): downgraded to Underperform from Buy at BofA

  • General Motors (GM 29.96, +0.19, +0.6%): planning to make $13 bln in US investments as part of UAW deal, according to Bloomberg

  • Bank of America (BAC 28.61, +0.19, +0.7%): upgraded to Mkt Perform from Underperform at KBW

  • Bluegreen Vacations Holding (BVH 73.22, +37.70, +106.1%): to be acquired by Hilton Grand Vacations (HGV) for $75.00/share in an all cash transaction

Reviewing overnight developments:

  • Equity indices in the Asia-Pacific region began the week on a higher note with South Korea's KOSPI (+5.7%) showing relative strength after the country's government imposed a short selling ban that will last until June. Japan's Nikkei: +2.4%, Hong Kong's Hang Seng: +1.7%, China's Shanghai Composite: +0.9%, India's Sensex: +0.9%, South Korea's Kospi: +5.7%, Australia's ASX All Ordinaries: +0.2%.

  • In economic data:

  • Japan's October Services PMI 51.6 (expected 51.1; last 51.1)

  • Australia's October MI Inflation Gauge -0.1% m/m (last 0.0%) and October ANZ Job Advertisements -3.0% m/m (last -0.5%)

  • New Zealand's October ANZ Commodity Price Index 2.9% m/m (last 1.4%)


  • In news:

  • China reported that foreign investment outflows in Q3 exceeded inflows for the first time since the series began in 1998.

  • Japan's largest industrial union will seek a 6.0% wage hike at spring wage talks while the largest labor union, Rengo, will seek an increase of at least 5.0%.



  • Major European indices trade on a mostly lower note. STOXX Europe 600: -0.2%, Germany's DAX: -0.3%, U.K.'s FTSE 100: -0.2%, France's CAC 40: -0.5%, Italy's FTSE MIB: +0.1%, Spain's IBEX 35: -0.2%.

  • In economic data:

  • Eurozone's October Services PMI 47.8, as expected (last 47.8) and November Sentix Investor Confidence -18.6 (expected -22.2; last -21.9)

  • Germany's September Factory Orders 0.2% m/m (expected -1.0%; last 1.9%) and October Services PMI 48.2 (expected 48.0; last 50.3)

  • U.K.'s October Construction PMI 45.6 (expected 46.0; last 45.0)

  • France's October Services PMI 45.2 (expected 46.1; last 44.4)

  • Italy's October Services PMI 47.7 (expected 48.5; last 49.9)

  • Spain's October Services PMI 51.1 (expected 49.3; last 50.5)


  • In news:

  • Final October Services PMI readings from most regional economies showed an ongoing contraction while Spain saw an acceleration in growth.

  • Ryanair forecast a record annual profit for the year and said that it will begin paying a dividend.

  • The Bank of England and the Financial Conduct Authority are looking to formalize a regulatory structure for payment systems using stablecoins.

  • Telecom Italia agreed to sell its network grid to KKR.



U.S. equity futures:

  • S&P 500 Futures +9 @ 4,367

  • DJIA Futures: +45 @ 34,106

  • Nasdaq 100 Futures: +32 @ 15,132

Overseas:

  • Europe: DAX -0.3%, FTSE -0.2%, CAC -0.5%

  • Asia: Nikkei +2.4%, Hang Seng +1.7%, Shanghai Composite +0.9%

Commodities:

  • Crude Oil +1.14 @ 81.65

  • Nat Gas -0.163 @ 3.352

  • Gold -7.55 @ 1991.65

  • Silver -0.023 @ 23.262

  • Copper +0.0283 @ 3.7098

Earnings/Guidance:

  • Aclaris Therapeutics ( ACRS 2.61% ) beats by $0.07, beats on revs

  • Affiliated Managers ( AMG 5.49% ) beats by $0.49, beats on revs

  • Air Lease ( AL 3.54% ) beats by $0.56, reports revs in-line; raises quarterly dividend by 5%

  • Berkshire Hathaway (BRK.B) reports Q3 results

  • BioNTech ( BNTX 3.38% ) beats by 1.26, beats on revs

  • Brookfield Asset Mgmt ( BAM 0.33% ) reports Q3 results

  • Constellation Energy ( CEG 2.96% ) beats by $0.78, misses on revs

  • Core & Main ( CNM 1.44% ) sees Q3 revs in-line with consensus

  • DISH Network ( DISH 16.48% ) reports Q3 (Sep) results, misses on revs

  • Embraer SA ( ERJ 0.10% ) reports Q3 (Sep) results, misses on revs; reaffirms outlook

