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11/11/22 Briefing


The S&P 500 futures are up 20 points and are trading 0.5% above fair value. The Nasdaq 100 futures are up 72 points and are trading 0.6% above fair value. The Dow Jones Industrial Average futures are up 164 points and are trading 0.5% above fair value.

Buying interest has carried over from the stock market's best day since 2020. The October CPI report catalyzed yesterday's massive rally. The good vibes from that report continue to be felt, but the snapback momentum has understandably subsided some.

Nonetheless, the major indices are on track for a higher open, drawing added support from the news that China has relaxed its Covid restrictions for inbound travelers and is aiming now to avoid city-wide mass testing when the transmission chain is clear, according to Bloomberg.

The Treasury market is closed today in observance of Veterans Day. The 10-yr note yield will enter next week sitting at 3.82%. The U.S. Dollar Index continues to weaken. It is down another 1.1% at 107.06 this morning, leaving it down 3.5% for the week.

WTI crude futures are up 3.3% to $89.31/bbl and copper futures are up 2.5% to $3.85/lb, bolstered by the weaker dollar and reopening hopes for China following the news of the relaxed restrictions for inbound travelers.

There is no government data being released today as federal offices are closed for Veterans Day. The lone economic release is the Preliminary November University of Michigan Index of Consumer Sentiment at 10:00 a.m. ET (Briefing.com consensus 59.6; prior 59.9).

In corporate news:

  • Doximity (DOCS 31.98, +5.65, +21.5%):beats by $0.01, beats on revs; guides Q3 revs below consensus; guides FY23 revs below at the midpoint

  • Toast, Inc. (TOST 22.30, +2.30, +11.5%): reports Q3 (Sep) results, beats on revs; guides Q4 revs above consensus

  • LegalZoom.com (LZ 10.85, +1.39, +14.7%): reports EPS in-line, beats on revs; guides Q4 revs in-line; raises FY22 revs above consensus

  • Beazer Homes (BZH 13.15, +0.62, +5.0%): beats by $0.76, beats on revs; the cancellation rate for the quarter was 32.8%, up from 11.7% in the previous year

  • Flowers Foods (FLO 28.53, -0.88, -3.0%): beats by $0.01, beats on revs; reaffirms FY22 EPS guidance, guides FY22 revs above consensus

  • Salesforce, Inc. (CRM 157.78, +1.48, +1.0%): announced that Gavin Patterson will step down from his position as President and Chief Strategy Officer and will depart effective January 31, 2023

  • Steel Dynamics (STLD 97.80, +1.46, +1.5%): Board authorized additional $1.5 bln share repurchase

Reviewing overnight developments:

  • Equity indices in the Asia-Pacific region ended the week on a higher note with Hong Kong's Hang Seng (+7.7%) showing relative strength. Japan's Nikkei +3.0%, China's Shanghai Composite +1.7%, India's Sensex +2.0%; South Korea's Kospi +3.4%, and Australia's All Ordinaries +2.9%.

  • In economic data:

  • Japan's October PPI 0.6% m/m, as expected (last 1.0%); 9.1% yr/yr (expected 8.8%; last 10.2%)

  • Hong Kong's Q3 GDP -2.6% qtr/qtr, as expected (last 1.0%); -4.5% yr/yr, as expected (last -1.3%)

  • New Zealand's October FPI 0.8% m/m (last 0.4%) and October Business NZ PMI 49.3 (last 51.7)


  • In news:

  • China's National Health Commission lowered the coronavirus quarantine time and loosened some restrictions.

  • The Japanese government plans to invest up to JPY70 bln in a state-backed semiconductor development and production company.

  • South Korea's exports were down 2.8% yr/yr through the first ten days of November with chip exports down 27.0%.



  • Major European indices trade on a mostly higher note while the U.K.'s FTSE (-0.4%) underperforms. STOXX Europe 600 +0.2%, Germany's DAX +0.4%, France's CAC 40 +0.4%, Italy's FTSE MIB +0.4%, and Spain's IBEX 35 unchanged.

