The S&P 500 futures trade 16 points, or 0.3%, above fair value as investors await the Consumer Price Index (CPI) report for November at 8:30 a.m. ET. The S&P 500 enters the session up 2.8% for the week.
The Briefing.comconsensus is projecting a 0.6% m/m increase in total CPI, but the White House is already saying that the data is "backward looking" and will not capture recent price declines for consumers. Nevertheless, a high inflation reading could persuade the Fed to taper faster than planned at next week's policy meeting.
Investors will also receive the preliminary University of Michigan Index of Consumer Sentiment for December (Briefing.comconsensus 68.0) at 10:00 a.m. ETand the Treasury Budget for November at 2:00 p.m. ET.
U.S. Treasuries are sniffing some inflation pressures, as yields edge higher across the curve. The 2-yr yield is up three basis points to 0.72%, and the 10-yr yield is up two basis points to 1.51%. The U.S. Dollar Index is up 0.1% to 96.36. WTI crude futures are up 1.2%, or $0.84, to $71.78/bbl.
Separately, Broadcom (AVGO 625.00, +41.58, +7.1%) and Oracle (ORCL 98.85, +10.08, +11.4%) are rallying on positive earnings results and plans to repurchase $10 billion worth of shares. Costco (COST 534.20, +9.87, +1.9%) is up more modestly after beating EPS estimates.
In U.S. Corporate news:
Broadcom (AVGO 625.00, +41.58): +7.1% after beating EPS estimates, guiding fiscal Q1 revenue above consensus, increasing its quarterly dividend by 14%, and announcing a new $10 billion share repurchase program.
Oracle (ORCL 98.85, +10.08): +11.4% after beating top and bottom-line estimates and increasing its share repurchase program by $10 billion. On a related note, the stock was upgraded to Buy from Hold at Deutsche Bank.
Costco (COST 534.20, +9.87): +1.9% after beating EPS estimates.
lululemon athletica (LULU 411.00, -5.92): -1.4% after guiding Q4 revenue slightly below consensus, although the company did beat EPS estimates.
Tesla (TSLA 991.89, -11.91): -1.2% as CEO Elon Musk continued to sell shares as previously committed and joked on Twitter about leaving his job to become an influencer.
Reviewing overnight developments:
Equity indices in the Asia-Pacific region ended the week on a lower note. Japan's Nikkei: -1.0% (+1.5% for the week) Hong Kong's Hang Seng: -1.1% (+1.0% for the week) China's Shanghai Composite: -0.2% (+1.6% for the week) India's Sensex: UNCH (+1.9% for the week) South Korea's Kospi: -0.6% (+1.4% for the week) Australia's ASX All Ordinaries: -0.3% (+1.7% for the week).
In economic data:
Japan's November PPI 0.6% m/m (expected 0.3%; last 1.4%); 9.0% yr/yr (expected 8.5%; last 8.3%)
New Zealand's November Business NZ PMI 50.6 (last 54.3). November Electronic Card Retail Sales 9.6% m/m (last 10.0%); 2.9% yr/yr (last -7.6%)
In news:
Japan's PPI increased at its fastest yr/yr pace since 1981 in the November reading. A Bank of Japan official said that steelmakers are optimistic about a rebound in production this month.
The Japanese government approved a tax reform plan for FY22, as expected.
China will hold a 2.5 day central economic work conference, starting Wednesday.
Major European indices trade near their flat lines, making for a quiet finish to the week. STOXX Europe 600: -0.2% (+2.9% week-to-date) Germany's DAX: +0.1% (+3.2% week-to-date) U.K.'s FTSE 100: UNCH (+2.8% week-to-date) France's CAC 40: -0.1% (+2.0% week-to-date) Italy's FTSE MIB: -0.1% (+3.3% week-to-date) Spain's IBEX 35: -0.4% (+1.5% week-to-date).
