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11/08/23 Briefing


The S&P 500 futures are down 5 points and are trading 0.1% below fair value. The Nasdaq 100 futures are down 30 points and are trading 0.1% below fair value. The Dow Jones Industrial Average futures are down six points and are trading fractionally below fair value.

Stock futures have been mixed, yet little changed, following yesterday's flattish finish. Market participants are looking ahead to the July Producer Price Index at 8:30 a.m. ET and the preliminary August University of Michigan Consumer Sentiment survey at 10:00 a.m. ET.

China reported weak yuan loan growth for July, adding to concerns about domestic demand. Also, worries about the Chinese property market were piqued when Country Garden said it expects to lose approx. $8.0 billion in the first half of 2023.

The International Energy Agency (IEA) warned of tight supply in 2023 due to OPEC+ production cuts, but said it expects demand growth to slowdown in 2024.

The 2-yr note yield is down one basis point to 4.82% and the 10-yr note yield is up two basis points to 4.10%

In corporate news:

  • Stanley Black & Decker (SWK 94.00, -1.32, -1.4%): downgraded to Underperform from Peer Perform at Wolfe Research

  • Amazon.com (AMZN 138.17, -0.39, -0.3%): Reburn maintained its Buy rating and raised its price target to $230 from $220

  • Savers Value Village (SVV 24.98, +1.38, +5.9%): beats by $0.05, beats on revs; guides FY23 revs above consensus, expects FY23 comps of +5.0%

  • Flowers Foods (FLO 25.38, +0.61, +2.5%): beats by $0.05, beats on revs; guides FY23 EPS in-line, revs in-line

  • News Corp. (NWSA 20.28, -0.03, -0.2%): beats by $0.05, misses on revs

  • Arco Platform (ARCE 13.50, +1.55, +13.0%): agrees to go private for $14.00 per share in cash

  • Cano Health (CANO 0.83, -0.69, -45.7%): reports Q2 results; misses on revs; provides update on strategic actions, including a possible sale; plans to exit some operations; workforce reduction; says there is substantial doubt about ability to continue as a going concern; to delay 10-Q filing

Reviewing overnight developments:

  • Equity indices in the Asia-Pacific region ended the week on a mostly lower note while Japan's Nikkei was closed for Mountain Day. Japan's Nikkei: CLOSED (+0.9% for the week), Hong Kong's Hang Seng: -0.9% (-2.4% for the week), China's Shanghai Composite: -2.0% (-3.0% for the week), India's Sensex: -0.6% (-0.6% for the week), South Korea's Kospi: -0.4% (-0.4% for the week), Australia's ASX All Ordinaries: -0.2% (+0.2% for the week).

  • In economic data:

  • China's July New Loans CNY345.9 bln (expected CNY800.0 bln; last CNY3.05 trln), July total social financing CNY528.2 bln (expected CNY1.10 trln; last CNY4.22 trln), and July outstanding loan growth 11.1% yr/yr (expected 11.3%; last 11.3%)

  • Hong Kong's Q2 GDP -1.3% qtr/qtr, as expected (last 5.3%); 1.5% yr/yr, as expected (last 2.9%)

  • Singapore's Q2 GDP 0.1% qtr/qtr (expected 0.3%; last -0.4%); 0.5% yr/yr (expected 0.7%; last 0.4%)

  • New Zealand's June FPI -0.5% m/m (expected 2.1%; last 0.3%) and July Business NZ PMI 46.3 (expected 49.4; last 47.6)


  • In news:

  • China reported weak credit growth for July, adding to concerns about domestic demand.

  • Developer Country Garden faced continued pressure after warning that it is facing a loss of up to 55 bln CNY for the first half of the year. The firm has reportedly hired China International Capital Corporation to assist with debt restructuring.

  • Officials from the U.S., Japan, and South Korea are working to establish an annual meeting between heads of the three countries.



  • Major European indices trade in the red. STOXX Europe 600: -0.7% (+0.3% week-to-date), Germany's DAX: -0.5% (-0.3% week-to-date), U.K.'s FTSE 100: -1.1% (-0.4% week-to-date), France's CAC 40: -0.8% (+0.8% week-to-date), Italy's FTSE MIB: -0.6% (-0.7% week-to-date), Spain's IBEX 35: -0.4% (+1.1% week-to-date).

