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10/11/22 Briefing


The S&P 500 futures are up 6 points and are trading 0.1% above fair value. The Nasdaq 100 futures are up 37 points and are trading 0.4% above fair value. The Dow Jones Industrial Average futures are up 35 points and are trading slightly above fair value.

Equity futures are modestly higher this morning. Market participants are trying to recover from yesterday's retreat as focus shifts to the October Consumer Price Index, which is out at 8:30 a.m. ET. There's still some nervousness in play about action in the crypto market, but things have improved in the space since yesterday's panicky selling. 

Treasury yields are moving lower ahead of the CPI data. The 10-yr note yield is down seven basis points to 4.08% and the 2-yr note yield is down four basis points to 4.60%.

The U.S. Dollar Index is up 0.3% to 110.87.

In overseas news, China's Politburo Standing Committee has doubled-down on the need to stick with the zero-covid policy.

Aside from the Consumer Price Index for October, market participants will receive the following economic data today:

  • 10:30 ET: Weekly natural gas inventories (prior +107 bcf)

  • 14:00 ET: October Treasury Budget (prior -$429.70 bln)

In corporate news:

  • Rivian Automotive (RIVN 30.40, +2.33, +8.30%): beats by $0.26, misses on revs; reiterates 2022 production target 

  • Wynn Resorts (WYNN 69.23, +0.95, +1.39%): misses by $0.19, beats on revs

  • Tapestry (TPR 30.50, -0.72, -2.31%): beats by $0.03, reports revs in-line; guides FY23 EPS below consensus, revs below consensus

  • Bumble Inc. (BMBL 17.81, -3.12, -14.91%): beats by $0.06, misses on revs; guides Q4 revs below consensus

  • RingCentral (RNG 32.38, +4.02, +14.17%): beats by $0.04, beats on revs; guides Q4 EPS in-line, revs below consensus

  • Dutch Bros (BROS 30.45, +1.26, +4.32%): beats by $0.01, beats on revs, comps +1.7%; increases FY22 revenue guidance, reaffirms adjusted EBITDA guidance and reaffirms comps

  • Beyond Meat (BYND 11.99, +0.17, +1.44%): misses by $0.45, misses on revs; reaffirms FY22 revs guidance; Positive cash flow and sustainable growth instead of growth above all is the primary focus

  • Coupang (CPNG 18.19, +1.90, +11.66%): reports Q3 (Sep) results, misses on revs 

  • Biogen (BIIB 284.28, +1.97, +0.70%): appointed Christopher A. Viehbacher to serve as President and CEO beginning November 14, 2022

Reviewing overnight developments:

  • Equity indices in the Asia-Pacific region ended Thursday on a lower note. Japan's Nikkei: -1.0%, Hong Kong's Hang Seng: -1.7%, China's Shanghai Composite: -0.4%, India's Sensex: -0.7%, South Korea's Kospi: -0.9%, Australia's ASX All Ordinaries: -0.6%.

  • In economic data:

  • China's October New Loans CNY615.20 bln (expected CNY800.0 bln; last CNY2.47 trln) and October Total Social Financing CNY907.9 bln (expected CNY1.60 trln; last CNY3.53 trln)

  • Japan's October Machine Tool Orders -5.4% yr/yr (last 4.3%)

  • Australia's November MI Inflation Expectations 6.0% (last 5.4%)

  • In news:

  • Bank of Japan Governor Kuroda said that the Japanese economy is picking up, though uncertainties surrounding the economy are "extremely high."

  • Nissan is reportedly not expected to reach an agreement with Renault about their alliance before the middle of November.

  • Reserve Bank of Australia policymaker Bullock said that the RBA is getting closer to the point where it could pause its rate hikes.

  • Major European indices trade on a mostly lower note while Italy's MIB (+0.4%) outperforms thanks to strength in bank names. STOXX Europe 600: +0.1%, Germany's DAX: -0.1%, U.K.'s FTSE 100: -0.1%, France's CAC 40: -0.5%, Italy's FTSE MIB: +0.4%, Spain's IBEX 35: -0.7%.