In economic data:
Germany's November CPI -0.2% m/m, as expected (last -0.2%); 5.2% yr/yr, as expected (last 5.2%)
U.K.'s October Industrial Production -0.6% m/m (expected 0.1%; last -0.4%); 1.4% yr/yr (expected 2.2%; last 2.9%). Manufacturing Production 0.0% m/m (expected 0.1%; last 0.1%); 1.3% yr/yr (expected 1.7%; last 2.8%). October Construction Output -1.8% m/m (expected 0.2%; last 1.3%); 3.2% yr/yr (expected 5.0%; last 7.2%). October trade deficit GBP13.93 bln (expected deficit of GBP14.06 bln; last deficit of GBP14.74 bln). Q3 GDP 4.6% yr/yr (expected 6.6%; last 5.3%)
Italy's October Industrial Production -0.6% m/m (expected 0.4%; last 0.1%); 2.0% yr/yr (expected 3.3%; last 4.5%)
Spain's October Industrial Production -0.9% yr/yr (expected 0.7%; last 0.4%)
In news:
British Prime Minister Johnson may be facing a no-confidence vote from his party after the reimposition of coronavirus restrictions.
Today is the deadline that was set for the U.K. and France to solve their fishing dispute, but the situation remains unresolved.
U.S. equity futures:
S&P 500 Futures: +15 @ 4,683
DJIA Futures: +86 @ 35,841
Nasdaq 100 Futures: +36 @ 16,186
Overseas:
Europe: DAX +0.1%, FTSE UNCH, CAC -0.1%
Asia: Nikkei -1.0%, Hang Seng -1.1%, Shanghai Composite -0.2%
Commodities:
Crude Oil +0.78 @ 71.72
Nat Gas +0.032 @ 3.846
Gold -2.55 @ 1774.15
Silver -0.115 @ 21.898
Copper +0.0002 @ 4.332
U.S. Summary:
Earnings/Guidance (Full Earnings Calendar):
American Outdoor Brands (AOUT) misses by $0.18, misses on revs; guides FY22 EPS in-line, revs below consensus, announces $15 mln share repurchase program
Broadcom (AVGO) beats by $0.04, reports revs in-line; guides JanQ revs above consensus; increases quarterly dividend by 14%; announces new $10 bln share repurchase program
Centene (CNC) sees FY22EPS in line; sees FY22revs above consensus
CF Industries (CF) raises FY21adjusted EBITDA guidance due to its assessment of global nitrogen market conditions
Chewy (CHWY) misses by $0.04, reports revs in-line; guides Q4 revs in-line
Comtech Telecom (CMTL) beats by $0.07, reports revs in-line; reaffirms FY22revs in-line (midpoint above consensus)
Costco (COST) beats by $0.32, reports revs in-line
Gran Tierra Energy (GTE) issues FY22guidance; expects adjusted EBITDA of $360-460 mln; raises FY22production guidance
Leslie's (LESL) beats by $0.01, beats on revs; guides FY22EPS above consensus, revs above consensus; also announces $300 million share repurchase authorization
lululemon athletica (LULU) beats by $0.22, reports revs in-line; guides Q4 EPS in-line, revs slightly below consensus;
Mesa Air (MESA) misses by $0.18, misses on revs; expects COVID issues to spill-over through the next two quarters
National Beverage (FIZZ) reports Q2 (Oct) earnings; net sales grew 4.2% yr/yr
Oracle (ORCL) beats by $0.10, beats on revs; increases share repurchase program by $10 bln;
Sprinklr (CXM) beats by $0.04, beats on revs; guides JanQ EPS above consensus, revs above consensus
Taiwan Semi (TSM) revenue for November 2021 was approximately NT$148.27 billion, an increase of 10.2 percent from October 2021 and an increase of 18.7 percent from November 2020
Tecnoglass (TGLS) raises FY21revenue and EBITDA guidance; responds to short seller report
Vail Resorts (MTN) beats by $0.15, misses on revs; Board declares dividend
Yellow Corporation (YELL) Provides Quarter-To-Date Operating Data for Fourth Quarter 2021
General News:
White House economic adviser Brian Deese says today's inflation report is "backward looking" and will not capture "recent price movements", according to Bloomberg
