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08/12/21 Briefing

The S&P 500 futures trade 11 points, or 0.2%, above fair value as the market preserves a two-day rebound rally amid encouraging vaccine news out of Pfizer (PFE 52.04, +0.32, +0.6%) and BioNTech (BNTX 299.04, -3.65, -1.2%). The futures market has retraced most of the knee-jerk gains.

Briefly, preliminary data for the Pfizer-BioNTech vaccine showed that a third dose could still offer a sufficient level of protection against the Omicron variant and two doses may still induce protection against severe disease. The data has corroborated easing concerns about the Omicron variant seen over the past two days.

Other supportive news items include the House passing a procedural bill to start the process for increasing the debt ceiling, and Southwest Air (LUV 45.45, +0.24, +0.5%) and Toll Brothers (TOL 72.55, +1.31, +1.8%) providing upbeat revenue guidance.

The Treasury market has had a modest reaction to the Pfizer news. The 10-yr yield is down one basis point to 1.47% after dipping below 1.43% earlier this morning. The 2-yr yield is up one basis point to 0.69% after trading at 0.66% earlier this morning. The U.S. Dollar Index is down 0.2% to 96.20. WTI crude futures are up 0.2% to $72.21/bbl.

On the data front, investors will receive the JOLTS - Job Openings report for October at 10:00 a.m. ET. The weekly MBA Mortgage Applications Index increased 2.0% following a 7.2% decline in the prior week.

In U.S. Corporate news:

  • Pfizer (PFE 52.04, +0.32): +0.6% after saying that preliminary data for its COVID-19 vaccine showed that a third dose could still offer a sufficient level of protection against the Omicron variant and two doses may still induce protection against severe disease.

  • Casey's General (CASY 194.10, -7.12): -3.5% after missing EPS estimates on below-consensus revenue.

  • Toll Brothers (TOL 72.55, +1.31): +1.8% after beating top and bottom-line estimates and guiding FY22 revenue above consensus.

  • EPAM Systems (EPAM 651.02, +59.02): +9.9% on news that it will join the S&P 500 prior to the open on Dec. 14, replacing Kansas City Southern (KSU).

  • Southwest Air (LUV 45.45, +0.24): +0.5% after raising Q4 revenue guidance. The company observed strong leisure travel demand over Thanksgiving and said leisure bookings continue to be above expectations.

  • Stitch Fix (SFIX 19.05, -5.92): -23.7% after guiding fiscal Q2 revenue below consensus, overshadowing its better-than-expected results for fiscal Q1.

Reviewing overnight developments:

  • Equity indices in the Asia-Pacific region ended the midweek session on a higher note. Japan's Nikkei: +1.4% Hong Kong's Hang Seng: +0.1% China's Shanghai Composite: +1.2% India's Sensex: +1.8% South Korea's Kospi: +0.3% Australia's ASX All Ordinaries: +1.3%.

  • In economic data:

  • Japan's Q3 GDP -0.9% qtr/qtr (expected -0.8%; last 0.5%); -3.6% yr/yr (expected -3.1%; last 1.9%). Q3 GDP Capital Expenditure -2.3% qtr/qtr (expected -3.9%; last -3.8%) and Q3 GDP External Demand 0.0% qtr/qtr (expected 0.1%; last -0.3%). Q3 GDP Private Consumption -1.3% qtr/qtr (expected -1.1%; last 0.9%). November Economy Watchers Current Index 56.3 (last 55.5). December Reuters Tankan Index 22 (last 13). October Current Account surplus JPY1.18 trln (expected JPY1.309 trln; last JPY1.034 trln)


  • In news:

  • The Japanese government is reportedly considering tax incentives for employers who raise wages.

  • A Bank of Japan policymaker said that the BoJ has no need to reduce its massive stimulus program.

  • Chinese press reported that Chinese IPOs in the U.S. will slow in the short term due to SEC rules. Fitch expects China's GDP growth to slow to 4.8% in 2022.