  • In economic data:

  • Italy's September Industrial Production -1.8% m/m (expected -1.5%; last 2.3%); -0.5% yr/yr (expected 0.9%; last 2.9%)

  • In news:

  • British Chancellor Hunt is reportedly looking to lower the surcharge on bank profits to shield them from the bulk of a corporate tax rate hike. The European Central Bank released its latest Economic Bulletin, noting that substantial progress has been made in withdrawing accommodation, though inflation is expected to remain above target for an extended period. There are growing expectations that Norway's Norges Bank will continue hiking rates into next year.

 

U.S. equity futures:

  • S&P 500 Futures: +8 @ 3,757

  • DJIA Futures: +49 @ 32,563

  • Nasdaq 100 Futures: +43 @ 10,840

Overseas:

  • Europe: DAX -0.1%, FTSE -0.1%, CAC -0.5%

  • Asia: Nikkei -1.0%, Hang Seng -1.7%, Shanghai Composite -0.4%

Commodities:

  • Crude Oil -0.41 @ 85.42

  • Nat Gas  +0.118 @ 5.983

  • Gold -2.55 @ 1711.15

  • Silver -0.122  @ 21.205

  • Copper -0.0250 @ 3.675

 

Earnings/Guidance:

  • ACV Auctions (ACVA) misses by $0.04, reports revs in-line; guides Q4 revs below consensus

  • AppLovin (APP) misses by $0.01, misses on revs; guides Q4 revs below consensus

  • ArcelorMittal (MT) misses by $0.34, beats on revs

  • AstraZeneca (AZN) beats by $0.16, beats on revs; raises FY22 EPS in-line, reaffirms FY22 revs guidance

  • Atmos Energy (ATO) beats by $0.08, beats on revs; guides FY23 EPS in-line

  • Azul S.A. (AZUL) beats by $0.01, beats on revs

  • B&G Foods (BGS) misses by $0.02, reports revs in-line; guides FY22 EPS below consensus, reaffirms FY22 revs guidance; reduces annual dividend to $0.76/share from $1.90/share

  • Becton Dickinson (BDX) beats by $0.01, reports revs in-line; guides FY23 EPS below consensus, revs below consensus

  • Beyond Meat (BYND) misses by $0.45, misses on revs; reaffirms FY22 revs guidance

  • Bioceres (BIOX) reports Q1 results; beats on revs

  • Bumble Inc. (BMBL) beats by $0.06, misses on revs; guides Q4 revs below consensus

  • Cano Health (CANO) reports Q3 (Sep) results, misses on revs; guides FY22 revs below consensus

  • Catalyst Pharma (CPRX) beats by $0.07, beats on revs; guides FY22 revs in-line

  • Celsius (CELH) reports Q3 (Sep) results, beats on revs

  • Coeur Mining (CDE) misses by $0.10, misses on revs; reaffirms FY22 production and cost guidance

  • Coupang (CPNG) reports Q3 (Sep) results, misses on revs

  • Desktop Metal (DM) misses by $0.09, misses on revs; guides Q4 revs below consensus

  • Deutsche Telekom (DTEGY) reports Q3 results; revs rise 8.8% yr/yr; raises outlook; raises dividend

  • Digital Turbine (APPS) reports EPS in-line, revs in-line; guides Q3 EPS in-line, revs below consensus

  • Dillard's (DDS) reports Q3 (Oct) results, beats on revs

  • Docebo (DCBO) beats by $0.33, reports revs in-line

  • Dutch Bros (BROS) beats by $0.01, beats on revs, comps +1.7%; increases FY22 revenue guidance, reaffirms adjusted EBITDA guidance and reaffirms comps

  • Edgewell Personal Care (EPC) beats by $0.03, reports revs in-line; guides FY23 EPS below consensus, revs in-line

  • Edgio (EGIO) misses by $0.14, reports revs in-line; guides Q4 revs below consensus

  • Enersys (ENS) beats by $0.03, beats on revs; guides Q3 EPS in-line

  • Fair Isaac (FICO) beats by $0.19, beats on revs; guides FY23 EPS above consensus, revs above consensus

  • ForgeRock (FORG) beats by $0.14, beats on revs

  • Fortuna Silver Mines (FSM) misses by $0.03; beats on revs

  • Fossil (FOSL) reports Q3 (Oct) results; lowers net sales outlook for FY22

  • Genius Sports (GENI) reports Q3 (Sep) results, beats on revs; reaffirms FY22 revs guidance; guides FY23 revs above consensus