President Biden is expected to quickly sign bill that will allow debt ceiling to be raised one time only with 51 votes in Senate. Congress is expected to vote on actual debt ceiling raise by $2.5 trillion next week, which will be enough to get Treasury past the midterm elections, according to New York Times
White House says "If diplomacy cannot get on track soon, and if Iran's nuclear program continues to accelerate, then we will have no choice but to take additional measures to further restrict Iran's revenue-producing sectors"
US considering banning Semiconductor Manufacturing International from purchasing US products, according to the Wall Street Journal
Democrats will eliminate vaping tax from reconciliation bill, according to the Wall Street Journal
Activision Blizzard (ATVI) employees are close to forming a union, according to the Washington Post
AllianceBernstein (AB) announces preliminary assets under management of $759 bln as of November 30
Altair Engineering (ALTR) appointed Stephanie Buckner to serve as the Company's Chief Operating Officer, effective January 1, 2022
Angion (ANGN) and Vifor Pharma Report Topline Results from Phase 2 GUARD Trial of ANG-3777 in Cardiac Surgery-Associated Acute Kidney Injury
Arbutus Biopharma (ABUS) amended Cross License Agreement with Genevant Sciences GmbH
Azul S.A. (AZUL) reports November 2021 traffic
B2Gold (BTG) reaches agreement in principle for Menankoto exploration permit
Bayer (BAYRY) wins second Roundup case, according to Reuters
BeiGene (BGNE) presents results from phase 3 Trial of tislelizumab in nasopharyngeal cancer at ESMO Immuno-Oncology Congress 2021
C3.ai (AI) receives $500 mln five-year Production-Other Transaction Agreement from the U.S. Department of Defense
CareTrust REIT (CTRE) appoints David Sedgwick as Chief Executive Officer, to be effective as of January 1, 2022
CenterPoint (CNP) increases quarterly dividend 8% to $0.17/share
Centrexion Therapeutics (CNTX) announces "positive" data from ONA-XR in early breast cancer at 2021 San Antonio Breast Cancer Symposium
C.H. Robinson (CHRW) raises quarterly dividend to $0.55 from $0.51/share; authorizes share repurchase of 20 mln shares
Clene (CLNN) along with its subsidiaries 'Clene' and its wholly owned subsidiary Clene Nanomedicine presented data from the RESCUE-ALS Phase 2 study of CNM-Au8
Crown (CCK) authorizes $3.0 bln share repurchase program
Edison (EIX) raises common stock dividend 5.66%
Eli Lilly (LLY) and Regor Therapeutics Group entered into a multi-year research collaboration and licensing agreement to discover, develop and commercialize novel therapies for metabolic disorders
Energous (WATT) appoints Cesar Johnston as CEO, effective December 6
Erie Indemnity (ERIE) approves increase in regular quarterly cash dividend to $1.11/share from $1.035/share on each Class A share
Everbridge (EVBG) announces David Meredith has notified Board of his intention to resign as CEO; reiterates Q4 & FY21 guidance
FIGS, Inc. (FIGS) CFO Jeffrey Lawrence decided to retire, effective December 24, 2021
FMC Corp (FMC) signs agreements with Corteva Agriscience (CTVA) for the supply of growers seed treatment insecticides
Franklin Resources (BEN) reported preliminary month-end AUM of $1,546.8 billion at November 30, 2021, compared to $1,561.7 billion at October 31, 2021
GE (GE) and Union Pacific (UNP) suspend employee vaccine mandates, according to the Wall Street Journal
Invesco reports preliminary month-end assets under management of $1,572.5 bln as of November 30
iTeos (ITOS) Announces New Data for its Anti-TIGIT Antibody, EOS-448, at the American Society of Hematology Annual Meeting and TIGIT Therapies Digital Summit
Johnson & Johnson (JNJ) announces interim recommendation by the Strategic Advisory Group of Experts on Immunization for the WHO supporting use of COVID-19 vaccine as booster