  • In economic data:

  • Germany's October CPI 0.9% m/m, as expected (last 1.9%); 10.4% yr/yr, as expected (last 10.0%)

  • U.K.'s Q3 GDP -0.2% qtr/qtr (expected -0.5%; last 0.2%); 2.4% yr/yr (expected 2.1%; last 4.4%). September Industrial Production 0.2% m/m (expected -0.2%; last -1.4%); -3.1% yr/yr (expected -4.3%; last -4.3%). September Manufacturing Production 0.0% m/m (expected -0.4%; last -1.6%); -5.8% yr/yr (expected -6.6%; last -6.2%). September Construction Output 0.4% m/m (expected -0.6%; last 0.6%); 5.6% yr/yr (expected 4.5%; last 6.4%). Q3 Business Investment -0.5% qtr/qtr (expected -0.3%; last 3.7%); 3.5% yr/yr (last 5.2%). September trade deficit GBP15.66 bln (expected deficit of GBP18.75 bln; last deficit of GBP17.18 bln)


  • In news:

  • European Central Bank policymaker Nagel said that the central bank must act decisively to fight inflation.

  • The European Commission's autumn forecasts projected an inflationary peak at the end of this year along with a start of a brief recession in Q4.



U.S. equity futures:

  • S&P 500 Futures: +13 @ 3,970

  • DJIA Futures: +126 @ 33,841

  • Nasdaq 100 Futures: +48 @ 11,654

Overseas:

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

  • Asia: Nikkei +3.0%, Hang Seng +7.7%, Shanghai Composite +1.7%

Commodities:

  • Crude Oil +2.06 @ 89.33

  • Nat Gas -0.013 @ 6.226

  • Gold +8.85 @ 1762.55

  • Silver -0.164 @ 21.538

  • Copper +0.0935 @ 3.8525

Earnings/Guidance:

  • Agiliti ( AGTI ) beats by $0.01, reports revs in-line; guides FY22 EPS below consensus, revs in-line

  • Algonquin Power & Utilities ( AQN ) misses by $0.05, beats on revs; lowers FY22 EPS below consensus

  • Amylyx Pharmaceuticals ( AMLX ) reports Q3 results

  • Aurora Cannabis ( ACB ) reports Q3 results; misses on revs

  • Barings BDC ( BBDC ) beats by $0.01, misses on revs; guides Q4 EPS above consensus

  • Beazer Homes ( BZH ) beats by $0.76, beats on revs

  • Blend Labs ( BLND ) misses by $0.02, beats on revs; guides FY22 revs above consensus

  • Braskem SA ( BAK ) reports Q3 results

  • Cadre Holdings ( CDRE ) misses by $0.06, beats on revs; reaffirms FY22 revs guidance

  • Chinook Therapeutics ( KDNY ) misses by $0.22, beats on revs

  • CS Disco ( LAW ) misses by $0.03, beats on revs; guides FY22 revs in-line

  • Doximity ( DOCS ) beats by $0.01, beats on revs; guides Q3 revs below consensus; guides FY23 revs below at the midpoint

  • Duolingo ( DUOL ) misses by $0.39, reports revs in-line; guides Q4 revs in-line; guides FY22 revs in-line

  • Endeavor Group (EDR) reports Q3 (Sep) results, misses on revs; guides FY22 revs below consensus

  • Expensify (EXFY) reports Q3 (Sep) results, misses on revs; reaffirms long-term outlook of +25-35% sales growth

  • FIGS, Inc. ( FIGS ) reports EPS in-line, beats on revs; guides FY22 revs below consensus

  • Flowers Foods ( FLO ) beats by $0.01, beats on revs; reaffirms FY22 EPS guidance, guides FY22 revs above consensus

  • indie Semiconductor ( INDI ) beats by $0.01, reports revs in-line

  • Kinsale Capital ( KNSL ) commencers 155 mln common stock offering

  • LegalZoom.com ( LZ reports EPS in-line, beats on revs; guides Q4 revs in-line; raises FY22 revs above consensus

  • Matterport ( MTTR ) beats by $0.05, beats on revs; guides Q4 EPS above consensus, revs above consensus

  • Mister Car Wash ( MCW ) beats by $0.01, reports revs in-line; guides FY22 EPS above consensus, revs in-line

  • Poshmark ( POSH ) misses by $0.02, beats on revs

  • Ryan Specialty Group ( RYAN ) misses by $0.01, misses on revs; lowers FY22 organic sales growth rate

