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07/04/22 Briefing


The S&P 500 futures trade nine points, or 0.2%, above fair value as the market stabilizes from recent losses, which were driven by concerns about the Fed's hawkish-minded framework for monetary policy.

Officials in China and Japan, meanwhile, voiced contrasting viewpoints about monetary policy, tailored towards supporting the economy. China's state council, however, lacked urgency with a statement that more policy support would be provided at an appropriate time. Equity markets in both regions closed lower on Thursday.

Elsewhere, the Treasury market is being viewed as a supportive factor for the futures market with yields trading mostly lower in a curve-steepening trade.

The 2-yr yield is down four basis points to 2.45%, and the 10-yr yield is down one basis point to 2.60%. The U.S. Dollar Index is down 0.1% to 99.49. WTI crude futures up 2.4%, or $2.33, to $98.59/bbl after falling 5% yesterday.

On the data front, investors will receive the weekly Initial Claims (Briefing.comconsensus 200,000) and Continuing Claims report at 8:30 a.m. ETand the Consumer Credit report for February (Briefing.comconsensus $15.5 billion) at 3:00 p.m. ET.

In U.S. Corporate news:

  • HP Inc. (HPQ 39.86, +4.95): +14.2% after Berkshire Hathaway (BRK.B) disclosed the purchase of approximately 11.1 mln HPQ shares worth nearly $400 million.

  • Constellation Brands (STZ 234.00, +2.19): +0.9% after beating top and bottom-line estimates and guiding FY23 EPS in-line with expectations.

  • Conagra (CAG 32.95, -1.39): -4.1% after lowering its FY22 EPS guidance below consensus, overshadowing its revenue beat.

  • Levi Strauss (LEVI 19.92, +0.51): +2.6% after beating top and bottom-line estimates.

  • CDK Global (CDK 54.25, +5.26): +10.7% after agreeing to be acquired by Brookfield Business Partners (BBU 27.75, +0.04, +0.1%) for $54.87/share in cash, implying a total enterprise value of $8.3 billion.

Reviewing overnight developments:

  • Equity indices in the Asia-Pacific region took a tumble Thursday, following form with Wall Street, which was undercut by concerns related to the Fed's hawkish-minded shift in removing policy accommodation. Japan's Nikkei: -1.7% Hong Kong's Hang Seng: -1.2% China's Shanghai Composite: -1.4% India's Sensex: -1.0% South Korea's Kospi: -1.4% Australia's ASX All Ordinaries: -0.7%.

  • In economic data:

  • China's March Foreign Reserves $3.188T (expected $3.200T; prior $3.214T)

  • Japan's Leading Index -1.6% m/m (prior -1.2%)

  • Australia's March AIG Services Index 56.2 (prior 60.0); February Exports 0.0% m/m (prior +6.0%) and Imports +12.0% m/m (prior -2.0%)


  • In news:

  • BOJ member Noguchi said it's necessary for the BOJ to keep its easing policies in place.

  • The IMF lowered its 2022 GDP forecast for Japan to 2.4% from 3.3%.

  • Chinese Premier Li at a State Council meeting teased the prospect of more policy support to help boost economy when the time is right.

  • Economists increasingly seeing such support as likely as the Shanghai lockdown (which continues), surge in energy prices, and slowing exports weigh on China's growth prospects.

  • Bloomberg reports that House Speaker Pelosi might visit Taiwan next week, and China, according to Reuters, said it will take strong measures if she does.



  • Major European indices are mostly higher, rebounding some from Wednesday'sselling without any clear-cut news catalyst acting as the driver. STOXX Europe 600: +0.8% Germany's DAX: +0.5% U.K.'s FTSE 100: -0.2% France's CAC 40: +0.7% Italy's FTSE MIB: +1.1% Spain's IBEX 35: +1.1%.

  • In economic data:

  • Eurozone's February Retail Sales +0.3% m/m (expected +0.6%; prior +0.2%) and +5.0% yr/yr (expected +4.8%; prior +8.4%)

  • Germany's February Industrial Production +0.2% m/m (expected -0.2%; prior +1.4%) UK's March Halifax House Price Index +1.4% m/m (prior +0.8%) and +11.0% yr/yr (prior +10.8%); Q4 Labor Productivity +0.7% (prior -4.4%)

  • Switzerland's March Unemployment Rate 2.2% (expected 2.2%; prior 2.3%)


  • In news:

  • ECB member Nagel highlighted the potential for a rate hike soon given high inflation rates, reports suggest Russia is planning an offensive in eastern Ukraine, and Royal Dutch Shell warned that it sees a $4-5 bln charge in Q1 relating to its Russian activities.