  • Genpact (G) beats by $0.06, beats on revs; guides FY22 EPS in-line, revs below consensus

  • Green Dot (GDOT) beats by $0.09, beats on revs; guides FY22 EPS in-line

  • Himax Tech (HIMX) beats by $0.03, beats on revs; provides Q4 outlook

  • Honest Company (HNST) misses by $0.05, beats on revs; guides FY22 revs below consensus

  • Inter Parfums (IPAR) beats by $0.31, beats on revs; guides FY22 EPS above consensus, revs above consensus

  • Jackson Financial (JXN) beats by $1.34

  • Jamf Holding (JAMF) beats by $0.01, beats on revs; guides Q4 revs below consensus; guides FY22 revs above consensus

  • Jazz Pharma (JAZZ) beats by $0.50, reports revs in-line; guides FY22 EPS in-line, midpoint of revs above consensus

  • Kelly Services (KELYA) misses by $0.01, misses on revs; approves $50 mln share repurchase plan

  • Kinetik (KNTK) reports Q3 results; beats on revs

  • Kinross Gold (KGC) misses by $0.01, misses on revs

  • Kodiak Sciences (KOD) beats by $0.21, provides update

  • Latham Group (SWIM) misses by $0.08, misses on revs; lowers FY22 revs below consensus

  • Light & Wonder (LNW) misses by $0.24, beats on revs

  • Magnite (MGNI) beats by $0.03, beats on revs

  • Marqeta (MQ) reports EPS in-line, beats on revs; guides Q4 revs above consensus

  • N-able (NABL) reports EPS in-line, revs in-line; guides Q4 revs below consensus

  • Nautilus (NLS) reports Q2 (Sep) results

  • National Grid (NGG) beats by 3 pence; beats on revs; raises outlook

  • National Vision (EYE) beats by $0.02, reports revs in-line; reaffirms FY22 EPS guidance; Q3 comps -8.0%

  • Navitas Semiconductor (NVTS) reports EPS in-line, beats on revs; guides Q4 revs below consensus

  • NICE (NICE) beats by $0.05, reports revs in-line; guides FY22 EPS in-line, revs in-line

  • NIO (NIO) misses by RMB0.80, reports revs in-line; guides Q4 revs below consensus

  • NuVasive (NUVA) reports EPS in-line, misses on revs; guides FY22 EPS below consensus, revs below consensus; approves one-year extension of share repurchase program

  • Olo Inc. (OLO) beats by $0.01, beats on revs; guides Q4 revs in-line

  • Pan Am Silver (PAAS) beats by $0.05, misses on revs

  • Paymentus (PAY) beats by $0.01, beats on revs

  • Payoneer (PAYO) misses by $0.06, beats on revs; guides FY22 revs above consensus

  • Paysafe (PSFE) beats by $0.04, beats on revs; guides Q4 revs in-line

  • PetIQ (PETQ) beats by $0.09, beats on revs; reaffirms FY22 revs guidance

  • PGT Inc. (PGTI) beats by $0.02, reports revs in-line; guides FY22 revs below consensus

  • PLBY Group (PLBY) reports Q3 (Sep) results, misses on revs

  • Primo Water (PRMW) reports EPS in-line, beats on revs; guides Q4 revs above consensus

  • Prometheus Biosciences (RXDX) beats by $0.01, beats on revs

  • Purple Innovation (PRPL) beats by $0.10, beats on revs; reaffirms FY22 revs guidance

  • Rackspace Technology (RXT) beats by $0.01, beats on revs; guides Q4 EPS below consensus, revs in-line

  • Redfin (RDFN) misses by $0.03, reports revs in-line; guides Q4 revs below consensus

  • Repay Holdings (RPAY) beats by $0.04, beats on revs; reaffirms FY22 revs guidance

  • RingCentral (RNG) beats by $0.04, beats on revs; guides Q4 EPS in-line, revs below consensus

  • Rivian Automotive (RIVN) beats by $0.26, misses on revs

  • Rocket Lab USA (RKLB) misses by $0.02, beats on revs; guides Q4 revs below consensus as Q4 launch customer pushes into 2023

  • Sally Beauty (SBH) beats by $0.02, beats on revs, comparable sales flat yr/yr; expects FY23 comps to increase by low single digits