  • Sierra Wireless ( SWIR ) misses by $0.17, misses on revs; as previously announced, to be acquired by Semtech Corporation (SMTC)

  • SmartRent ( SMRT ) misses by $0.02, beats on revs; guides Q4 revs in-line

  • Tattooed Chef ( TTCF ) lowers its FY22 outlook; targets expense savings of ~$30 mln by year-end 2023; focusing on generating positive EBITDA by mid-year 2024; delaying 10-Q filing

  • Toast ( TOST ) reports Q3 (Sep) results, beats on revs; guides Q4 revs above consensus

News:

  • Democrats are growing more optimistic that they will keep Senate control after new votes get reported in Nevada and Arizona, but races are still close. Odds are Republican success in House is higher as they have won or lead in 221 seats, according to the New York Times

  • China reduced some coronavirus quarantine requirements, but Guangzhou is close to citywide lockdown, according to the Financial Times

  • Federal judge in Texas strikes down President Biden's student loan forgiveness plan, according to the Washington Post

  • FTC restores rigorous enforcement of law banning unfair methods of competition

  • Sales decline for China's Singles Day, according to Reuters

  • Agios Pharma ( AGIO ): EC granted marketing authorization for PYRUKYND for the treatment of PK deficiency in adult patients

  • Allego Holding B.V. ( ALLG ) has signed its first long-term Power Purchase Agreement with a leading independent power producer

  • American Intl ( AIG ) announces five-year employment agreement with Peter Zaffino

  • AstraZeneca ( AZN 3.56% ): FDA approves tremelimumab in combination with durvalumab for NSCLC, according to FDA website

  • AstraZeneca ( AZN 3.56% ) reports Imfinzi and Imjudo with chemotherapy approved in the US for patients with metastatic non-small cell lung cancer

  • AZZ ( AZZ ) plans to construct a new aluminum coil coating facility with value-added downstream processing near St. Louis, Missouri; Expects sales of at least $60 mln by 2026

  • Boeing ( BA 0.05% ): Department of Transportation initiated audit of FAA's oversight of the maneuvering characteristics augmentation system and the angle-of-attack disagree indicator on Boeing MAX aircraft

  • Boston Beer Co ( SAM ) discloses that President/CEO and Chief Sales Officer entered into individual sales plans pursuant to Rule 10b5-1

  • Bowman Consulting Group ( BWMN ) authorized $10 mln share repurchase program

  • FREYR Battery ( FREY ) and Koch Industries accelerating plan to build multibillion-dollar battery plant, according to Wall Street Journal

  • Galapagos NV ( GLPG ) announces CHMP adoption of PRAC's recommendation for Jyseleca following extensive safety review of all JAK inhibitors

  • GlaxoSmithKline ( GSK ) provides an update on Zejula (niraparib) US prescribing information

  • Imugene's ( CELU ) onCARlytics combination with Celularity's placental-derived off-the-shelf allogeneic CYCART-19 T cells preclinical data presented at SITC Annual Meeting

  • Integral Ad Science ( IAS ) appoints Tania Secor as CFO effective December 5; most recently, Secor served as Global CFO of R/GA and Reprise, Interpublic Group's digital innovation and digital media agencies

  • Marriott ( MAR ) increases dividend by 33%, increases share repurchase authorization by 25 mln shares

  • Moderna ( MRNA ) enters license collaboration with Harbour BioMed

  • National Storage Affiliates ( NSA ) appoints COO Dave Cramer to replace Tamara Fischer as its next CEO; FIsher will transition to Executive Chair role

  • Pegasystems ( PEGA ) discloses settlement agreement with Appian (APPN)

  • Regeneron Pharma ( REGN ): Dupixent recommended for EU approval by the CHMP for the treatment of prurigo nodularis

  • RLI Corp ( RLI ) declares special dividend of $7.00/share

  • Salesforce ( CRM ) announced that Gavin Patterson will step down from his position as President and Chief Strategy Officer and will depart effective January 31, 2023

  • SoftBank ( SFTBY ) could lose $100 mln loss from FTX stake, according to Bloomberg