Lazard (LAZ) reports that its preliminary AUM as of November 30, 2021 totaled approximately $267.4 billion
Lumber Liquidators (LL) announced that it expects to complete its corporate entity name change to LL Flooring Holdings, Inc. effective January 1, 2022, upon satisfying all applicable legal and regulatory requirements
MediciNova (MNOV) announces MN-166 (ibudilast) poster presentation at the 32nd international symposium on ALS/MND
Microsoft (MSFT) offered to bring Xbox-exclusive games to iPhone, according to TheVerge
Moderna (MRNA) announces interim data from the Phase 1 study of the Company's quadrivalent seasonal flu vaccine candidate, mRNA-1010
New Pacific Metals (NEWP) appoints prior CEO and founder Dr. Rui Feng as Chairman of the Board
ObsEva (OBSV) reports 52-Week Data from the Phase 3 PRIMROSE studies of linzagolix for the treatment of uterine fibroids demonstrating sustained safety and efficacy results at 52 weeks to be presented orally
Orchid Island Capital (ORC) approves increased share repurchase authorization
Proterra (PTRA) appoints Gareth Joyce to succeed Jack Allen as CEO, effective January 1
Relay Therapeutics (RLAY) shares additional preclinical data at the 2021 San Antonio Breast Cancer Symposium for RLY-2608
Roche Hldg's (RHHBY) Genentech report bew data from the Phase II CITYSCAPE trial show encouraging results with genentech's novel anti-TIGIT tiragolumab plus tecentriq
SpringWorks Therapeutics (SWTX) announced that the company has entered into a clinical trial collaboration agreement with AbbVie (ABBV)
Sun Life (SLF) appoints Scott Powers to succeed Bill Anderson as Chair, effective in May 2022
TechnipFMC (FTI) awarded three frame agreements by Petrobras (PBR)
TE Connectivity (TEL) to increase quarterly dividend to $0.56 per share from $0.50 per share for the four fiscal quarters starting in April 2022
Tesla (TSLA) CEO Elon Musk tweets "thinking of quitting my jobs & becoming an influencer full-time wdyt"
Tesla (TSLA): Regulators are speaking with Tesla about faulty autopilot cameras, according to CNBC
Texas Capital (TCBI) appoints Matt Scurlock as Executive Vice President and CFO, effective January 1, 2022
Tupperware (TUP) to open strategic global sourcing center in Singapore
Uber (UBER): EU may give Uber drivers employee benefits, according to Reuters
Urban Outfitters (URBN) appointed Kelly Campbell to the Board, expanding size to 11 from 10 members
Valaris (VAL) announces support agreement with the Seatankers Group
Victory Capital (VCTR) reports AUM of $160.5 billion as of November 30, 2021, -1% M/M
Waste Mgmt (WM) approves 13% increase quarterly dividend for 2022 to $0.65/share; authorizes repurchase program up to $1.5 bln of common stock
Zumiez (ZUMZ) discloses authorization for repurchase of $150 mln in common stock
M&A:
Bottomline Technologies (EPAY) mulling sale, according to Bloomberg
CC Neuberger Principal Holdings II (PRPB): Getty Images to become publicly traded company through combination with CC Neuberger Principal Holdings II
inTEST Corp (INTT) agrees to acquire Acculogic for approx $9 mln
Iron Mountain (IRM) to acquire ITRenew
North Mountain Merger Corp. (NMMC): Corcentric to become publicly listed through a business combination with NMMC
RR Donnelley & Sons (RRD) reports that Chatham Asset Management has increased its offer to acquire the company to $10.85/share in cash
SS&C Techs (SSNC) agrees to acquire Hubwise Holdings in cash transaction
Syndicate:
Bank7 (BSVN) announces pricing of secondary offering at $22.00/share
BNY Mellon (BK) files mixed securities shelf offering
Nymox Pharma (NYMX) files for $25 mln mixed securities shelf offering
Snap-On (SNA) files mixed securities shelf offering
IPOs:
Expected to Price:
No IPOs expected to price.