  • Nikkei reported that Apple (AAPL) told suppliers that iPhone production will be about 7.0% lower than originally planned due to supply chain issues.

  • The Reserve Bank of India made no changes to its policy stance.



  • Major European indices trade near their flat lines amid reduced participation due to the Feast of Immaculate Conception. STOXX Europe 600: UNCH Germany's DAX: -0.4% U.K.'s FTSE 100: +0.1% France's CAC 40: -0.1% Italy's FTSE MIB: -0.6% Spain's IBEX 35: -0.4%.

  • In economic data:

  • France's Q3 nonfarm payrolls 0.4% qtr/qtr (expected 0.5%; last 1.2%)


  • In news:

  • Germany's new Chancellor Scholz took office today.

  • Bank of France expects that domestic growth in Q4 will be under 0.75% due to staffing and supply chain shortages.

  • Germany sold 10-yr bunds to good demand.



U.S. equity futures:

  • S&P 500 Futures: +7 @ 4,694

  • DJIA Futures: +63 @ 35,782

  • Nasdaq 100 Futures: +36 @ 16,362

Overseas:

  • Europe: DAX -0.4%, FTSE +0.1%, CAC -0.1%

  • Asia: Nikkei +1.4%, Hang Seng +0.1%, Shanghai Composite +1.2%

Commodities:

  • Crude Oil +0.17 @ 72.22

  • Nat Gas +0.136 @ 3.844

  • Gold +1.15 @ 1785.85

  • Silver -0.098 @ 22.425

  • Copper +0.0035 @ 4.3430

U.S. Summary:

  • Earnings/Guidance (Full Earnings Calendar):

  • Brown-Forman (BF.B) misses by $0.04, misses on revs

  • Campbell Soup (CPB) beats by $0.08, misses on revs; reaffirms FY22 EPS guidance, revs guidance

  • Casey's General (CASY) misses by $0.34, beats on revs, inside comps +6.0%; reaffirms FY22 comps of mid-single digits

  • ChargePoint (CHPT) reports Q3 (Oct) results, beats on revs; guides JanQ revs above consensus

  • Couchbase (BASE) beats by $0.06, beats on revs; guides Q4 revs in-line; guides FY22 revs above consensus

  • Dave & Buster's (PLAY) beats by $0.08, reports revs in-line

  • Franchise Group (FRG) issues upside FY22 EPS and revenue guidance

  • Korn/Ferry (KFY) beats by $0.16, beats on revs; guides Q3 EPS above consensus, revs above consensus

  • Lovesac (LOVE) reports Q3 (Oct) results, beats on revs

  • PagerDuty (PD) beats by $0.02, beats on revs; guides Q4 EPS above consensus, revs above consensus

  • Photronics (PLAB) beats by $0.08, beats on revs

  • Richardson Elec (RELL) issues guidance for 2Q22, revenue increased 27.3% yr/yr

  • SentinelOne (S) beats by $0.03, beats on revs; guides Q4 revs above consensus

  • Solo Brands (DTC) reports Q3 (Sep) results, beats on revs

  • Southwest Air (LUV) raises Q4 revenue guidance; leisure travel demand was strong over Thanksgiving and leisure bookings continue to be above expectations

  • Stitch Fix (SFIX) beats by $0.12, beats on revs; guides JanQ revs below consensus

  • Thor Industries (THO) beats by $1.15, beats on revs

  • Toll Brothers (TOL) beats by $0.52, beats on revs; guides FY22 revs above consensus

  • United Natural Foods (UNFI) beats by $0.37, beats on revs; reaffirms FY22 EPS guidance, revs guidance

  • Weave Communications (WEAV) reports Q3 (Sep) results, misses by $0.07, beats slightly on revs; guides Q4 revs in-line

  • Weber (WEBR) beats by $0.05, beats on revs


  • General News:

  • House passes first vote which will allow Congress to raise debt ceiling one time only with 51 votes, according to the New York Times