  • Germany's industrial production report for February was better than expected, yet that period mostly pre-dates Russia's invasion of Ukraine, so there isn't a lot of confidence that the strength will persist in coming months.

  • EUR/USD is unchanged at 1.0891.




U.S. equity futures:

  • S&P 500 Futures: +4 @ 4,485

  • DJIA Futures: -24 @ 34,472

  • Nasdaq 100 Futures: +36 @ 14,535

Overseas:

  • Europe: DAX +0.5%, FTSE -0.2%, CAC +0.7%

  • Asia: Nikkei -1.7%, Hang Seng -1.2%, Shanghai Composite -1.4%

Commodities:

  • Crude Oil +2.27 @ 98.50

  • Nat Gas +0.192 @ 6.221

  • Gold +8.60 @ 1931.70

  • Silver +0.144 @ 24.602

  • Copper -0.0190 @ 4.7190

U.S. Summary:

  • Earnings/Guidance (Full Earnings Calendar):

  • AngioDynamics (ANGO) beats by $0.04, misses on revs; reaffirms FY22 EPS guidance, revs guidance

  • Apogee Enterprises (APOG) beats by $0.19, beats on revs; guides FY23 EPS in-line

  • Ashford Hospitality Trust (AHT) reports preliminary 1Q22 RevPAR of $97, up 103% yr/yr; occupancy of approximately 58%

  • Braemar Hotels & Resorts (BHR) reports preliminary RevPAR results for Q1

  • Buckle (BKE) reports March comparable store net sales -9.7% yr/yr; net sales -10.4% to $124.9 mln

  • Cazoo (CZOO) reports FY21 results; beats on revs

  • Conagra (CAG) reports EPS in-line, beats on revs; lowers FY22 EPS below consensus

  • Constellation Brands (STZ) beats by $0.25, beats on revs; guides FY23 EPS in-line

  • Costco (COST) reports adjusted March comps of +12.2%; net sales up 16.7% for the thirty-one weeks ended April 3, 2022

  • IronNet (IRNT) issues preliminary JanQ results, revs jumped 10.8% yr/yr to $8.2 mln; expects FY23 revs of $34.0 mln

  • Levi Strauss (LEVI) beats by $0.04, beats on revs; reaffirms FY22 EPS guidance, revs guidance

  • Mercedes-Benz (DDAIF) sales of battery electric vehicles triple and S-Class sales surge in Q1

  • Radiant Logistics (RLGT) expects to report another record quarter in MarQ

  • Resources Connection (RGP) beats single EPS est, beats on revs

  • Samsung (SSNLF) provides Q1 guidance; sees sales of approximately 77 trillion Korean won; sees consolidated operating profit of approximately 14.1 trillion Korean won

  • Shell plc (SHEL) provides Q1 guidance update; sees impairment of $4-5 bln

  • Simulations Plus (SLP) reports Q2 (Feb) results, beats on revs; reaffirms FY22 revs guidance

  • SkillSoft (SKIL) reports Q4 (Jan) results, revs in-line; guides FY23 revs in-line; expects FY24 adjusted EBITDA growth of at least low double-digits

  • SoFi Technologies (SOFI) lowers its FY22 net revenue guidance to below consensus to reflect the latest extension of the Federal student loan payment moratorium

  • Sprinklr (CXM) beats by $0.04, beats on revs; guides AprQ EPS in-line, revs above consensus; guides FY23 EPS in-line, revs above consensus

  • Vapotherm (VAPO) withdraws its FY22 revenue guidance issued on January 12, 2022 due to a slowdown in the number of COVID-19 related hospitalizations; guides Q1 revs below consensus


  • General News:

  • Ukraine urging citizens to leave eastern Ukraine ahead of new Russian offensive, according to the Wall Street Journal

  • EU was unable to agree on oil and gas import sanctions from Russia amid German opposition, according to the Wall Street Journal

  • House will vote today on bill providing $55 billion for restaurants, but it unclear if measure has enough support in the Senate, according to the New York Times

  • A bill to provide funding for COVID-19 vaccines, treatments, and testing will not be voted on again until after April recess, according to the New York Times