  • Steel Dynamics' ( STLD ) Board authorized additional $1.5 bln share repuchase

  • Takeda Pharma ( TAK ) receives EC approval for LIVTENCITYTM

  • Tandem Diabetes Care ( TDC ) Study Demonstrates Improvements of All Clinical Endpoints in Adults with Type 2 Diabetes Using Control-IQ Technology

  • Thermo Fisher's ( TMO ) Board authorizes $4 bln share repurchase program

  • Toyota ( TM ) and Sony (SONY) will setup chip production business in Japan, according to the Wall Street Journal

  • TuSimple Holdings ( TSP ) appoints Cheng Lu as President and CEO

  • Ultragenyx Pharma ( RARE ) CFO Mardi Dier is leaving the Co for another Co, effective November 15

  • United ( UAL ) will give pilots 5% raise, according to the Wall Street Journal

  • Valmont ( VMI ) gains nationwide drone waiver from FAA

M&A:

  • Albertsons Companies ( ACI Issues Statement Regarding the Delay of the Washington State Court's Hearing on its Special Dividend Payment

  • Fidelity National ( FNF ) acquires St. Louis Title, Security Title Insurance Agency and Accurate Disbursing of St. Louis, and Benchmark Title of Southern Illinois; financial details not disclosed

  • Middleby ( MIDD ) acquires Italy-based Escher Mixers, a supplier of spiral and planetary mixers; company has annual revs of $15 mln

Syndicate:

  • Aris Water Solutions ( ARIS ) files $250 mln mixed securities shelf offering

  • DoubleVerify ( DV ) launches 10 mln share offering by selling shareholder Providence

  • Endeavor Group ( EDR ) files for 2,305,794 common stock offering by selling stockholders

  • EVgo Inc. ( EVGO ) discloses equity distribution agreement where it may sell $200 mln of Class A common stock

  • Kinsale Capital ( KNSL ) prices offering of 155,000 shares of common stock for net proceeds of $48.4 mln

  • Larimar Therapeutics ( LRMR ) files $200 mln mixed securities shelf offering

  • Maxeon Solar ( MAXN ) files for 32,688,454 common stock offering by selling stockholders

  • NiSource ( NI ) discloses update to equity distribution agreement for $450 mln in common stock sales

  • PNM Resources ( PNM ) enters $200 mln "at the market" equity distribution agreement

  • Rexford Industrial Realty ( REXR ) prices offering of 11.5 mln shares of common stock at $56.00 per share

  • Two Harbors Investment ( TWO ) entered into 11 mln share equity distribution agreement with JMP Securities

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:

  • MTTR +24.8%, DOCS +19.3%, LZ +15.4%, TOST +8.5%, ITUB +8.1%, ALLG +6.1%, PBYI +5%, SMRT +4.9%, EDR +4.5%, TWO +3.3%, CELU +3.3%, TNDM +3.2%, LAW +3.1%, RLI +2.9%, MCW +2.7%, MAXN +2.2%, AEE +2.1%, BZH +2.1%, AMLX +2%, BAK +2%, SP +1.6%, ACB +1.5%, BBDC +1.1%, LRMR +1%, INDI +1%, AGTI +1%, CDRE +1%


  • Gapping down:

  • TTCF -17.5%, FIGS -10.5%, EXFY -9.7%, TSP -5.2%, DV -4.3%, REXR -3.8%, FLO -3%, DUOL -2.8%, AZN -2.2%, KNSL -2%, KDNY -2%, RARE -1.5%, TAK -1.4%, NI -1.3%, RYAN -1%



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

  • Upgrades

  • AAC Technologies (AACAY) upgraded to Buy from Neutral at Nomura

  • Coherent (COHR) upgraded to Buy from Neutral at BofA Securities; tgt lowered to $45

  • Heartland Express (HTLD) upgraded to Buy from Neutral at UBS; tgt raised to $18

  • Home Point Capital (HMPT) upgraded to Outperform from Neutral at Wedbush; tgt lowered to $1.50

  • Light & Wonder (LNW) upgraded to Outperform from Neutral at Macquarie; tgt lowered to $65

  • Mazda Motor (MZDAY) upgraded to Buy from Neutral at Nomura

  • Schneider National (SNDR) upgraded to Buy from Neutral at UBS; tgt lowered to $20