  • Six Flags (SIX) misses by $0.21, misses on revs

  • Steris (STE) beats by $0.01, misses on revs; guides FY23 EPS in-line

  • Stratasys (SSYS) beats by $0.02, reports revs in-line; guides FY22 EPS below consensus, revs below consensus

  • SunOpta (STKL) beats by $0.03, beats on revs; raises adjusted FY22 revenue forecast

  • Switch (SWCH) misses by $0.06, beats on revs; Co previously announced it will be acquired

  • Sylvamo (SLVM) misses by $0.13, beats on revs; increases quarterly dividend to $0.25/share

  • Taiwan Semiconductor Manufacturing (TSM) reports Oct revs increased 44.0% yr/yr to NT$210.27 bln

  • Tapestry (TPR) beats by $0.03, reports revs in-line; guides FY23 EPS below consensus, revs below consensus

  • TechTarget (TTGT) reports Q3 (Sep) results, misses on revs; guides Q4 revs below consensus

  • Tetra Tech (TTEK) beats by $0.11, beats on revs; guides Q1 EPS above two analyst estimate, revs in-line; guides FY23 EPS above consensus, revs in-line

  • TTEC Holdings (TTEC) beats by $0.12, beats on revs; guides Q4 EPS below consensus, revs below consensus

  • Traeger (COOK) reports EPS in-line, beats on revs; lowers FY22 revs outlook

  • Transdigm Group (TDG) beats by $0.27, reports revs in-line; guides FY23 EPS in-line, revs in-line

  • Unity Software (U) beats by $0.01, reports revs in-line

  • US Foods (USFD) misses by $0.01, beats on revs; raises FY22 EPS in-line, revs in-line

  • Utz Brands (UTZ) misses by $0.30, beats on revs; raises FY22 revs above consensus

  • Vacasa (VCSA) misses by $0.03, beats on revs; notes a potential for average Gross Booking Value per home to decline yr/yr in FY23

  • VIZIO (VZIO) reports EPS in-line, misses on revs

  • Vuzix (VUZI) misses single est by $0.01, misses on revs

  • Waldencast plc (WALD) reports Q3 results, reaffirms FY22 guidance

  • Warby Parker (WRBY) reports EPS in-line, beats on revs; guides FY22 revs in-line

  • WestRock (WRK) beats by $0.01, reports revs in-line

  • WeWork (WE) misses by $0.31, misses on revs; guides Q4 revs below consensus

  • Wix.com(WIX) beats by $0.16, reports revs in-line; guides Q4 revs in-line

  • Wynn Resorts (WYNN) misses by $0.19, beats on revs

  • Xometry (XMTR) beats by $0.13, slight upside revs, guides Q4 revs below consensus

  • YETI Holdings (YETI) beats by $0.04, beats on revs; guides FY22 EPS in-line, revs above consensus

  • ZimVie (ZIMV) beats by $0.22, reports revs in-line; reaffirms FY22 EPS guidance, revs guidance

  • ZipRecruiter (ZIP) reports Q3 (Sep) results

News:

  • NBC estimates that Republicans will have 222 House seats and Democrats will have 213, although the network can not declare control of the House at this time, NBC News

  • Russia ordered the retreat of forces from Kherson in southern Ukraine, according to the New York Times

  • China warns of additional layers of coronavirus restrictions, according to Reuters

  • California voters reject referendum to tax wealthy to promote change to EVs, according to the Wall Street Journal

  • Regulators want to expand trading in Treasury market, according to, according to the Wall Street Journal

  • President Biden says he will not make any "fundamental concessions" during meeting with Chinese President Xi next week

  • President Biden says he should decide by "early next year" on presidential run for 2024; still says he "intends' to run

  • APA Corp. (APA) announces a multi-year partnership with the Clean Cooking Alliance

  • Artisan Partners Asset Mgmt (APAM) reports that its preliminary assets under management as of October 31, 2022 totaled $125.3 bln

  • AVITA Medical (RCEL) Announces Achievement of Co-Primary Endpoints in Updated Analysis of Pivotal Trial of RECELL System for Soft Tissue Repair

  • Aura (AURA) Announces Global Phase 3 Trial Design with Suprachoroidal Route of Administration Based on Positive Phase 2 Interim Data of Belzupacap Sarotalocan in Early-Stage Choroidal Melanoma