  • In economic data:

  • U.K.'s Q2 GDP 0.2% qtr/qtr (expected 0.0%; last 0.1%); 0.4% yr/yr (expected 0.2%; last 0.2%). Q2 Business Investment 3.4% qtr/qtr (expected 0.8%; last 3.3%); 6.7% yr/yr (expected 8.1%; last 5.8%). June Construction Output 1.6% m/m (last -0.3%); 4.6% yr/yr (expected 1.9%; last 0.2%). June Industrial Production 1.8% m/m (expected 0.1%; last -0.6%); 0.7% yr/yr (expected -1.1%; last -2.1%). June Manufacturing Production 2.4% m/m (expected 0.2%; last -0.1%); 3.1% yr/yr (expected 0.3%; last -0.6%). June trade deficit GBP15.46 bln (expected deficit of GBP16.40 bln; last deficit of GBP18.41 bln)

  • France's Q2 Unemployment Rate 7.2% (expected 7.1%; last 7.1%). July CPI 0.1% m/m (expected 0.0%; last 0.2%); 4.3% yr/yr, as expected (last 4.5%)

  • Italy's June trade surplus EUR7.718 bln (expected surplus of EUR6.489 bln; last surplus of EUR4.767 bln)

  • Spain's July CPI 0.2% m/m (expected 0.1%; last 0.6%); 2.3% yr/yr, as expected (last 1.9%). July Core CPI 6.2% yr/yr (last 5.9%)


  • In news:

  • The U.K. reported better than expected growth for Q2, showing continued resilience in the face of rate hikes.

  • Chancellor Hunt said that British growth can exceed that of Germany, France, and Italy if the government sticks to its plans.

  • The Italian government plans to acquire a stake of up to 20% in Telecom Italia's network, which is on track to be sold to KKR.



U.S. equity futures:

  • S&P 500 Futures -2 @ 4,467

  • DJIA Futures: +4 @ 35,180

  • Nasdaq 100 Futures: -20 @ 15,109

Overseas:

  • Europe: DAX -0.5%, FTSE -1.1%, CAC -0.8%

  • Asia: Nikkei CLOSED, Hang Seng -0.9%, Shanghai Composite -2.0%

Commodities:

  • Crude Oil +0.40 @ 83.22

  • Nat Gas +0.054 @ 2.817

  • Gold +1.85 @ 1950.75

  • Silver -0.044 @ 22.777

  • Copper -0.0600 @ 3.705


Earnings/Guidance:

  • Adtalem Global Education ( ATGE 1.46% ) beats by $0.06, beats on revs; guides FY24 EPS in-line, reaffirms FY24 revs guidance

  • Akebia Therapeutics ( AKBA 0.00% ) reaffirms 2023 net product revenue guidance of $175-180 mln; co believes its cash resources as of June 30, 2023 will be sufficient to fund its current operating plan through at least the next twelve months

  • Akero Therapeutics ( AKRO 0.00% ) beats by $0.01

  • Amylyx Pharmaceuticals ( AMLX 0.00% ) beats by $0.12, beats on revs

  • Arlo Technologies ( ARLO 0.89% ) beats by $0.02, beats on revs; guides Q3 EPS in-line, revs in-line

  • Avita Medical ( RCEL 0.00% ) reports Q2 results, beats on revs; raises FY23 commercial revenue outlook

  • Cano Health ( CANO 0.65% ) reports Q2 results; misses on revs; provides update on strategic actions, including a possible sale; plans to exit some operations; workforce reduction; says there is substantial doubt about ability to continue as a going concern

  • Capri Holdings ( CPRI 55.74% ) beats by $0.03, beats on revs

  • Credicorp LTD ( BAP 0.23% ) beats by $1.22

  • CymaBay Therapeutics ( CBAY 0.00% ) beats by $0.19, beats on revs; provides clinical update

  • Evolv Technologies Holdings ( EVLV 0.00% ) beats by $0.02, beats on revs; guides FY23 revs above consensus

  • Flowers Foods ( FLO 0.28% ) beats by $0.05, beats on revs; guides FY23 EPS in-line, revs in-line

  • HIVE Digital Technologies ( HIVE 0.00% ) reports Q1 results; beats on revs

  • IAMGOLD ( IAG 0.84% ) beats by $0.01; beats on revs

  • indie Semiconductor ( INDI 0.00% ) misses by $0.01, reports revs in-line

  • IonQ ( IONQ 2.07% ) reports Q2 (Jun) results; slightly raises FY23 revs outlook, raises bookings outlook