Gapping Up/Down
Gapping up:
CNTX +33.5%, AI +20%, ORCL +11.7%, OCX +10.9%, AVGO +7.1%, INTT +5.6%, HALO +4.5%, LESL +4.1%, RRD +3.2%, ORC +2.9%, CXM +2.8%, GTE +2.5%, CCK +2.2%, TGLS +2.1%, CF +2.1%, ZUMZ +1.9%, COST +1.9%, BTG +1.6%, PRPB +1.4%, WM +1.3%, NEWP +1.1%,
Gapping down:
EVBG -30.7%, AOUT -19.1%, ANGN -18.9%, MESA-15.3%, CHWY -9.9%, PTRA -6.6%, FIZZ -5.6%, MTN-5.4%, IMUX -5%, AZUL -1.6%, TUP -1.5%, LULU-1.4%, LCID -1%,
Analyst Research (see Upgrades/Downgradescalendarfor full list):
Upgrades
Arconic (ARNC) upgraded to Overweight from Neutral at JP Morgan; tgt raised to $40
Aurinia Pharma (AUPH) upgraded to Outperform from Perform at Oppenheimer; tgt lowered to $31
AvalonBay (AVB) upgraded to Outperform from Market Perform at BMO Capital Markets; tgt $285
Bright Health Group (BHG) upgraded to Overweight from Neutral at JP Morgan; tgt $6
Commercial Metals (CMC) upgraded to Overweight from Neutral at JP Morgan; tgt $42
Greenbrier (GBX) upgraded to Overweight from Equal-Weight at Stephens; tgt raised to $56
Jabil (JBL) upgraded to Buy from Neutral at Goldman; tgt raised to $75
LyondellBasell (LYB) upgraded to Buy from Hold at HSBC Securities; tgt $112
Martin Marietta (MLM) upgraded to Buy from Hold at Truist; tgt $525
Oracle (ORCL) upgraded to Buy from Hold at Deutsche Bank; tgt raised to $120
Patterson-UTI (PTEN) upgraded to Buy from Neutral at Citigroup; tgt $11
Royal Caribbean (RCL) upgraded to Hold from Sell at Berenberg; tgt $80
SM Energy (SM) upgraded to Outperform from Market Perform at Cowen; tgt raised to $42
Sprinklr (CXM) upgraded to Overweight from Neutral at JP Morgan; tgt lowered to $20
Zymeworks (ZYME) upgraded to Outperform from Mkt Perform at SVB Leerink
Downgrades:
AGCO Corp (AGCO) downgraded to Hold from Buy at Deutsche Bank; tgt lowered to $124
BJ Restaurants (BJRI) downgraded to Neutral from Outperform at Wedbush; tgt lowered to $38
Carrier Global (CARR) downgraded to Hold from Buy at Deutsche Bank; tgt lowered to $56
Centerspace (CSR) downgraded to Market Perform from Outperform at BMO Capital Markets; tgt raised to $112
Constellium (CSTM) downgraded to Neutral from Overweight at JP Morgan; tgt lowered to $21
Everbridge (EVBG) downgraded to Underperform from Neutral at BofA Securities; tgt lowered to $100
Everbridge (EVBG) downgraded to Equal Weight from Overweight at Barclays; tgt lowered to $90
Everbridge (EVBG) downgraded to Hold from Buy at Stifel; tgt lowered to $100
Everbridge (EVBG) downgraded to Neutral from Outperform at Robert W. Baird; tgt lowered to $95
Everbridge (EVBG) downgraded to Neutral from Overweight at JP Morgan; tgt lowered to $127
Fidelity Nat'l Info (FIS) downgraded to In-line from Outperform at Evercore ISI
Fiserv (FISV) downgraded to In-line from Outperform at Evercore ISI
Global Payments (GPN) downgraded to In-line from Outperform at Evercore ISI
Kaiser Alum (KALU) downgraded to Underweight from Neutral at JP Morgan; tgt lowered to $98
Mesa Air (MESA) downgraded to Hold from Buy at Deutsche Bank; tgt lowered to $7
Peloton (PTON) downgraded to Neutral from Outperform at Credit Suisse; tgt lowered to $50
Radius Health (RDUS) downgraded to Underweight from Equal-Weight at Morgan Stanley; tgt lowered to $7
Radius Health (RDUS) downgraded to Neutral from Buy at Goldman; tgt lowered to $12
Southwest Air (LUV) downgraded to Sell from Neutral at Goldman; tgt lowered to $36