  • Energy Fuels ( UUUU 0.25% ) beats on top and bottom lines

  • Eversource Energy ( ES 0.23% ) misses by $0.01, misses on revs; guides FY23 EPS in-line

  • Freshpet ( FRPT 17.67% ) beats by $0.01, beats on revs; raises FY23 guidance

  • GOL Linhas Aereas Inteligentes S.A. ( GOL 9.52% ) reports Q3 results; revs in-line

  • Hilton Grand Vacations ( HGV 8.40% ) beats by $0.01, misses on revs

  • Hon Hai Precision ( HNHPF ) reports October revenue +12% yr/yr to NT 741.2 bln

  • Knife River Corp. ( KNF 8.66% ) beats by $0.72, beats on revs; raises FY23 revenue guidance

  • Kosmos Energy ( KOS 4.56% ) beats on top and bottom lines

  • Krystal Biotech ( KRYS 15.69% ) reports Q3 (Sep) results, beats on revs

  • PHINIA ( PHIN 1.83% ) reports Q3 (Sep) results, misses on revs; guides FY23 revs below estimate

  • Prime Medicine ( PRME 1.54% ) misses by $0.12, no revenue; provides corporate update, including expectation of completing first IND filing as early as 2024

  • Prudential Plc ( PUK 1.26% ) provides nine-month update

  • Tecnoglass ( TGLS 10.10% ) beats by $0.01, beats on revs

  • TreeHouse Foods ( THS 9.84% ) reports Q3 (Sep) results

  • Trinseo ( TSE 6.94% ) reports Q3 results

  • United Micro ( UMC 0.91% ) reports October sales declined 21.7% yr/yr to NT$19.19 bln

  • V2X ( VVX 0.00% ) misses by $0.15, beats on revs; guides FY23 EPS below consensus, revs in-line

  • Zentalis Pharma ( ZNTL 3.13% ) beats by $0.13

News:

  • House Speaker Mike Johnson moving ahead with plan to extend government funding beyond November 17, according to Bloomberg

  • Atlanta Fed President Bostic (not a FOMC voter) says Fed should watch and be patient with rates, according to Bloomberg

  • South Korea bans short selling until 2024, according to Financial Times

  • Pro-Palestine protests were held across the US with tens of thousands of people. Protesters are also calling for a ceasefire and an end to US military aid to Israel, according to CNN

  • Key Virginia state House & Senate elections on Tuesday could be a bellwether for 2024, according to CNN

  • Donald Trump is polling ahead of President Biden in 5 out of 6 key battleground states amid vast dissatisfaction with economy, according to the New York Times

  • Struggling electric vehicle sales have automakers rethinking investments, according to Bloomberg

  • President Biden advances vision for world class passenger rail by delivering billions in new funding

  • Russia and Saudi Arabia reaffirm commitment to oil production cuts - CNBC

  • EU aiming to investigate airline fees, according to Financial Times

  • Align Tech ( ALGN 1.95% ) is planning to repurchase $100 million of Align's common stock through open market repurchases under Align's $1.0 billion stock repurchase program

  • Apellis Pharmaceuticals ( APLS 4.45% ) reports SYFOVRE (pegcetacoplan injection) Continued to Demonstrate Increasing Treatment Effects Over 3 Years in Patients with Geographic Atrophy

  • BAE Systems ( BAESY ) awarded a $211 mln modification to a previously awarded US Navy contract

  • BHP ( BHP 0.03% ) aiming to settle dam disaster in Brazil, according to Financial Times

  • BioXcel Therapeutics ( BTAI 2.91% ) announced an update on the National Institute on Drug Abuse (NIDA)-funded trial evaluating BXCL501 (sublingual dexmedetomidine) as a potential treatment for opioid use disorder

  • Cabaletta Bio ( CABA 2.06% ): FDA clears CABA-201, a 4-1BB-containing fully human CD19-CAR T cell investigational therapy

  • Cboe Global Markets ( CBOE 1.59% ) reports trading volume for October 2023; proprietary product suite reported combined ADV of more than 4.5 million contracts, a new monthly record