  • Automatic Data (ADP) authorized the purchase of $5 billion of its common stock

  • Becton Dickinson (BDX) increases quarterly dividend of $0.91/share from $0.87/share

  • BeiGene (BGNE) announces BRUKINSA has been approved in Brazil for the treatment of adult patients with Waldenstrm's macroglobulinemia and adult patients with relapsed/refractory marginal zone lymphoma who have received at least one anti-CD20-based regimen

  • Biogen (BIIB) appointed Christopher A. Viehbacher to serve as President and CEO beginning November 14, 2022

  • Boeing (BA): Skymark Airlines announces intent to acquire Boeing 737 MAX Airplanes

  • Cameco (CCJ) produces first packaged pounds following McArthur River/Key Lake Restart

  • Compass Minerals (CMP) signs binding multi-year supply agreement to provide LG Energy Solution with battery-grade lithium carbonate

  • Franklin Resources (BEN) reports preliminary month-end assets under management of $1,318.4 bln at October 31, 2022, compared to $1,297.4 bln at September 30, 2022

  • GeoPark (GPRK) has approved the renewal, until December 31, 2023, of the share repurchase program for up to 10% of its outstanding shares

  • Hasbro (HAS) CFO Deborah Thomas to retire

  • Invesco (IVZ) reported preliminary month-end assets under management (AUM) of $1,360.6 billion, an increase of 2.8% versus previous month-end

  • LianBio (LIAN) announces the first patient has been dosed in its Phase 1 clinical trial of BBP-398, a SHP2 inhibitor, in Chinese patients with advanced solid tumors

  • Mannkind (MNKD) will present data from two posters on November 10 during the 22nd Annual Diabetes Technology Meeting's virtual poster session

  • Rio Tinto (RIO) and Yindjibarndi Aboriginal Corporation have signed an updated agreement aimed at strengthening ties and delivering improved social and economic outcomes for the Yindjibarndi people for generations to come

  • Seagen (SGEN) announces that its Board of Directors has appointed David R. Epstein as Chief Executive Officer and a member of the Board of Directors

  • Six Flags (SIX) amends cooperation agreement with H Partners

  • Tesla (TSLA): President Biden's comments about looking into CEO Musk's technical relationships with other countries, according to MSNBC

  • Turtle Beach (HEAR) filed to delays its 10-Q; needs additional time to complete a goodwill analysis that may impact goodwill valuation on the balance sheet and have a non-cash impact on GAAP Net Income and GAAP EPS accordingly

  • Veru (VERU) provides update on FDA Advisory Committee Meeting Regarding Emergency Use Authorization of Sabizabulin to treat hospitalized COVID-19 patients at high risk for acute respiratory distress syndrome

  • Victory Capital (VCTR) reports assets under management of $154.7 bln as of October 31, 2022

M&A:

  • Brookfield Asset Mgmt (BAM): Origin receives non-binding, indicative offer at $9.00/share

  • CBRE Group (CBRE) has acquired Full Spectrum Group for a total consideration of $110 mln

  • Maverix Metals (MMX) and Triple Flag Precious Metals Corp. (TFPM) to merge; deal expected to be accretive to NAV per share

  • OTC Markets Group (OTCM) acquires EDGAR Online from Donnelley Financial (DFIN)

  • Sonoco Products (SON) to purchase the remaining equity interest in RTS Packaging from JV partner WestRock Company

Syndicate

  • AXIS Capital (AXS) files mixed securities shelf offering

  • Omeros (OMER) files $300 mln mixed securities shelf offering

  • P10, Inc. (PX) files $300 mln mixed securities shelf offering

IPOs:

  • Expect to Price:

  • Acrivon Therapeutics (Nasdaq: ACRV): The clinical stage biopharmaceutical company developing precision oncology medicines is expected to price its 5.9 M share IPO between $16-$18.