Sumo Logic (SUMO) downgraded to Hold from Buy at Berenberg; tgt $16
Torrid (CURV) downgraded to Equal-Weight from Overweight at Morgan Stanley; tgt $14
Others:
Abbott Labs (ABT) initiated with an Outperform at RBC Capital Mkts; tgt $146
AppLovin (APP) initiated with a Buy at DA Davidson; tgt $125
Aspen Aerogels (ASPN) initiated with a Buy at The Benchmark Company; tgt $70
Bank of America (BAC) resumed with a Buy at UBS; tgt $64
BioCryst Pharma (BCRX) initiated with an Outperform at Oppenheimer; tgt $16
Biogen (BIIB) resumed with a Mkt Perform at Raymond James
Boston Scientific (BSX) initiated with an Outperform at RBC Capital Mkts; tgt $51
Citigroup (C) resumed with a Neutral at UBS; tgt $67
Delcath (DCTH) initiated with a Buy at H.C. Wainwright; tgt $25
Denali Therapeutics (DNLI) resumed with a Mkt Perform at Raymond James
Edwards Lifesciences (EW) initiated with an Outperform at RBC Capital Mkts; tgt $142
European Sustainable Growth Acquisition Corp. (EUSG) initiated with a Buy at DA Davidson; tgt $17
Flywire (FLYW) initiated with a Neutral at Goldman; tgt $47
Global-E Online (GLBE) initiated with a Buy at Goldman; tgt $89
Globus Medical (GMED) initiated with an Outperform at RBC Capital Mkts; tgt $80
ironSource (IS) initiated with a Buy at DA Davidson; tgt $11
JPMorgan Chase (JPM) resumed with a Buy at UBS; tgt $210
Medtronic (MDT) initiated with an Outperform at RBC Capital Mkts; tgt $140
NuVasive (NUVA) initiated with an Outperform at RBC Capital Mkts; tgt $60
Paymentus (PAY) initiated with a Buy at Goldman; tgt $41
Payoneer (PAYO) initiated with a Neutral at Goldman; tgt $8.50
Pliant Therapeutics (PLRX) initiated with an Outperform at Oppenheimer; tgt $40
PNC (PNC) initiated with a Buy at UBS; tgt $240
Riskified (RSKD) initiated with a Sell at Goldman; tgt $9
SomaLogic (SLGC) initiated with a Buy at Jefferies; tgt $16
Spirit Realty Capital (SRC) initiated with an Outperform at Wolfe Research; tgt $57
Spruce Biosciences (SPRB) initiated with a Speculative Buy at The Benchmark Company; tgt $7
Stryker (SYK) initiated with a Sector Perform at RBC Capital Mkts; tgt $278
Teleflex (TFX) initiated with an Outperform at RBC Capital Mkts; tgt $415
Ternium S.A. (TX) initiated with a Buy at Goldman; tgt $57
Truist (TFC) initiated with a Neutral at UBS; tgt $63
U.S. Bancorp (USB) initiated with a Buy at UBS; tgt $70
Vale S.A. (VALE) resumed with a Neutral at Goldman
Wells Fargo (WFC) resumed with a Buy at UBS; tgt $65
Zimmer Biomet (ZBH) initiated with a Sector Perform at RBC Capital Mkts; tgt $140
Upcoming Events:
Econ Data:
08:30 ET: CPI for Nov (Briefing.comConsensus 0.6%; Prior 0.9%)
08:30 ET: Core CPI for Nov (Briefing.comConsensus 0.5%; Prior 0.6%)
10:00 ET: Univ. of Michigan Consumer Sentiment Prelim for Dec (Briefing.comConsensus 68.0; Prior 67.4)
14:00 ET: Treasury Budget for Nov (Briefing.comConsensus NA; Prior -$165.0B)
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 -1.0%, Hang Seng -1.1%, Shanghai Composite -0.2%
Equity indices in the Asia-Pacific region ended the week on a lower note. Japan's PPI increased at its fastest yr/yr pace since 1981 in the November reading. A Bank of Japan official said that steelmakers are optimistic about a rebound in production this month. The Japanese government approved a tax reform plan for FY22, as expected. China will hold a 2.5 day central economic work conference, starting Wednesday.