  • Celldex Therapeutics ( CLDX 20.25% ) Presents Positive Data from Prurigo Nodularis Phase 1b Study Demonstrating Meaningful Reduction in Itch and Skin Clearing with Single Dose 3.0 mg/kg Barzolvolimab

  • Celldex Therapeutics ( CLDX 20.25% ) announces 'positive' topline results from barzolvolimab Phase 2 Study in chronic spontaneous urticaria

  • Chemed ( CHE 0.03% ) CFO David Williams to retire at year end

  • CRISPR Therapeutics ( CRSP 1.55% ) Announces Preclinical Data at the American Heart Association (AHA) Scientific Sessions 2023

  • Galapagos NV ( GLPG 3.98% ) and Landmark Bio sign multi-year strategic manufacturing agreement

  • General Motors ( GM 1.31% ) planning to make $13 bln in US investments as part of UAW deal, according to Bloomberg

  • Ginkgo Bioworks ( DNA 1.52% ) and XWELL Implement Expanded CDC Traveler-based Genomic Surveillance Program to Test for More than 30 Known Pathogens

  • Grupo Aeroportuario del Pacifico ( PAC 0.42% ) reports October traffic increased 4.7% yr/yr

  • Guardant Health ( GH 3.56% ) COO Ines Dahne-Steuber to resign, effective November 10

  • Halozyme Therapeutics ( HALO 0.30% ) and Acumen Pharmaceuticals (ABOS) announce global collaboration and non-exclusive license agreement for the ENHANZE Technology in Alzheimer's Disease

  • Hut 8 Mining ( HUT 2.54% ) reports Oct metrics; 112 Bitcoin generated; received approval from the Ontario Superior Court of Justice for its stalking horse bid

  • Kodiak ( KOD 8.69% ) reboots tarcocimab tedromer development program following strong positive results in Phase 3 diabetic retinopathy GLOW study and following dialogue with US regulatory authorities on a regulatory pathway for BLA submission

  • Lantronix ( LTRX 0.22% ) appointed Saleel Awsare to serve as the Company's President and Chief Executive Officer effective as of November 20, 2023

  • Lucid ( LCID 0.65% ) lowers price of electric sedans, according to Reuters

  • Mayville Engineering ( MEC 3.13% ) COO Rand Stille to step down in connection with the restructuring of the operations team

  • Mirati Therapeutics ( MRTX 0.21% ) receives approval UK's MHRA for KRAZATI as a treatment option for NSCLC with a KRASG12C Mutation

  • MoonLake Immunotherapeutics ( MLTX 26.23% ) announces landmark Phase 2 results for Nanobody sonelokimab in active psoriatic arthritis

  • MongoDB ( MDB 0.59% ) and Amazon (AMZN) Web Services to collaborate to optimize Amazon CodeWhisperer

  • Palo Alto Networks ( PANW 1.38% ) nearing deal to acquire Talon Cyber Security, according to The Information

  • REGENXBIO ( RGNX 0.52% ) Presents Positive One Year Data from Phase II ALTITUDE Trial of ABBV-RGX-314 for Treatment of Diabetic Retinopathy Using Suprachoroidal Delivery

  • Replimune ( REPL 0.70% ) Presents Updated Interim Results from the ARTACUS Clinical Trial of RP1 Monotherapy in Solid Organ and Hematopoietic Cell Transplant Recipients with Skin Cancers During Oral Presentation at the 38th Annual Meeting of the Society for Immunotherapy of Cancer

  • Scholar Rock ( SRRK 2.38% ) presents new data from Phase 1 DRAGON Trial showing promising anti-tumor activity in anti-PD-1 Resistant Metastatic ccRCC patients and supporting SRK-181 continued tolerability

  • Sphere Entertainment ( SPHR 6.66% ) CFO Gautam Ranji resigns

  • Starbucks ( SBUX 0.01% ) announces various employee benefits

  • Stellantis ( STLA 1.14% ) planning to make $18.9 bln in US investments following UAW deal, according to CNBC

  • Tandem Diabetes Care ( TNDM 0.83% ): FDA cleared 510(k) applications for t:slim X2 insulin pump and enhancements to Control-IQ technology with expanded pediatric indications for use in individuals two years of age and older

  • Tesla ( TSLA 2.42% ) aiming to increase wages for German workers, according to the Wall Street Journal