  • SciPlay (SCPL) upgraded to Buy from Hold at Craig Hallum; tgt raised to $17

  • Walgreens Boots Alliance (WBA) upgraded to Buy from Hold at Deutsche Bank

  • Werner Enterprises (WERN) upgraded to Buy from Neutral at UBS; tgt raised to $51


  • Downgrades:

  • AppLovin (APP) downgraded to Neutral from Buy at BofA Securities

  • DCP Midstream (DCP) downgraded to Equal Weight from Overweight at Wells Fargo; tgt $39

  • EQRx (EQRX) downgraded to Hold from Buy at Jefferies; tgt lowered to $3.20

  • Expensify (EXFY) downgraded to Neutral from Overweight at Piper Sandler; tgt lowered to $12

  • First Advantage Corp. (FA) downgraded to Equal Weight from Overweight at Barclays; tgt lowered to $14

  • GlaxoSmithKline (GSK) downgraded to Sell from Neutral at UBS

  • HireRight Holdings (HRT) downgraded to Equal Weight from Overweight at Barclays; tgt lowered to $9

  • Huntington Ingalls (HII) downgraded to Underperform from Neutral at BofA Securities; tgt $230

  • Hut 8 Mining (HUT) downgraded to Hold from Buy at Craig Hallum; tgt lowered to $2

  • Intel (INTC) downgraded to Underweight from Overweight at JP Morgan; tgt lowered to $32

  • L3Harris (LHX) downgraded to Neutral from Buy at BofA Securities; tgt lowered to $250

  • Lumentum (LITE) downgraded to Neutral from Buy at BofA Securities; tgt lowered to $62

  • Maverix Metals (MMX) downgraded to Market Perform from Outperform at BMO Capital Markets; tgt lowered to $4

  • Nu Holdings (NU) downgraded to Underweight from Neutral at JP Morgan

  • Occidental Petro (OXY) downgraded to Neutral from Overweight at Piper Sandler; tgt lowered to $76

  • Outbrain Inc. (OB) downgraded to Hold from Buy at Jefferies; tgt lowered to $4

  • Sallie Mae (SLM) downgraded to Neutral from Buy at Compass Point; tgt lowered to $18

  • Six Flags (SIX) downgraded to Mkt Perform from Outperform at William Blair

  • Sprouts Farmers Market (SFM) downgraded to Neutral from Buy at MKM Partners; tgt $38

  • TuSimple Holdings (TSP) downgraded to Hold from Buy at Truist

  • VBI Vaccines (VBIV) downgraded to Outperform from Strong Buy at Raymond James; tgt lowered to $2


  • Others:

  • Fathom Digital Manufacturing (FATH) initiated with an Overweight at JP Morgan

  • GoDaddy (GDDY) initiated with an Overweight at JP Morgan; tgt $89

  • MoonLake Immunotherapeutics (MLTX) initiated with a Buy at Jefferies; tgt $16

  • Outset Medical (OM) initiated with an Outperform at RBC Capital Mkts; tgt $23

  • Roku (ROKU) initiated with a Hold at Jefferies; tgt $45

  • Wix.com (WIX) initiated with a Neutral at JP Morgan; tgt $84


Upcoming Events:

  • Econ Data:

  • 10:00 ET: Univ. of Michigan Consumer Sentiment - Prelim for Nov (Briefing.com Consensus 59.6; Prior 59.9)


  • 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


  • Wednesday (Nov 9)

  • Morning: DIBS ALE BGNE BHG CGC CPRI CEVA GIB DHI EBIX AG FVRR HBI HR HL HGV IMXI IONS KRNT LTH MIDD NOMD OLPX PAR PFGC PERI RDNT RSKD RBLX RCI SEAS SPTN STWD STER TBLA TRP TGNA TTD COCO TPG VCEL VERX WD WEN WWW

  • Afternoon: ACVA APP ATO BGS BYND BMBL CELH CDE CPNG DM APPS BROS EGIO ENS FICO FORG G GDOT IPAR JXN JAMF JAZZ KGC LNW MGNI MFC MQ NVTS NUVA OLO PAAS PAY PAYO PETQ PLBY PRPL RXT RDFN RPAY RNG RIVN STE STKL TTGT TTEK COOK TTEC U VZIO VUZI WYNN ZIMV ZIP