  • Senator Joe Manchin (D-WV) did not make commitment to vote for Build Back Better Act due to concerns about inflation and how long programs will last, according to the Wall Street Journal

  • House passes $768 defense bill, sending it to Senate, according to the New York Times

  • Judge blocked President Biden's vaccine mandate for federal contractors, according to Politico

  • Senator John Tester (D-MT) and Joe Manchin (D-WV) will join Republicans in voting to nullify White House vaccination mandate for larger companies, according to Montana Radio

  • China to issue new rules for technology companies that want foreign funding, according to Financial Times

  • White House withdraws nomination of Saule Omarova to be Comptroller of the Currency

  • Acacia Research (ACTG) approved stock repurchase program authorizing the purchase up to an aggregate of $15 mln of common stock

  • Agree Realty (ADC) appoints Peter Coughenour as CFO, effective immediately

  • Amazon (AMZN) Counter launches in Canada-convenient package pickup option

  • American Water Works (AWK) appoints Susan Hardwick as Interim CEO due to hospitalization of Walter Lynch

  • Amneal Pharmaceuticals (AMRX): TherapeuticsMD (TXMD) announced the settlement of the previously disclosed U.S. patent litigation for BIJUVA with Amneal

  • Apple (AAPL): iPhone and iPad assembly was halted for several days due to supply chain constraints, according to NikkeiAsia

  • Apple (AAPL) to introduce second generation AR Headset in 2024, according to Mac Rumors

  • Argo Blockchain Plc (ARBK) reached an amicable resolution with Celsius

  • AT&T (T) provides shareholder update: expects growth in fiber subscribers, revs, and profits to continue in 2022

  • BlackRock (BLK) strengthens ETF operating platform by diversifying post-trade service providers

  • Blackstone (BX) authorized the repurchase of up to $2.0 bln of common stock and Blackstone Holdings Partnership Units - replaced the prior $1.0 bln repurchase authorization

  • Brunswick (BC) announces major capacity expansion of Reynosa manufacturing facility - will increase production capability by 60%

  • Cannae Holdings (CNNE) is actively repurchasing common stock in accordance with its previously authorized stock repurchase programs

  • Cenovus Energy (CVE) releases 2022 budget, updated strategy and 5-year business plan; expects ~50% of 2022 excess free funds flow to be allocated to shareholder returns

  • Chart Industries (GTLS) and Howden have signed a Memorandum of Understanding as they move forward in collaboration for advanced hydrogen solutions, incorporating Howden gas compression systems into Chart hydrogen offerings

  • Colliers (CIGI) increases semi-annual cash dividend to US$0.15/share from US$0.05/share

  • Dar Bioscience (DARE) announces FDA approval of XACIATO vaginal gel as treatment for bacterial vaginosis

  • EyePoint Pharmaceuticals (EYPT) and Harrow Health's (HROW) ImprimisRx announce expanded US commercial alliance for DEXYCU

  • Ford Motor (F) will do "whatever it takes" to double production capacity for EV F-150, according to CNBC

  • Franchise Group (FRG) increases quarterly cash dividend to $0.625/share from $0.375/share

  • Graphite Bio (GRPH) and COO Katherine V. Stultz agreed that Ms. Stultz's employment with the Company will end effective as of the close of business on December 31, 2021

  • Hooker Furniture (HOFT) increases quarterly dividend 11.1% to $0.20/share

  • Hope Bancorp (HOPE) announces planned retirement of President & COO David P. Malone and promotion of Peter Koh to senior EVP & COO

  • Meta Platforms's (FB) Vice President of Messenger Stan Chudnovsky will leave company "at some point in Q2 next year"

  • Meta Platforms (FB) will delay return to offices, according to the Wall Street Journal

  • Mid-America Aptmt (MAA) increases quarterly dividend to $1.0875/share from $1.025/share