 

Gapping Up/Down

  • Gapping up:

  • APPS +21.4%, PETQ +18.3%, MGNI +17.3%, PRPL+14.7%, RPAY +13.5%, RNG +13.1%, ZIP +12.6%, CPNG +11.4%, FICO +10.6%, ZIMV +9.7%, VUZI+9.4%, RCEL +8.7%, RIVN +7.1%, JXN +6.4%, CELH+6.2%, NICE +6%, FOSL +5.6%, CNNE +4.9%, APAM+4.4%, JAZZ +4.3%, WIX +4.2%, RXT +4.1%, MQ +4%, NVTS +3.8%, AZN +3.8%, MMX +3.6%, ZLAB +3.3%, RXDX +3.2%, KOD +3.1%, SON +3%, PAYO +2.9%, JAMF +2.5%, SIX +2.4%, RKLB +2.3%, KGC +2.2%, BROS +2.2%, MNKD +2.1%, AB +1.7%, STE +1.6%, VZIO +1.5%, NGG +1.5%, WRK +1.3%, STKL +1.1%, BYND +1.1%, U +1%, PLBY +1%

  • Gapping down:

  • CANO -31.7%, VCSA -26.5%, TTGT -20.1%, EGIO-19.9%, DM -13.7%, BMBL -13.5%, BGS -8%, CDE-4.3%, NUVA -3.8%, IVZ -3%, NLS -2.9%, MT -2%, APP -1.3%, TTEK -1.1%, VERU -0.9%

 


Analyst Research (see Upgrades/Downgradescalendarfor full list):

  • Upgrades

  • AeroVironment (AVAV) upgraded to Outperform from Mkt Perform at Raymond James; tgt $100

  • Bentley Systems (BSY) upgraded to Buy from Neutral at Goldman; tgt raised to $44

  • Henkel AG (HENKY) upgraded to Buy from Hold at Societe Generale

  • Palo Alto Networks (PANW) upgraded to Buy from Hold at Loop Capital; tgt raised to $200

  • Porsche (POAHY) upgraded to Mkt Perform from Underperform at Bernstein

  • SunPower (SPWR) upgraded to Neutral from Underperform at Credit Suisse; tgt lowered to $17

  • Viatris (VTRS) upgraded to Neutral from Sell at UBS; tgt raised to $12

  • Downgrades:

  • Altria (MO) downgraded to Sell from Neutral at UBS; tgt $38

  • Amyris (AMRS) downgraded to Neutral from Overweight at JP Morgan

  • Apellis Pharmaceuticals (APLS) downgraded to Hold from Buy at Jefferies; tgt lowered to $40

  • Cano Health (CANO) downgraded to Mkt Perform from Outperform at Raymond James

  • Edgio (EGIO) downgraded to Market Perform from Outperform at Cowen; tgt lowered to $2.50

  • General Motors (GM) downgraded to Peer Perform from Outperform at Wolfe Research

  • Hanesbrands (HBI) downgraded to Neutral from Outperform at Credit Suisse; tgt lowered to $7

  • IVERIC bio (ISEE) downgraded to Hold from Buy at Jefferies; tgt lowered to $20

  • PARTS iD (ID) downgraded to Hold from Buy at Canaccord Genuity; tgt lowered to $3

  • Roblox (RBLX) downgraded to Neutral from Overweight at JP Morgan; tgt lowered to $35

  • Silvergate Capital (SI) downgraded to Neutral from Buy at BofA Securities; tgt lowered to $37

  • Vacasa (VCSA) downgraded to Neutral from Overweight at JP Morgan

  • Vericel (VCEL) downgraded to Neutral from Buy at BTIG Research

  • Others:

  • ZeroFox Holdings (ZFOX) initiated with a Buy at Stifel; tgt $6

Upcoming Events:

  • Econ Data:

  • 08:30 ET: CPI for Oct (Briefing.comConsensus 0.7%; Prior 0.4%)

  • 08:30 ET: Core CPI for Oct (Briefing.comConsensus 0.5%; Prior 0.6%)

  • 08:30 ET: Initial Claims for Nov 5 (Briefing.comConsensus 220K; Prior 217K)

  • 08:30 ET: Continuing Claims for Oct 29 (Briefing.comConsensus NA; Prior 1485K)

  • 10:30 ET: EIA Natural Gas Inventories for Nov 5 (Briefing.comConsensus NA; Prior +107 BCF)

  • 14:00 ET: Treasury Budget for Oct (Briefing.comConsensus NA; Prior -$429.7B)

  • Earnings

  • Monday (Nov 7)