In economic data:
Japan's November PPI 0.6% m/m (expected 0.3%; last 1.4%); 9.0% yr/yr (expected 8.5%; last 8.3%)
New Zealand's November Business NZ PMI 50.6 (last 54.3). November Electronic Card Retail Sales 9.6% m/m (last 10.0%); 2.9% yr/yr (last -7.6%)
---Equity Markets---
Japan's Nikkei: -1.0% (+1.5% for the week)
Hong Kong's Hang Seng: -1.1% (+1.0% for the week)
China's Shanghai Composite: -0.2% (+1.6% for the week)
India's Sensex: UNCH (+1.9% for the week)
South Korea's Kospi: -0.6% (+1.4% for the week)
Australia's ASX All Ordinaries: -0.3% (+1.7% for the week)
---FX---
USD/JPY: +0.3% to 113.78
USD/CNH: UNCH at 6.3732
USD/INR: +0.3% to 75.74
Europe: DAX +0.1%, FTSE UNCH, CAC -0.1%
Major European indices trade near their flat lines, making for a quiet finish to the week. British Prime Minister Johnson may be facing a no-confidence vote from his party after the reimposition of coronavirus restrictions. Today is the deadline that was set for the U.K. and France to solve their fishing dispute, but the situation remains unresolved.
In economic data:
Germany's November CPI -0.2% m/m, as expected (last -0.2%); 5.2% yr/yr, as expected (last 5.2%)
U.K.'s October Industrial Production -0.6% m/m (expected 0.1%; last -0.4%); 1.4% yr/yr (expected 2.2%; last 2.9%). Manufacturing Production 0.0% m/m (expected 0.1%; last 0.1%); 1.3% yr/yr (expected 1.7%; last 2.8%). October Construction Output -1.8% m/m (expected 0.2%; last 1.3%); 3.2% yr/yr (expected 5.0%; last 7.2%). October trade deficit GBP13.93 bln (expected deficit of GBP14.06 bln; last deficit of GBP14.74 bln). Q3 GDP 4.6% yr/yr (expected 6.6%; last 5.3%)
Italy's October Industrial Production -0.6% m/m (expected 0.4%; last 0.1%); 2.0% yr/yr (expected 3.3%; last 4.5%)
Spain's October Industrial Production -0.9% yr/yr (expected 0.7%; last 0.4%)
---Equity Markets---
STOXX Europe 600: -0.2% (+2.9% week-to-date)
Germany's DAX: +0.1% (+3.2% week-to-date)
U.K.'s FTSE 100: UNCH (+2.8% week-to-date)
France's CAC 40: -0.1% (+2.0% week-to-date)
Italy's FTSE MIB: -0.1% (+3.3% week-to-date)
Spain's IBEX 35: -0.4% (+1.5% week-to-date)
---FX---
EUR/USD: -0.2% to 1.1272
GBP/USD: -0.1% to 1.3203
USD/CHF: +0.1% to 0.9242
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