  • Neurocrine Biosci (NBIX) announces positive top-line data from its Phase 3 KINECT-HD study of valbenazine for treatment in adults with chorea associated with Huntington disease

  • Nuvation Bio (NUVB) announces FDA clearance of its IND application to evaluate NUV-422, a cyclin-dependent kinase (CDK) 2/4/6 inhibitor, for the treatment of advanced breast cancer

  • Onto Innovation (ONTO) receives $85 mln in orders from a 3D NAND manufacturer for its integrated OCD and thin film metrology suite

  • Passage BIO (PASG) announces the expansion of its pipeline and provided a progress update on its three clinical programs

  • PDC Energy (PDCE) declares special dividend of $0.50/share in addition to its quarterly dividend of $0.12/share

  • Pfizer (PFE) and BioNTech (BNTX) confirm update on omicron variant; Preliminary laboratory studies demonstrate that three doses of the Pfizer-BioNTech COVID-19 Vaccine neutralize the Omicron variant while two doses show significantly reduced neutralization titers

  • Raytheon Technologies (RTX) authorizes the repurchase of up to $6 bln of its common stock; replaces its previous program

  • Reata Pharmaceuticals (RETA) confirms that Nasdaq has halted trading of its common stock; FDA Advisory Committee to discuss bardoxolone for the treatment of patients with chronic kidney disease caused by Alport syndrome

  • Resolute Forest Products (RFP) authorizes $100 mln repurchase program

  • Roche Hldg's (RHHBY) FoundationOne CDx receives FDA approval as a companion diagnostic for BRAF inhibitor therapeutics in melanoma

  • RLX Technology (RLX) announces $500 mln share repurchase

  • Rocket Lab USA (RKLB) signs deal with Synspective to carry out three dedicated Electron launches

  • SAGE Therapeutics (SAGE) and Biogen (BIIB) announce new analyses from the LANDSCAPE clinical development program of Zuranolone in MDD

  • SmileDirectClub (SDC) announces resignation of CFO, who will pursue a CEO opportunity at a healthcare company

  • Summit Hotel (INN) Executive Chairman Dan Hansen will retire, effective December 31, 2021

  • Takeda Pharma (TAK) announces publication of data from SOLSTICE, a Pivotal Phase 3 Trial for LIVTENCITY in post-transplant recipients with cytomegalovirus infection

  • TechnipFMC (FTI) awarded "major 10-year framework agreement" for wellheads, trees, and associated services by ADNOC

  • Tecnoglass (TGLS) increases quarterly cash dividend on its common stock to $0.065 per share, prior $0.0275 per share

  • Uber (UBER): EU might soon require Uber and Deliveroo to reclassify some of their workers as employees, according to Reuters

  • West Fraser (WFG): Sean McLaren to become COO, effective immediately

  • WPP plc (WPP) entered into a further agreement with Goldman Sachs in relation to the purchase of Ordinary Shares for an aggregate purchase price of up to 50 mln

  • Wynn Resorts (WYNN) appoints Julie Cameron-Doe as CFO, effective in Q2 of 2022

  • Zoetis (ZTS) announces authorization of a $3.5 bln share repurchase program; previous $2.0 bln repurchase program expected to be completed in 2022


  • M&A:

  • Agrify (AGFY) has signed a binding letter of intent to acquire PurePressure

  • Broadcom (AVGO) to acquire SaaS-based network performance monitoring company AppNeta; financial terms not disclosed

  • BRP Group (BRP) subsidiary Millennial Specialty Insurance acquires Arcana Insurance Services; financial terms not disclosed

  • Endeavor Group (EDR) to acquire nine MLB Professional Development League (PDL) Clubs

  • Quest Resource Hldgs (QRHC) acquires two asset-light waste services companies

  • Ranpak (PACK) announces the acquisition of Recycold Cool Solutions BV; financial terms not disclosed

  • Stanley Black & Decker (SWK) to sell security business for $3.2 Billion to Securitas; reaffirms FY21 guidance