  • Adverum Biotech (ADVM) receives requested Type C meeting feedback from the FDA; to proceed with IND amendment process for ADVM-022 in wet AMD

  • Chip industry equipment delays continue, according to Nikkei

  • Alkermes (ALKS) Presents New Data From Psychiatry Portfolio at 2022 Congress of the Schizophrenia International Research Society

  • Amazon (AMZN): SEC is probing how AMZN disclosed its business practices, according to the Wall Street Journal

  • Aptinyx (APTX) reports results from phase 2b study of NYX-2925 in painful diabetic peripheral neuropathy

  • Biohaven (BHVN) Presentation at AAN Showed Decreased Opioid Use in Migraine Patients Following Nurtec ODT Therapy: A Real-World Administrative Claims Analysis

  • BlackBerry (BB) reaches agreement in principle to settle class action litigation

  • Canadian Solar (CSIQ) and Matrix Renewables announce an agreement whereby Matrix Renewables will acquire the Gaskell West 2 and 3 project of 105 MWac solar plus 80 MWh energy storage

  • Capital One (COF) authorizes repurchase of up to an additional $5 bln of common shares beginning in Q3

  • CI Financial Corp (CIXX) intends to take its U.S. Wealth Business public

  • Comcast (CMCSA): Streaming service Peacock becoming exclusive home of new Sunday morningMLB game package, according to NBC Sports Group Press Box

  • DiDi Global (DIDI) in discussions with Haima Automobile about EV partnership, according to Bloomberg

  • Domo (DOMO) announces new integrations with Microsoft 365 and Teams

  • Drive Shack (DS) announced the appointment of Kelley Buchhorn to Interim CFO

  • Eneti (NETI) announces that its President, Robert Bugbee, recently purchased 40,000 shares of common stock at average price of $5.88/share

  • Genetron Holdings (GTH) reports Publication in Clinical and Translational Medicine Demonstrates Mutation Capsule's potential in MRD Assay Developments

  • GFL Environmental (GFL) raises quarterly dividend by 10%

  • Groupon (GRPN): 10% owner (Pale Fire's Jan Barta) disclosed the purchase of ~375K shares worth ~$7.5 mln (transaction dates 4/4-4/6)

  • Grupo Aeroportuario Del Sureste (ASR) reports that total passenger traffic for March 2022 increased by 15.6% over March 2019 to 5.7 mln passengers

  • HF Foods (HFFG) receives non-compliance letter from Nasdaq for late filing

  • Hostess Brands (TWNK) announced that Travis Leonard will join the company as Chief Financial Officer on May 11

  • HP (HPQ): Berkshire Hathaway's Warren Buffett disclosed the purchase of ~11.1 mln shares worth nearly $400 mln (transaction dates 4/4-4/6)

  • JD.com(JD) promotes Lei Xu as CEO

  • Jazz Pharma (JAZZ) and Werewolf Therapeutics (HOWL) announce licensing agreement for WTX-613, a differentiated, conditionally-activated interferon alpha (IFNa) INDUKINE molecule

  • JinkoSolar (JKS) delivers over 500,000 ultra-efficiency modules to one of the biggest bifacial projects in Europe

  • Keysight (KEYS): Luxshare-Technologies announces a collaboration with Keysight Technologies to deliver an advanced solution to validate the interoperability of data center equipment in complex 800 Gigabit Ethernet environments

  • Lockheed Martin (LMT): Its hypersonic-missile delay puts the US further behind Russia and China, according to Bloomberg

  • Meta Platforms (META) plans to launch virtual coins for the metaverse, not crypto, more for in-app purchases, according to Financial Times

  • Momentus (MNTS) announced that it has signed multiple launch agreements with Space Exploration Technologies Corp

  • Natera (NTRA) publishes VALID study results for prospera lung dd-cfDNA transplant rejection assessment test

  • OraSure's (OSUR) OMNIgeneGUT Dx (OMD-200) microbiome collection device granted de novo authorization from the FDA; company is commercially launching the device

  • RADCOM (RDCM) and AT&T (T) renew their multi-year contract for performance and quality on the cloud network

  • Regeneron Pharma (REGN) and Sanofi (SNY) receives EC approval for Dupixent

  • ReNew Energy Global (RNW) announces investment by Mitsui in round-the-clock project

  • Senseonics (SENS) Announces the First Patient Implant of the Eversense E3 CGM System in the U.S.