  • Tesla TSLA 2.42% ) aiming to build EUR 25,000 vehicle at Germany plant, according to Reuters

  • Trimble ( TRMB 1.63% ) announces that Trimble's Viewpoint Spectrum and Viewpoint Vista construction enterprise resource planning (ERP) software now includes Automatic Invoicing capability

  • TScan Therapeutics ( TCRX 0.00% ) Presents Phase 1 Trial Design for Solid Tumor Program at the Society for Immunotherapy of Cancer 38th Annual Meeting

  • Tyson Foods ( TSN 1.10% ): Limited amounts of Tyson brand frozen, fully cooked chicken 'fun nuggets' voluntarily recalled

  • Unilever (UL, UN) investor Lindsell Train supports recent changes, according to Reuters

  • Verastem ( VSTM 0.00% ) announced today results of the efficacy and safety of avutometinib and defactinib in recurrent low-grade serous ovarian cancer (LGSOC) following prior systemic therapy

  • Vera Therapeutics ( VERA 2.47% ) presents data from Phase 2b ORIGIN Study showing resolution of hematuria in majority of patients at the American Society of Nephrology Kidney Week 2023

M&A:

  • BEST Inc. ( BEST 11.72% ) Announces Receipt of a Preliminary Non-Binding Proposal to Acquire the Company and Formation of Special Committee

  • BigBear.ai ( BBAI 2.08% ) to acquire Pangiam for approximately $70 million in an all-stock transaction

  • Bluegreen Vacations Holding ( BVH 106.22% ) to be acquired by Hilton Grand Vacations (HGV) for $75.00/share in an all cash transaction

  • Central Garden ( CENT 0.27% ) acquired TDBBS from Bregal Partners, terms of deal not disclosed

  • Healthwell Acquisition Corp ( HWEL 0.00% ): Starton Therapeutics announces termination of business combination agreement with Healthwell Acquisition Corp. I

  • KKR ( KKR 1.08% ): Telecom Italia (TIIAY) approved by the Board of Directors KKR's offer on NetCo

  • Liberty Latin America ( LILA 1.90% ) to acquire Puerto Rico and USVI spectrum and subscriber assets from Dish Network (DISH)

  • LVMH ( LVMUY ) aiming to purchase Barton Perreira, according to the Wall Street Journal

Syndicate:

  • Alpine Immune Sciences ( ALPN 2.74% ) commenced an underwritten public offering of $150 million of shares pursuant to its existing shelf registration statement

  • American Intl ( AIG 0.78% ) announces launch of secondary offering of Corebridge Financial (CRBG) common stock

  • Celldex Therapeutics ( CLDX 20.25% ) files mixed shelf securities offering

  • Cenovus Energy ( CVE 0.39% ) files mixed securities shelf offering

  • Crescent Point Energy ( CPG 0.12% ) files mixed securities shelf offering

  • Las Vegas Sands ( LVS 0.88% ) files mixed shelf securities offering

  • Ovid Therapeutics ( OVID 0.00% ) files $250 mln mixed shelf securities offering

  • Prime Medicine ( PRME 1.54% ) files for $500 mln mixed securities shelf offering

  • Vir Biotechnology ( VIR 0.34% ) files mixed securities shelf offering

  • W.R. Berkley ( WRB 0.31% ) files mixed shelf securities offering

IPOs:

  • No IPOs expected.

Gapping Up/Down

  • Gapping up:

  • CLDX +14.7%, PHIN +7%, PRME +6.4%, CRSP +6.2%, VIR +3.8%, HUT +3.8%, LUMN +3.6%, FSR +3.3%, KOS +2.4%, FRPT +2.1%, RGNX +2%, UUUU +1.8%, OLK +1.4%, TRMB +1.4%, ALGN +1.2%


  • Gapping down:

  • KOD -9.3%, DISH -7.8%, ALPN -4.3%, TSE -3%, PAC -2.5%, MLTX -2.4%, SRRK -2.3%, OVID -2%, VERA -2%, APLS -1.3%, LGIH -1.1%


Analyst Research (see Upgrades/Downgrades calendar for full list):

  • Upgrades

  • ACADIA Pharmaceuticals (ACAD) upgraded to Buy from Neutral at Mizuho; tgt raised to $35