  • Nouveau Monde Graphite ( NMG 0.00% ) provides a quarterly operational update

  • OmniAb ( OABI 0.00% ) misses by $0.03, misses on revs

  • Onto Innovation ( ONTO 4.52% ) misses by $0.05, misses on revs; guides Q3 EPS in-line, revs above consensus

  • Pagaya ( PGY 0.00% ) beats by $0.03, beats on revs, guides Q3 revenue below consensus, FY23 revenue inline

  • Maxeon Solar ( MAXN 0.00% ) beats by $0.04, misses on revs; guides Q3 revs below consensus; guides FY23 revs below consensus

  • News Corp. ( NWSA 0.00% ) beats by $0.05, misses on revs

  • Savers Value Village ( SVV 1.07% ) beats by $0.05, beats on revs; guides FY23 revs above consensus, expects FY23 comps of +5.0%

  • Spectrum Brands ( SPB 0.27% ) beats by $0.27, misses on revs; reaffirms FY23 revs guidance

  • Tarsus Pharmaceuticals ( TARS 0.00% ) misses by $0.09, provides corporate update

  • Ventyx Biosciences ( VTYX 0.00% ) misses by $0.20; provides clinical update

  • Viavi ( VIAV 0.00% ) beats by $0.02, beats on revs; guides Q1 EPS below consensus, revs below consensus

  • Wheaton Precious Metals ( WPM 0.41% ) beats by $0.05, beats on revs; maintains FY23 average production guidance

  • Y-mAbs Therapeutics ( YMAB 0.00% ) beats by $0.10, beats on revs; reaffirms FY23 revs guidance

News:

  • President Biden says that China's economic problems are a "ticking time bomb", according to Bloomberg

  • China has been increasing military pressure on Taiwan, according to the New York Times

  • IEA says world oil demand is scaling record highs

  • Adverum Biotechnologies ( ADVM 0.00% ) completes enrollment of phase 2 LUNA Trial in Wet AMD and reports second quarter 2023 financial results

  • Airbnb ( ABNB 0.00% ): Italy asks for EUR 500 mln in unpaid taxes on Airbnb rentals, according to 24 Plus

  • AllianceBernstein ( AB 0.03% ) announces July 31, 2023 Assets Under Management increased 2% to $704 billion during July 2023 from $692 billion at the end of June

  • Archer Aviation ( ACHR 1.22% ) and Wisk Aero along with The Boeing Company (BA), announce that they have reached a settlement to resolve the federal and state court litigation between the parties on undisclosed terms

  • AssetMark ( AMK 0.95% ) issues its July AMK report; platform assets increased 19.6% yr/yr to $103.2 bln, net flows up 44.4% to $540 mln

  • Avidity Biosciences ( RNA 0.00% ) receives FDA orphan designation for treatment of duchenne muscular dystrophy

  • CareDx ( CDNA 0.00% ) comments on issuance of proposed LCD for Molecular Testing for Solid Allograft Rejection

  • DHI Group ( DHX 2.70% ) announces CFO departure

  • Foghorn Therapeutics ( FHTX 0.00% ): Merck (MRK) terminates Research Collaboration and Exclusive License Agreement with FHTX, effective November 7, 2023

  • General Motors ( GM 5.79% ): CPUC approves permits for Cruise (GM) and Waymo (GOOG) to charge fares for passenger service in San Francisco

  • Grupo Aval ( AVAL 0.76% ) today announced resolutions of previously disclosed investigations by the DOJ and SEC related to the construction of a toll road in Colombia by a joint venture

  • Iris Energy ( IREN 0.00% ) provided an update to the legal proceedings related to its limited recourse equipment financing arrangements

  • Maxeon Solar ( MAXN 0.00% ) has chosen Albuquerque, New Mexico, as the location for its first U.S. manufacturing expansion

  • MercadoLibre ( MELI 0.00% ) announces the appointment of Martn de los Santos as its new CFO

  • Meta ( META 0.00% ) is rehiring some laid off workers, according to Business Insider

  • Microsoft ( MSFT 0.00% ): US to look at Microsoft role in email breach, according to Bloomberg

  • NeoGames ( NGMS 0.00% ) announces that its subsidiary BtoBet has entered into a long-term sportsbook partnership with Alberta Gaming, Liquor & Cannabis

  • NN Inc ( NNBR 0.00% ) announces the appointment of Tim French, Senior Vice President and Chief Operating Officer, effective August 10, 2023