  • Tellurian (TELL) amended distribution agreement with T.R. Winston & Company

  • Tesla (TSLA) aiming to recall 127,785 Model 3 EVs in China, according to Nikkei

  • Valaris (VAL) awarded multiple contracts, with associated contract backlog of $181 mln

  • Vaxxinity (VAXX) to receive CEPI funding for Phase 3 UB-612 heterologous booster trial

  • Volaris Aviation (VLRS) reports preliminary traffic results for March

  • Wal Mart (WMT) increases FlipKart valuation to $60-70 bln, according to Reuters


  • M&A:

  • Axon (AXON) announces acquisition of Foundry 45

  • Caesars Entertainment (CZR) revises agreement to sell William Hill Non-US Assets to 888 Holdings

  • CDK Global (CDK) to be acquired by Brookfield Business Partners (BBU) for $54.87/share in cash

  • Novo Nordisk A/S (NVO) portfolio company ReViral Ltd agrees to be acquired by Pfizer (PFE) for up to $525 mln in total

  • Pfizer (PFE) to acquire ReViral and Its respiratory syncytial virus therapeutic candidates


  • Syndicate:

  • AvalonBay (AVB) commences public offering of 2.0 mln common shares

  • CCC Intelligent Solutions (CCCS) commences 20 mln share public offering by selling shareholders

  • Selecta Biosciences (SELB) prices offering of 27,428,572 shares of its common stock and accompanying warrants to purchase up to 20,571,429 shares of common stock at a combined offering price of $1.41 per share and accompanying warrant

  • Xponential Fitness (XPOF) prices offering of 4.5 mln shares of common stock at $20.00 per share


  • IPOs:

  • Expected to Price:

  • No IPOs expected to price.



Gapping Up/Down

  • Gapping up:

  • HPQ +15.4%, SPRO +9.6%, SKIL +6.3%, NETI +6.2%, RGP +5.6%, SLP +4.9%, GENI +4.5%, CXM +4.1%, LEVI +3%, RNW +2.4%, KEYS +2.3%, RLGT +1.7%, GRPN +1.3%, FB +1.2%, SENS +1.1%, DOMO +0.7%, AXON +0.6%, AMZN +0.5%, COST +0.5%, AHT +0.5%


  • Gapping down:

  • VAPO -22.7%, CCCS -10.9%, IRNT -9.5%, SOFI-4.7%, SELB -4.6%, VAXX -3.4%, AVB -2.3%, ADVM-1.6%, SHEL -0.5%, COF -0.5%


Analyst Research (see Upgrades/Downgradescalendarfor full list):

  • Upgrades

  • Aerojet Rocketdyne (AJRD) upgraded to Overweight from Neutral at JP Morgan; tgt raised to $49

  • AutoNation (AN) upgraded to Overweight from Neutral at JP Morgan; tgt lowered to $130

  • Berry Petroleum (BRY) upgraded to Overweight from Neutral at Piper Sandler; tgt raised to $14

  • Centennial Resource Development (CDEV) upgraded to Overweight from Neutral at Piper Sandler; tgt raised to $13

  • Coupa Software (COUP) upgraded to Outperform from In-line at Evercore ISI; tgt raised to $140

  • Cullen/Frost (CFR) upgraded to Outperform from Underperform at Wolfe Research; tgt raised to $171

  • Laredo Petroleum (LPI) upgraded to Overweight from Neutral at Piper Sandler; tgt raised to $115

  • LPL Financial (LPLA) upgraded to Mkt Outperform from Mkt Perform at JMP Securities; tgt $242

  • Mission Produce (AVO) upgraded to Buy from Neutral at Citigroup; tgt lowered to $18

  • Murphy Oil (MUR) upgraded to Overweight from Neutral at Piper Sandler; tgt raised to $54

  • PJT Partners (PJT) upgraded to Outperform from Peer Perform at Wolfe Research; tgt $83

  • Sylvamo (SLVM) upgraded to Outperform from Sector Perform at RBC Capital Mkts; tgt raised to $43

  • YETI Holdings (YETI) upgraded to Buy from Hold at Berenberg; tgt lowered to $92

  • Zeta Global (ZETA) upgraded to Outperform from Perform at Oppenheimer; tgt $20


  • Downgrades:

  • Blackstone (BX) downgraded to Neutral from Outperform at Exane BNP Paribas; tgt $135