  • Thor Industries (THO) announces acquisition of Elkhart Composites; terms of deal not disclosed

  • Tilray (TLRY) announced the strategic acquisition of Breckenridge Distillery; expects the acquisition to be immediately accretive to EBITDA

  • Xometry (XMTR) announces the acquisition of Thomas


  • Syndicate:

  • Adicet Bio (ACET) priced an underwritten public offering of 6,250,000 shares of its common stock at a public offering price of $14.00/share

  • Confluent (CFLT) announces proposed $1.0 billion offering of convertible senior notes

  • Energy Transfer (ET) announces pricing of secondary public offering of common units

  • Omega Health (OHI) files mixed securities shelf offering

  • Robinhood Markets (HOOD) announces termination of resale registration agreement

  • SOC Telemed (TLMD) files for $100 mln mixed securities shelf offering

  • Starwood Property Trust (STWD) announced the pricing of an underwritten public offering of 16,000,000 shares of its common stock for total estimated gross proceeds of approximately $397.1 million

  • TechTarget (TTGT) announces offering of $360 mln aggregate principal amount of convertible senior notes due 2026

  • Verra Mobility (VRRM) announces the pricing of an underwritten public offering of 8,207,821 shares of its Class A Common Stock by a selling stockholder of the company


  • IPOs:

  • Expected to Price:

  • HashiCorp (Nasdaq: HCP): The cloud computing company providing a standardized approach to automating the critical processes involved in delivering applications in the cloud is expected to price its 15.3 M between $68-$72.

  • Nu Holdings (NYSE: NU): The digital banking platform is expected to price its 289.2 M share IPO between $8-$9.


  • Priced to Open:

  • Chicago Atlantic Real Estate Finance (Nasdaq: REFI): The commercial real estate finance company dedicated to making loans to operators and property owners in cannabis industry priced its 6.25 M share IPO at $16, the low end of the $16-$18 expected price range.



Gapping Up/Down

  • Gapping up:

  • DARE +23.9%, PD +10.7%, RELL +10.1%, THO +8.9%, EPAM +8.7%, FRG +6.1%, NUVB +4.6%, PLAY +4.5%, QRHC +4.4%, PSFE +4.1%, RFP +3.1%, HOOD +3.1%, NBIX +3%, ZTS +2.1%, WYNN +2.1%, TOL +1.3%,


  • Gapping down:

  • SFIX -22.5%, S -10.2%, ET -5.3%, VRRM -3.8%, TTGT -3.5%, CASY -3.5%, CHPT -3.3%, STWD -3%, BASE -2.6%, ARBK -2.1%, ACET -1.7%, TLMD -1.4%, AVAV -1.2%,


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

  • Upgrades

  • Elastic (ESTC) upgraded to Overweight from Neutral at JP Morgan; tgt $156

  • Essential Utilities (WTRG) upgraded to Overweight from Equal Weight at Barclays; tgt raised to $56

  • Goodyear Tire (GT) upgraded to Buy from Hold at Deutsche Bank; tgt raised to $32

  • ITT (ITT) upgraded to Buy from Neutral at BofA Securities; tgt raised to $130

  • MFA Financial (MFA) upgraded to Outperform from Mkt Perform at Raymond James; tgt $5.25

  • Prometheus Biosciences (RXDX) upgraded to Outperform from Perform at Oppenheimer; tgt raised to $50

  • Pulmonx (LUNG) upgraded to Overweight from Neutral at Piper Sandler; tgt $45

  • SVB Financial Group (SIVB) upgraded to Overweight from Equal Weight at Wells Fargo; tgt raised to $900

  • TechnipFMC (FTI) upgraded to Buy from Hold at Jefferies; tgt $9


  • Downgrades:

  • AeroVironment (AVAV) downgraded to Hold from Buy at Canaccord Genuity; tgt lowered to $64

  • Allegion (ALLE) downgraded to Neutral from Buy at BofA Securities; tgt lowered to $142