  • Bank of America (BAC) upgraded to Mkt Perform from Underperform at Keefe Bruyette; tgt raised to $30

  • Block (SQ) upgraded to Accumulate from Reduce at CLSA; tgt $57

  • Centerspace (CSR) upgraded to Buy from Neutral at Compass Point; tgt $65

  • Clorox (CLX) upgraded to Neutral from Sell at UBS; tgt raised to $132

  • Corcept Therapeutics (CORT) upgraded to Buy from Hold at Truist; tgt raised to $38

  • Entergy (ETR) upgraded to Buy from Neutral at UBS; tgt raised to $118

  • KeyCorp (KEY) upgraded to Outperform from Mkt Perform at Keefe Bruyette; tgt raised to $15

  • Vermilion Energy (VET) upgraded to Buy from Hold at Desjardins

  • Visteon (VC) upgraded to Buy from Neutral at Citigroup; tgt $149


  • Downgrades:

  • Albemarle (ALB) downgraded to Neutral from Buy at UBS; tgt lowered to $140

  • SolarEdge Technologies (SEDG) downgraded to Equal Weight from Overweight at Wells Fargo; tgt lowered to $82


  • Others:

  • Bilibili (BILI) initiated with a Buy at Mizuho; tgt $18

  • Confluent (CFLT) initiated with an Outperform at RBC Capital Mkts; tgt $22


Econ Data:

  • No economic data of note.

Earnings:

  • Monday (Nov 6)

  • Morning: AMG BNTX CEG DISH ERJ ENOV ES FRPT HGV KNF TGLS THS VVX

  • Afternoon: AAON ACVA ADTN AL ATSG AIN AOSL AYX AMRC AZPN AMK CBT CCCS CE CNO COHR CXW CTRA CXT DHT FANG WTRG EVCM FN FSK GT GH HALO HL HPK HIMS ICHR ICUI IFF JELD MTTR MED MWA MYGN NEO NXPI OLO OPK PAY PHIN PRAA O RVMD RNG ROVR RHP SANM SWAV STEP SNCY TALO SKT TASK TDC TMDX TRIP UIS VECO VRTX VMEO VNOM


  • Tuesday (Nov 7)

  • Morning: MASS ACMR AHCO APD BSY BLUE BCO CG CELH CHH CLVT CNHI DHI DDOG DK ELAN EMR EVRG EXPD FIS GEN GEO GFS GOGO HAIN HLNE INGR IMXI INSW KKR SWIM LCII LEV MSGE MLCO MRSN MFA NOVT OLPX PTEN PRGO PLNT PINC RYTM RXO SAGE SMRT SQSP SHO TGNA TWKS TPG TGI UBER WAT ZBH

  • During Market Hours: TVTX

  • Afternoon: ATEN AGTI AKAM AEL AMPL ANDE ANGI RCUS ARRY AXON BBAI BHF BMBL CARG CAVA CIVI COLL CRSR COTY CPNG CRCT CTOS CBAY DAR DVA DVN BROS EBAY ENVX EOLS EXFY EXR FNF FLYW GILD GMED GPRO GO GXO HRB HRT IAC IOSP INGN INSP INTA IPAR IOVA JKHY JRVR KVYO KVYO KD LZ LCID MNKD MRVI MQ MASI DOOR MRCY MOS MRC NHI OXY LPRO OSUR PR PETQ POWI PWSC PRI PRIM PGNY RXT METC RRR RIVN HOOD SHLS SNBR STE TOST USPH UPST UPWK VCYT VTRS VTEX WTI XNCR XPOF


  • Wednesday (Nov 8)

  • Morning: DIBS DDD ADNT ANIP AVDX BIGC BIIB CEVA GIB CRL CCO YOU EDR EVRI EVGO FSR GTN HLMN HLLY IBP BEKE K KRNT LFST LITE MCFT MIDD NFE NYT NXST ODP PAYO PFGC PLTK RL REYN RBLX SPNS SEAS FOUR SPTN SPHR STWD STER SHOO TBLA TEVA TPB UAA VCEL VSH WRBY WBD WOW KLG XPEL