  • CMS Energy (CMS) downgraded to Sector Weight from Overweight at KeyBanc Capital Markets

  • Dana Inc (DAN) downgraded to Equal Weight from Overweight at Barclays; tgt lowered to $18

  • Fifth Third (FITB) downgraded to Peer Perform from Outperform at Wolfe Research; tgt lowered to $47

  • Ford Motor (F) downgraded to Equal Weight from Overweight at Barclays; tgt lowered to $17

  • Group 1 Auto (GPI) downgraded to Neutral from Overweight at JP Morgan; tgt lowered to $200

  • Houlihan Lokey (HLI) downgraded to Underweight from Neutral at Piper Sandler; tgt lowered to $76

  • Lazard (LAZ) downgraded to Underperform from Peer Perform at Wolfe Research; tgt $39

  • Prosperity Bancshares (PB) downgraded to Underperform from Peer Perform at Wolfe Research; tgt lowered to $69

  • Rayonier Adv. Materials (RYAM) downgraded to Sector Perform from Outperform at RBC Capital Mkts; tgt lowered to $6

  • Regions Fincl (RF) downgraded to Peer Perform from Outperform at Wolfe Research; tgt lowered to $24

  • Rite Aid (RAD) downgraded to Sell from Hold at Deutsche Bank; tgt lowered to $1

  • RPM Inc (RPM) downgraded to Hold from Buy at Fermium Research; tgt $92

  • Sonic Automotive (SAH) downgraded to Neutral from Overweight at JP Morgan; tgt lowered to $57

  • Southern (SO) downgraded to Sector Weight from Overweight at KeyBanc Capital Markets

  • Telefonica Brasil (VIV) downgraded to Sector Perform from Sector Outperform at Scotiabank; tgt $11.50

  • Vapotherm (VAPO) downgraded to Underweight from Overweight at Piper Sandler; tgt lowered to $8

  • Washington Trust (WASH) downgraded to Neutral from Overweight at Piper Sandler; tgt lowered to $56

  • Wayfair (W) downgraded to Underweight from Equal Weight at Wells Fargo; tgt lowered to $100


  • Others:

  • Accolade (ACCD) initiated with a Neutral at Guggenheim

  • Altus Power (AMPS) initiated with an Equal-Weight at Morgan Stanley; tgt $10.50

  • Ambrx Biopharma (AMAM) initiated with an Outperform at Robert W. Baird; tgt $16

  • Charles River (CRL) initiated with an Overweight at Stephens; tgt $377

  • Convey Health (CNVY) initiated with a Buy at Guggenheim; tgt $12

  • Cyxtera Technologies (CYXT) initiated with an Outperform at Credit Suisse; tgt $15

  • Deutsche Boerse (DBOEY) initiated with a Neutral at Credit Suisse

  • Doximity (DOCS) initiated with a Buy at Guggenheim; tgt $70

  • FIGS, Inc. (FIGS) initiated with a Buy at Truist; tgt $32

  • Frontier Communications Parent (FYBR) initiated with an Overweight at Wells Fargo; tgt $37

  • GoodRx (GDRX) initiated with a Buy at Guggenheim; tgt $24

  • HealthEquity (HQY) initiated with a Buy at Guggenheim; tgt $89

  • Oxford Industries (OXM) initiated with a Buy at Truist; tgt $126

  • Pinnacle Finl (PNFP) initiated with a Hold at Jefferies; tgt $100

  • Roblox (RBLX) initiated with a Buy at Citigroup; tgt $59

  • Shift4 Payments (FOUR) resumed with a Buy at Citigroup; tgt $81

  • Steris (STE) initiated with an Outperform at Wolfe Research; tgt $275

  • Synaptics (SYNA) initiated with an Equal Weight at Wells Fargo; tgt $185

  • Teladoc (TDOC) initiated with a Buy at Guggenheim; tgt $96

  • Unity Bancorp (UNTY) initiated with an Overweight at Piper Sandler; tgt $33

  • Unity Software (U) initiated with a Buy at Citigroup; tgt $125

  • Wesdome Gold Mines (WDOFF) initiated with a Sector Perform at RBC Capital Mkts


Upcoming Events:

  • Econ Data:

  • 08:30 ET: Initial Claims for April 2 (Briefing.comConsensus 200K; Prior 202K)