  • American States Water (AWR) downgraded to Underweight from Equal Weight at Barclays; tgt raised to $96

  • Avid Bioservices (CDMO) downgraded to Sector Weight from Overweight at KeyBanc Capital Markets

  • Banco Santander (SAN) downgraded to Neutral from Outperform at Credit Suisse

  • Becton Dickinson (BDX) downgraded to Neutral from Overweight at Piper Sandler; tgt lowered to $260

  • Core & Main (CNM) downgraded to Neutral from Buy at Citigroup; tgt $32

  • Evercore (EVR) downgraded to Equal-Weight from Overweight at Morgan Stanley; tgt $156

  • Honeywell (HON) downgraded to Neutral from Buy at BofA Securities; tgt lowered to $245

  • Kraft Heinz (KHC) downgraded to Neutral from Buy at Guggenheim; tgt lowered to $33

  • Montrose Environmental Group (MEG) downgraded to Neutral from Buy at BofA Securities; tgt $80

  • Stitch Fix (SFIX) downgraded to In-line from Outperform at Evercore ISI; tgt lowered to $24

  • Stitch Fix (SFIX) downgraded to Sector Weight from Overweight at KeyBanc Capital Markets


  • Others:

  • Amplitude (AMPL) initiated with a Buy at Citigroup; tgt $80

  • Apellis Pharmaceuticals (APLS) initiated with an Overweight at Wells Fargo; tgt $84

  • Arena Pharm (ARNA) initiated with an Overweight at Wells Fargo; tgt $71

  • argenx (ARGX) initiated with an Overweight at Wells Fargo; tgt $390

  • Ascendis Pharma (ASND) initiated with an Overweight at Wells Fargo; tgt $176

  • Berkshire Grey (BGRY) initiated with a Buy at BofA Securities; tgt $12

  • BigCommerce (BIGC) initiated with a Buy at BofA Securities; tgt $66

  • Cabaletta Bio (CABA) initiated with an Overweight at Wells Fargo; tgt $17

  • Cardiff Oncology (CRDF) initiated with an Outperform at Robert W. Baird; tgt $19

  • Global-E Online (GLBE) initiated with a Buy at BofA Securities; tgt $80

  • Horizon Pharma (HZNP) initiated with an Overweight at Wells Fargo; tgt $137

  • Immunovant Sciences (IMVT) initiated with an Equal Weight at Wells Fargo; tgt $9

  • J&J Snack Foods (JJSF) initiated with a Buy at The Benchmark Company; tgt $171

  • Keysight (KEYS) initiated with an Equal-Weight at Morgan Stanley; tgt $200

  • Kezar Life Sciences (KZR) initiated with an Overweight at Wells Fargo; tgt $19

  • Lancaster Colony (LANC) initiated with a Buy at The Benchmark Company; tgt $181

  • Li Auto (LI) initiated with a Buy at Tiger Securities

  • Morphic (MORF) initiated with an Overweight at Wells Fargo; tgt $81

  • NIO (NIO) initiated with a Buy at Tiger Securities

  • NXP Semi (NXPI) initiated with a Sell at UBS; tgt $170

  • Prometheus Biosciences (RXDX) initiated with an Overweight at Wells Fargo; tgt $42

  • Rhythm Pharmaceuticals (RYTM) initiated with an Overweight at Wells Fargo; tgt $30

  • Roblox (RBLX) initiated with a Sector Weight at KeyBanc Capital Markets

  • Tattooed Chef (TTCF) initiated with an Outperform at Cowen; tgt $24

  • Wejo (WEJO) initiated with an Outperform at Robert W. Baird; tgt $12

  • Xos (XOS) initiated with an Underperform at BofA Securities; tgt $3

  • XPeng (XPEV) initiated with a Hold at Tiger Securities


Upcoming Events:

  • Econ Data:

  • 07:00 ET: MBA Mortgage Applications Index for Dec. 4 (Briefing.com Consensus NA; Prior -7.2%)