  • Thursday (Nov 10)

  • Morning: MT AZN AZUL BDX BAM CAE DGII EPC GENI HIMX IAA KELYA SWIM NABL EYE NICE NIO PSFE PGTI PRMW RL RBC SBH SHCR SIX SSYS SLVM TPR TDG USFD UTZ WRBY WRK WE WIX YETI

  • Afternoon: AGTI LFG BBDC BZH CDRE COMP CCSI LAW DOCS DUOL EDR EXFY FIGS FLO INDI LZ MTTR POSH RYAN SWIR SMRT TOST VTEX


  • Friday (Nov 11)

  • Morning: AQN



Asia & Europe detail:

Asia: Nikkei +3.0%, Hang Seng +7.7%, Shanghai Composite +1.7%

Equity indices in the Asia-Pacific region ended the week on a higher note with Hong Kong's Hang Seng (+7.7%) showing relative strength. China's National Health Commission lowered the coronavirus quarantine time and loosened some restrictions. The Japanese government plans to invest up to JPY70 bln in a state-backed semiconductor development and production company. South Korea's exports were down 2.8% yr/yr through the first ten days of November with chip exports down 27.0%.

  • In economic data:

  • Japan's October PPI 0.6% m/m, as expected (last 1.0%); 9.1% yr/yr (expected 8.8%; last 10.2%)

  • Hong Kong's Q3 GDP -2.6% qtr/qtr, as expected (last 1.0%); -4.5% yr/yr, as expected (last -1.3%)

  • New Zealand's October FPI 0.8% m/m (last 0.4%) and October Business NZ PMI 49.3 (last 51.7)


---Equity Markets---

  • Japan's Nikkei: +3.0% (+3.9% for the week)

  • Hong Kong's Hang Seng: +7.7% (+7.2% for the week)

  • China's Shanghai Composite: +1.7% (+0.5% for the week)

  • India's Sensex: +2.0% (+1.4% for the week)

  • South Korea's Kospi: +3.4% (+5.7% for the week)

  • Australia's ASX All Ordinaries: +2.9% (+3.7% for the week)

---FX---

  • USD/JPY: -0.9% to 139.62

  • USD/CNH: -0.8% to 7.0954

  • USD/INR: +0.2% to 80.79

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

Major European indices trade on a mostly higher note while the U.K.'s FTSE (-0.4%) underperforms. European Central Bank policymaker Nagel said that the central bank must act decisively to fight inflation. The European Commission's autumn forecasts projected an inflationary peak at the end of this year along with a start of a brief recession in Q4.

  • In economic data:

  • Germany's October CPI 0.9% m/m, as expected (last 1.9%); 10.4% yr/yr, as expected (last 10.0%)

  • U.K.'s Q3 GDP -0.2% qtr/qtr (expected -0.5%; last 0.2%); 2.4% yr/yr (expected 2.1%; last 4.4%). September Industrial Production 0.2% m/m (expected -0.2%; last -1.4%); -3.1% yr/yr (expected -4.3%; last -4.3%). September Manufacturing Production 0.0% m/m (expected -0.4%; last -1.6%); -5.8% yr/yr (expected -6.6%; last -6.2%). September Construction Output 0.4% m/m (expected -0.6%; last 0.6%); 5.6% yr/yr (expected 4.5%; last 6.4%). Q3 Business Investment -0.5% qtr/qtr (expected -0.3%; last 3.7%); 3.5% yr/yr (last 5.2%). September trade deficit GBP15.66 bln (expected deficit of GBP18.75 bln; last deficit of GBP17.18 bln)


---Equity Markets---

  • STOXX Europe 600: +0.2% (+3.8% week-to-date)

  • Germany's DAX: +0.4% (+5.5% week-to-date)

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

  • France's CAC 40: +0.4% (+2.6% week-to-date)

  • Italy's FTSE MIB: +0.4% (+5.2% week-to-date)

  • Spain's IBEX 35: UNCH (+2.4% week-to-date)

---FX---

  • EUR/USD: +0.9% to 1.0302

  • GBP/USD: +0.5% to 1.1773

  • USD/CHF: -0.8% to 0.9559

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