  • 08:30 ET: Continuing Claims for March 26 (Briefing.comConsensus NA; Prior 1307K)

  • 10:30 ET: EIA Natural Gas Inventories for April 1 (Briefing.comConsensus NA; Prior +26 bcf)

  • 15:00 ET: Consumer Credit for February (Briefing.comConsensus $15.5B; Prior $6.8B)


  • Earnings:

  • Tuesday (Apr 5)

  • Morning: AYI CGNT LNN

  • Afternoon: ARRY SGH


  • Wednesday (Apr 6)

  • Morning: GBX RPM SCHN SMPL TLRY

  • Afternoon: LEVI RGP CXM


  • Thursday (Apr 7)

  • Morning: ANGO APOG CAG STZ LW

  • Afternoon: PSMT WDFC



Asia & Europe detail:

Asia: Nikkei -1.7%, Hang Seng -1.2%, Shanghai Composite -1.4%

Equity indices in the Asia-Pacific region took a tumble Thursday, following form with Wall Street, which was undercut by concerns related to the Fed's hawkish-minded shift in removing policy accommodation. Similar sentiment isn't prevailing in Japan. BOJ member Noguchi said it's necessary for the BOJ to keep its easing policies in place. The IMF lowered its 2022 GDP forecast for Japan to 2.4% from 3.3%. Separately, Chinese Premier Li at a State Council meeting teased the prospect of more policy support to help boost economy when the time is right. Economists increasingly seeing such support as likely as the Shanghai lockdown (which continues), surge in energy prices, and slowing exports weigh on China's growth prospects. Bloomberg reports that House Speaker Pelosi might visit Taiwan next week, and China, according to Reuters, said it will take strong measures if she does.

  • In economic data:

  • China's March Foreign Reserves $3.188T (expected $3.200T; prior $3.214T)

  • Japan's Leading Index -1.6% m/m (prior -1.2%)

  • Australia's March AIG Services Index 56.2 (prior 60.0); February Exports 0.0% m/m (prior +6.0%) and Imports +12.0% m/m (prior -2.0%)


---Equity Markets---

  • Japan's Nikkei: -1.7%

  • Hong Kong's Hang Seng: -1.2%

  • China's Shanghai Composite: -1.4%

  • India's Sensex: -1.0%

  • South Korea's Kospi: -1.4%

  • Australia's ASX All Ordinaries: -0.7%

---FX---

  • USD/JPY: flat at 123.81

  • USD/CNH: +0.1% to 6.3656

  • USD/INR: +0.2% to 76.013

Europe: DAX +0.5%, FTSE -0.2%, CAC +0.7%

Major European indices are mostly higher, rebounding some from Wednesday'sselling without any clear-cut news catalyst acting as the driver. ECB member Nagel highlighted the potential for a rate hike soon given high inflation rates, reports suggest Russia is planning an offensive in eastern Ukraine, and Royal Dutch Shell warned that it sees a $4-5 bln charge in Q1 relating to its Russian activities. Germany's industrial production report for February was better than expected, yet that period mostly pre-dates Russia's invasion of Ukraine, so there isn't a lot of confidence that the strength will persist in coming months. EUR/USD is unchanged at 1.0891.

  • In economic data:

  • Eurozone's February Retail Sales +0.3% m/m (expected +0.6%; prior +0.2%) and +5.0% yr/yr (expected +4.8%; prior +8.4%)

  • Germany's February Industrial Production +0.2% m/m (expected -0.2%; prior +1.4%)

  • UK's March Halifax House Price Index +1.4% m/m (prior +0.8%) and +11.0% yr/yr (prior +10.8%); Q4 Labor Productivity +0.7% (prior -4.4%)

  • Switzerland's March Unemployment Rate 2.2% (expected 2.2%; prior 2.3%)


---Equity Markets---

  • STOXX Europe 600: +0.8%

  • Germany's DAX: +0.5%

  • U.K.'s FTSE 100: -0.2%

  • France's CAC 40: +0.7%

  • Italy's FTSE MIB: +1.1%

  • Spain's IBEX 35: +1.1%

---FX---

  • EUR/USD: unch at 1.0891

  • GBP/USD: +0.1% to 1.3079

  • USD/CHF: +0.1% to 0.9337

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The S&P 500 futures are up 3 points and are trading % above fair value. The Nasdaq 100 futures are up 9 points and are trading roughly in-line with fair value. The Dow Jones Industrial Average futures