  • During Market Hours: AEE

  • Afternoon: ME AFRM BIRD AMC APP ASH ATO BGS BTG BYND BE WHD CDRE CDLX CDNA CERT CDE CTVA CYRX CUTR APPS DIOD DUOL ENS ENV FICO FLT GNK G DNA HP HUBS HBM INFN CART IONQ JXN JAMF JAZZ KGC KGS LGND LPSN RAMP LAZR LYFT MGNI MGM NTRA ORA PYCR PRA PUBM RGNX RVNC RKLB SILK STR SOVO STKL SUPN TTWO TTGT MODG COOK TTEC TWLO VSAT SPCE DIS XENE ZD ZIP


  • Thursday (Nov 9)

  • Morning: MT AZN BDX CCOI COMM DGII EPC EVBG FA FVRR FREY GDRX GRAB HBI HIMX NTLA IRWD DNUT LI MTSI EYE NOMD NVMI NVAX OTLY RDNT RBC SCSC STNG SHCR SONY SLVM TPR TDG USFD UTZ VVV VERX WD WB WRK WIX WWW XMTR YETI

  • Afternoon: TWOU ALRM ARLO AVPT BW BBDC BLNK CPRI CLNE CLFD LAW DV DOCS FLO GDOT HOLX ILMN INDI LNW MTD MODN NVTS NWSA ONTO ORGN ONL PAR PLUG PRPL RPAY SVV SOUN SYNA TTD TMCI U VRRM VZIO VUZI WEST WPM


  • Friday (Nov 10)

  • Morning: STNE

  • Afternoon: BGNE


Asia & Europe detail:

Asia: Nikkei +2.4%, Hang Seng +1.7%, Shanghai Composite +0.9%

Equity indices in the Asia-Pacific region began the week on a higher note with South Korea's KOSPI (+5.7%) showing relative strength after the country's government imposed a short selling ban that will last until June. China reported that foreign investment outflows in Q3 exceeded inflows for the first time since the series began in 1998. Japan's largest industrial union will seek a 6.0% wage hike at spring wage talks while the largest labor union, Rengo, will seek an increase of at least 5.0%.

  • In economic data:

  • Japan's October Services PMI 51.6 (expected 51.1; last 51.1)

  • Australia's October MI Inflation Gauge -0.1% m/m (last 0.0%) and October ANZ Job Advertisements -3.0% m/m (last -0.5%)

  • New Zealand's October ANZ Commodity Price Index 2.9% m/m (last 1.4%)


---Equity Markets---

  • Japan's Nikkei: +2.4%

  • Hong Kong's Hang Seng: +1.7%

  • China's Shanghai Composite: +0.9%

  • India's Sensex: +0.9%

  • South Korea's Kospi: +5.7%

  • Australia's ASX All Ordinaries: +0.2%

---FX---

  • USD/JPY: +0.2% to 149.60

  • USD/CNH: -0.1% to 7.2774

  • USD/INR: +0.1% to 83.17

Europe: DAX -0.3%, FTSE -0.2%, CAC -0.5%

Major European indices trade on a mostly lower note. Final October Services PMI readings from most regional economies showed an ongoing contraction while Spain saw an acceleration in growth. Ryanair forecast a record annual profit for the year and said that it will begin paying a dividend. The Bank of England and the Financial Conduct Authority are looking to formalize a regulatory structure for payment systems using stablecoins. Telecom Italia agreed to sell its network grid to KKR.

  • In economic data:

  • Eurozone's October Services PMI 47.8, as expected (last 47.8) and November Sentix Investor Confidence -18.6 (expected -22.2; last -21.9)

  • Germany's September Factory Orders 0.2% m/m (expected -1.0%; last 1.9%) and October Services PMI 48.2 (expected 48.0; last 50.3)

  • U.K.'s October Construction PMI 45.6 (expected 46.0; last 45.0)

  • France's October Services PMI 45.2 (expected 46.1; last 44.4)

  • Italy's October Services PMI 47.7 (expected 48.5; last 49.9)

  • Spain's October Services PMI 51.1 (expected 49.3; last 50.5)


---Equity Markets---

  • STOXX Europe 600: -0.2%

  • Germany's DAX: -0.3%

  • U.K.'s FTSE 100: -0.2%

  • France's CAC 40: -0.5%

  • Italy's FTSE MIB: +0.1%

  • Spain's IBEX 35: -0.2%

---FX---

  • EUR/USD: +0.2% to 1.0750

  • GBP/USD: +0.4% to 1.2424

  • USD/CHF: -0.2% to 0.8973

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