  • Parsons ( PSN 0.81% ) has been selected by United States Cyber Command to continue support previously provided under the command, control, communications, computers, and capabilities development and C4CD Bridge contracts

  • Telesat ( TSAT 0.00% ) announced that space technology company MDA Ltd. will build 198 advanced satellites for the Telesat Lightspeed Low Earth Orbit program

  • Verrica Pharmaceuticals ( VRCA 0.00% ) announces presentation of lesion clearance data from an ongoing phase 2 study of VP-315 for the Treatment of Basal Cell Carcinoma at the American Academy of Dermatology (AAD) 2023 innovation academy meeting

  • Vista Outdoor ( VSTO 1.28% ) to rebrand as The Kinetic Group following spinoff of Vista Outdoor's Outdoor Products business; post spin, Kinetic will list on NYSE under ticker "HUNT"

M&A:

  • Ameresco ( AMRC 1.73% ) announced its acquisition of an energy resilience project that combines a microgrid, solar panels and a battery energy storage system at Joint Forces Training Base in Los Alamitos, California

  • Arco Platform ( ARCE 0.00% ) agrees to go private for $14.00 per share in cash

  • Petrobras ( PBR 0.59% ) is still assessing plans for Braskem SA (BAK) stake, doesn't plan on selling, according to Brazilian news outlet Valor Economico

  • UnitedHealth ( UNH 0.27% ): UK CMA provisionally cleared the anticipated acquisition by UnitedHealth Group Incorporated of EMIS Group Plc.

Syndicate:

  • Beazer Homes ( BZH 1.02% ) files mixed shelf securities offering

  • OptiNose ( OPTN 0.00% ) files $200 mln mixed shelf securities offering

IPOs:

  • Expected to Price:

  • No IPOs expected.


Gapping Up/Down

  • Gapping up:

  • ACHR +22%, PGY +16%, INDI +9.8%, IONQ +6.8%, ADVM +6.6%, EPSN +5.3%, RCEL +5.1%, BAP +4%, GNFT +3.5%, FLO +1.9%, VINP +1.7%, NXST +1.6%, PSN +1.4%, VSTO +1.4%, SVV +1.3%, IAG +1.3%, AKRO +1%, THS +0.9%, VRCA +0.9%, PBR +0.8%, NNBR +0.8%


  • Gapping down:

  • CANO -42.8%, MAXN -25.9%, AVAL -8.3%, VLD -6.1%, VTYX -6.1%, OPTN -5.6%, OABI -4.3%, CBAY -3%, ONTO -2.8%, MELI -2.7%, AKBA -2.7%, TARS -2.4%, SRG -2.2%, ARLO -2.2%, ATGE -2.1%, FHTX -2%, USB -1%, HIVE -0.9%, AMLX -0.8%


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

  • Upgrades

  • Cogent Communications (CCOI) upgraded to Outperform from Market Perform at TD Cowen

  • DigitalOcean (DOCN) upgraded to Equal-Weight from Underweight at Morgan Stanley; tgt lowered to $103

  • Hubbell (HUBB) upgraded to Peer Perform from Underperform at Wolfe Research

  • Pinnacle West (PNW) upgraded to In-line from Underperform at Evercore ISI; tgt $78

  • Sabra Health Care REIT (SBRA) upgraded to Neutral from Underperform at BofA Securities; tgt raised to $14


  • Downgrades:

  • Cano Health (CANO) downgraded to Neutral from Buy at Citigroup; tgt lowered to $0.80

  • Heritage Commerce Corp. (HTBK) downgraded to Equal-Weight from Overweight at Stephens; tgt $10

  • Olaplex (OLPX) downgraded to Hold from Buy at Canaccord Genuity; tgt lowered to $3

  • Sealed Air (SEE) downgraded to Neutral from Buy at UBS; tgt $44

  • Stanley Black & Decker (SWK) downgraded to Underperform from Peer Perform at Wolfe Research; tgt $94

  • Ventas (VTR) downgraded to Neutral from Buy at BofA Securities; tgt lowered to $48

  • Western Midstream (WES) downgraded to Equal Weight from Overweight at Wells Fargo; tgt lowered to $30


  • Others:

  • CymaBay Therapeutics (CBAY) initiated with a Buy at Guggenheim; tgt $20

  • Expeditors Intl (EXPD) initiated with an Underweight at JP Morgan; tgt $110

  • Kura Oncology (KURA) initiated with a Buy at BofA Securities; tgt $31

  • Madison Square Garden Entertainment (MSGE) initiated with a Neutral at JP Morgan; tgt $38

  • PROCEPT BioRobotics (PRCT) initiated with an Overweight at Piper Sandler; tgt $42


Econ Data:

  • 08:30 ET: PPI for July (Briefing.com Consensus 0.2%; Prior 0.1%)

  • 08:30 ET: Core PPI for July (Briefing.com Consensus 0.2%; Prior 0.1%)

  • 10:00 ET: Univ. of Michigan Consumer Sentiment - Prelim for Aug (Briefing.com Consensus 70.9; Prior 71.6)

Earnings:

  • Monday (Aug 7)

  • Morning: ACRS RCUS BNTX DK ELAN FRPT GENI GOGO HSIC KKR THS TSN VTRS

  • Afternoon: ACVA ADTN ACM AYX AEL ARWR BRBR BYND CBT WHD CSWC CE CHGG COMP CXW CTRA WTRG EVCM FGEN FIVN FSK HLIO HPK HIMS ICUI INGN IFF JRVR JELD KMPR KD LCID MTW MNKD MRVI MED MRC NSA OKE PLTR PARA PAY PWSC PRAA PRI PRIM RNG SWAV SWKS SRC TDC VECO


  • Tuesday (Aug 8)

  • Morning: MASS AHCO ADT ALE ARMK ATKR GOLD BSY TECH BLUE BR CPRI CLBT CRNC CHH DDOG DUK DEA EHTH LLY EMBC EXK ENR NPO EVBG EXPD FOXA GLBE GFS HAE HR HLMN HNI HZNP INGR IRWD J SWIM LCII LI MAC MPW NYT NXST NOVT NVAX OLPX OGN PAYO PRGO PLTK RDNT QSR SEE SEAS MCRB SMRT SQSP STER TGLS TWKS TPG TDG UAA UPS WMG WOW ZTS

  • Afternoon: ME TWOU EGHT ACCO AGTI AKAM BIRD AMC AMPL ANGI ARRY AXON AZEK AZTA BW BBAI BL BLNK BHF BMBL CDRE CDNA CELH CPNG CRCT CTOS CUTR DAR DHT APPS DIOD BOOM DOCS DUOL BROS EBS EDR ESE EXFY FATE FNF FLT FLYW FNV GO HALO HCAT HL HRT HNST TWNK HBM IAC ICHR IOSP PODD IPAR NVTA IOVA IRBT JXN JAMF KLIC LZ LGND LNW LPSN LAZR LYFT MQ MASI DOOR MTTR MRTX MODN NHI LPRO OSCR PETQ PRA PUBM QGEN QDEL RXT RPD RLAY RVNC RVMD RIVN STR SLF SMCI SUPN TTWO TALO TTGT TOST MODG TWLO USPH UPST VVX VCYT VTLE VZIO VTEX VUZI WES ZIP


  • Wednesday (Aug 9)

  • Morning: DIBS DDD ATMU AVNS BLDP BERY BCO CAE CEVA CRL DCPH EBIX EVRI FA GEO GDRX INSW IONS JACK KRNT LFST LL NOMD ODP OGE OLK PENN REYN RBLX SHCR SSYS SLVM TBLA SKIN VVV VERX VSH WRBY WEN WE XMTR

  • Afternoon: ALRM AOSL APP AVTA AVID BBDC CACI CERT CLNE CDE CPA CYRX LAW ENS G HROW ILMN INFN JAZZ LGF.A RAMP MGNI MFC OEC ONL PAAS PAR PLUG PTRA PRPL QNST RPAY SONO SOVO STKL TASK TTEK TTD VRRM VSAT DIS WYNN XENE


  • Thursday (Aug 10)

  • Morning: AQN BABA AIT AZUL CYBR HBI HIMX HLLY IMCR KELYA DNUT NABL EYE PRMW RL SIX USFD UTZ WKME WWW YETI

  • Afternoon: ATGE ARLO RCEL FLO INDI NWSA ONTO SVV VTYX VIAV WPM YMAB


  • Friday (Aug 11)

  • Morning: SPB


Asia & Europe detail:

Asia: Nikkei CLOSED, Hang Seng -0.9%, Shanghai Composite -2.0%

Equity indices in the Asia-Pacific region ended the week on a mostly lower note while Japan's Nikkei was closed for Mountain Day. China reported weak credit growth for July, adding to concerns about domestic demand. Developer Country Garden faced continued pressure after warning that it is facing a loss of up to 55 bln CNY for the first half of the year. The firm has reportedly hired China International Capital Corporation to assist with debt restructuring. Officials from the U.S., Japan, and South Korea are working to establish an annual meeting between heads of the three countries.