  • 10:00 ET: JOLTS - Job Openings for Oct (Briefing.com Consensus NA; Prior 10.438M)

  • 10:30 ET: EIA Crude Oil Inventories for Dec. 4 (Briefing.com Consensus NA; Prior -0.91M)


  • Earnings:

  • Monday (Dec 6)

  • Morning: SAIC

  • Afternoon: COUP HQY MDB SUMO


  • Tuesday (Dec 7)

  • Morning: AZO CONN DBI

  • Afternoon: AVAV CASY CHPT BASE PLAY PD S SFIX TOL


  • Wednesday (Dec 8)

  • Morning: BF.B CPB KFY LOVE PLAB THO UNFI VRA

  • Afternoon: GME GEF OXM PHR RH SPWH CURV PATH


  • Thursday (Dec 9)

  • Morning: CIEN HRL

  • Afternoon: AOUT AVGO CHWY COST LESL LULU MESA ORCL MTN


  • Friday (Dec 10)

  • Morning: ASO




Asia & Europe detail:

Asia: Nikkei +1.4%, Hang Seng +0.1%, Shanghai Composite +1.2%

Equity indices in the Asia-Pacific region ended the midweek session on a higher note. The Japanese government is reportedly considering tax incentives for employers who raise wages. A Bank of Japan policymaker said that the BoJ has no need to reduce its massive stimulus program. Chinese press reported that Chinese IPOs in the U.S. will slow in the short term due to SEC rules. Fitch expects China's GDP growth to slow to 4.8% in 2022. Nikkei reported that Apple (AAPL) told suppliers that iPhone production will be about 7.0% lower than originally planned due to supply chain issues. The Reserve Bank of India made no changes to its policy stance.

  • In economic data:

  • Japan's Q3 GDP -0.9% qtr/qtr (expected -0.8%; last 0.5%); -3.6% yr/yr (expected -3.1%; last 1.9%). Q3 GDP Capital Expenditure -2.3% qtr/qtr (expected -3.9%; last -3.8%) and Q3 GDP External Demand 0.0% qtr/qtr (expected 0.1%; last -0.3%). Q3 GDP Private Consumption -1.3% qtr/qtr (expected -1.1%; last 0.9%). November Economy Watchers Current Index 56.3 (last 55.5). December Reuters Tankan Index 22 (last 13). October Current Account surplus JPY1.18 trln (expected JPY1.309 trln; last JPY1.034 trln)


---Equity Markets---

  • Japan's Nikkei: +1.4%

  • Hong Kong's Hang Seng: +0.1%

  • China's Shanghai Composite: +1.2%

  • India's Sensex: +1.8%

  • South Korea's Kospi: +0.3%

  • Australia's ASX All Ordinaries: +1.3%

---FX---

  • USD/JPY: +0.1% to 113.67

  • USD/CNH: -0.3% to 6.3443

  • USD/INR: +0.1% to 75.49

Europe: DAX -0.4%, FTSE +0.1%, CAC -0.1%

Major European indices trade near their flat lines amid reduced participation due to the Feast of Immaculate Conception. Germany's new Chancellor Scholz took office today. Bank of France expects that domestic growth in Q4 will be under 0.75% due to staffing and supply chain shortages. Germany sold 10-yr bunds to good demand.

  • In economic data:

  • France's Q3 nonfarm payrolls 0.4% qtr/qtr (expected 0.5%; last 1.2%)


---Equity Markets---

  • STOXX Europe 600: UNCH

  • Germany's DAX: -0.4%

  • U.K.'s FTSE 100: +0.1%

  • France's CAC 40: -0.1%

  • Italy's FTSE MIB: -0.6%

  • Spain's IBEX 35: -0.4%

---FX---

  • EUR/USD: +0.1% to 1.1273

  • GBP/USD: -0.4% to 1.3190

  • USD/CHF: UNCH at 0.9246


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