  • Morning:  AMG BLDP BNTX WHD CHH CRON DK WTRG FNV HAE HLIO DINO HEP NI NRG PLTR RBA FOUR THS VTRS

  • Afternoon: ME TWOU AAON ACCO ATVI ADTN LNT AEL AMWL ASH BNFT BHF BWXT CBT CERT DHT FANG DOCN DIOD EHTH FN FGEN FIVN FLGT GRPN HIMS ICUI IFF LGND LPSN LYFT MTW DOOR MLNK MOS MWA NSTG NFE OSH PACB PRDO PRIM QTWO QGEN ROVR SANM SWAV SEDG TTWO TASK TDC TRIP UIS VECO VNOM WELL XNCR YMAB

  • Tuesday (Nov 8)

  • Morning: ACRS AHCO BSY BLDR CG CLVT CNHI CEG COTY CYXT DBD DD ELAN EXK EVBG EVRI EXPD FA GFS HAIN HSKA IGT RIDE LITE MNKD NEO NXST NWN NCLH NOVT PKI PRGO PLNT PLTK RCM RETA REYN SAGE SCSC SSP SQSP STVN SPWR SHO SKIN TAC TGI

  • Afternoon:  DDD ABCL AFRM AKAM ALRM BIRD AMC DOX AMRS ANGI ARLO ARRY AXON BLNK CARG CLNE CRCT DAR DV EBS ENV EOLS FNF FLYW GMED GDRX GO GXO HALO HCAT HRTX ICHR IOSP INO IAC NVTA JKHY LMND LFST RAMP LCID MASI MRTX MODN MRC NTRA NHI NEWR NWSA KIND NOG NLOK NVAX OXY OPK OSUR PLUG PRI PRA PUBM SEER SILK SRC SFM SUPN SG TWO UPST VSAT WTI DIS XENE ZD

Asia & Europe detail:

Asia: Nikkei -1.0%, Hang Seng -1.7%, Shanghai Composite -0.4%

Equity indices in the Asia-Pacific region ended Thursday on a lower note. Bank of Japan Governor Kuroda said that the Japanese economy is picking up, though uncertainties surrounding the economy are "extremely high." Nissan is reportedly not expected to reach an agreement with Renault about their alliance before the middle of November. Reserve Bank of Australia policymaker Bullock said that the RBA is getting closer to the point where it could pause its rate hikes.

  • In economic data:

  • China's October New Loans CNY615.20 bln (expected CNY800.0 bln; last CNY2.47 trln) and October Total Social Financing CNY907.9 bln (expected CNY1.60 trln; last CNY3.53 trln)

  • Japan's October Machine Tool Orders -5.4% yr/yr (last 4.3%)

  • Australia's November MI Inflation Expectations 6.0% (last 5.4%)

---Equity Markets---

  • Japan's Nikkei: -1.0%

  • Hong Kong's Hang Seng: -1.7%

  • China's Shanghai Composite: -0.4%

  • India's Sensex: -0.7%

  • South Korea's Kospi: -0.9%

  • Australia's ASX All Ordinaries: -0.6%

---FX---

  • USD/JPY: UNCH at 146.51

  • USD/CNH: UNCH at 7.2644

  • USD/INR: +0.4% to 81.66

Europe: DAX -0.1%, FTSE -0.1%, CAC -0.5%

Major European indices trade on a mostly lower note while Italy's MIB (+0.4%) outperforms thanks to strength in bank names. British Chancellor Hunt is reportedly looking to lower the surcharge on bank profits to shield them from the bulk of a corporate tax rate hike. The European Central Bank released its latest Economic Bulletin, noting that substantial progress has been made in withdrawing accommodation, though inflation is expected to remain above target for an extended period. There are growing expectations that Norway's Norges Bank will continue hiking rates into next year.

  • In economic data:

  • Italy's September Industrial Production -1.8% m/m (expected -1.5%; last 2.3%); -0.5% yr/yr (expected 0.9%; last 2.9%)

---Equity Markets---

  • STOXX Europe 600: +0.1%

  • Germany's DAX: -0.1%

  • U.K.'s FTSE 100: -0.1%

  • France's CAC 40: -0.5%

  • Italy's FTSE MIB: +0.4%

  • Spain's IBEX 35: -0.7%

---FX---

  • EUR/USD: -0.7% to 0.9946

  • GBP/USD: +0.3% to 1.1391

  • USD/CHF: +0.5% to 0.9886


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