  • In economic data:

  • China's July New Loans CNY345.9 bln (expected CNY800.0 bln; last CNY3.05 trln), July total social financing CNY528.2 bln (expected CNY1.10 trln; last CNY4.22 trln), and July outstanding loan growth 11.1% yr/yr (expected 11.3%; last 11.3%)

  • Hong Kong's Q2 GDP -1.3% qtr/qtr, as expected (last 5.3%); 1.5% yr/yr, as expected (last 2.9%)

  • Singapore's Q2 GDP 0.1% qtr/qtr (expected 0.3%; last -0.4%); 0.5% yr/yr (expected 0.7%; last 0.4%)

  • New Zealand's June FPI -0.5% m/m (expected 2.1%; last 0.3%) and July Business NZ PMI 46.3 (expected 49.4; last 47.6)


---Equity Markets---

  • Japan's Nikkei: CLOSED (+0.9% for the week)

  • Hong Kong's Hang Seng: -0.9% (-2.4% for the week)

  • China's Shanghai Composite: -2.0% (-3.0% for the week)

  • India's Sensex: -0.6% (-0.6% for the week)

  • South Korea's Kospi: -0.4% (-0.4% for the week)

  • Australia's ASX All Ordinaries: -0.2% (+0.2% for the week)

---FX---

  • USD/JPY: -0.1% to 144.57

  • USD/CNH: +0.2% to 7.2533

  • USD/INR: +0.3% to 82.85

Europe: DAX -0.5%, FTSE -1.1%, CAC -0.8%

Major European indices trade in the red. The U.K. reported better than expected growth for Q2, showing continued resilience in the face of rate hikes. Chancellor Hunt said that British growth can exceed that of Germany, France, and Italy if the government sticks to its plans. The Italian government plans to acquire a stake of up to 20% in Telecom Italia's network, which is on track to be sold to KKR.

  • In economic data:

  • U.K.'s Q2 GDP 0.2% qtr/qtr (expected 0.0%; last 0.1%); 0.4% yr/yr (expected 0.2%; last 0.2%). Q2 Business Investment 3.4% qtr/qtr (expected 0.8%; last 3.3%); 6.7% yr/yr (expected 8.1%; last 5.8%). June Construction Output 1.6% m/m (last -0.3%); 4.6% yr/yr (expected 1.9%; last 0.2%). June Industrial Production 1.8% m/m (expected 0.1%; last -0.6%); 0.7% yr/yr (expected -1.1%; last -2.1%). June Manufacturing Production 2.4% m/m (expected 0.2%; last -0.1%); 3.1% yr/yr (expected 0.3%; last -0.6%). June trade deficit GBP15.46 bln (expected deficit of GBP16.40 bln; last deficit of GBP18.41 bln)

  • France's Q2 Unemployment Rate 7.2% (expected 7.1%; last 7.1%). July CPI 0.1% m/m (expected 0.0%; last 0.2%); 4.3% yr/yr, as expected (last 4.5%)

  • Italy's June trade surplus EUR7.718 bln (expected surplus of EUR6.489 bln; last surplus of EUR4.767 bln)

  • Spain's July CPI 0.2% m/m (expected 0.1%; last 0.6%); 2.3% yr/yr, as expected (last 1.9%). July Core CPI 6.2% yr/yr (last 5.9%)


---Equity Markets---

  • STOXX Europe 600: -0.7% (+0.3% week-to-date)

  • Germany's DAX: -0.5% (-0.3% week-to-date)

  • U.K.'s FTSE 100: -1.1% (-0.4% week-to-date)

  • France's CAC 40: -0.8% (+0.8% week-to-date)

  • Italy's FTSE MIB: -0.6% (-0.7% week-to-date)

  • Spain's IBEX 35: -0.4% (+1.1% week-to-date)

---FX---

  • EUR/USD: +0.1% to 1.0993

  • GBP/USD: +0.4% to 1.2725

  • USD/CHF: -0.1% to 0.8756

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