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13/12/21 Briefing

Updated: Dec 14, 2021

The S&P 500 futures trade 18 points, or 0.4%, above fair value to start the week after the benchmark index ended last week at a record high.

The futures market has been supported by leadership from Apple (AAPL 181.60, +2.15, +1.2%), calmness in the Treasury market, M&A activity, receding concerns about the Omicron variant, speculation about more fiscal stimulus in China in early 2022, and optimism that President Biden can convince Senator Manchin (D-WV) to support the Build Back Better Act.

There won't be any economic data to alter the market's direction today, but there will be several key reports released prior to the FOMC's

policy statement on Wednesday. Namely, the Producer Price Index for November will be released on Tuesday, and Retail Sales for November will be released Wednesday morning.

The FOMC will arguably be the main event this week, as the market will seek affirmation about a faster tapering plan and assess the Fed's projections for the economy and interest rates.

U.S. Treasury yields have edged lower across the curve. The 2-yr yield is down one basis point to 0.66%, and the 10-yr yield is down two basis points to 1.47%. The U.S. Dollar Index is up 0.2% to 96.33. WTI crude futures are down 1.0%, or $0.68, to $70.99/bbl.

In U.S. Corporate news:

  • Coca-Cola (KO 56.86, +0.58): +1.0% after the stock was upgraded to Overweight from Neutral at JP Morgan.

  • Harley-Davidson (HOG 41.61, +4.80): +13.0% after announcing that its LiveWire unit will merge with AEA-Bridges Impact Corp (IMPX), becoming the first publicly traded EV motorcycle company in the U.S.

  • Arena Pharma (ARNA 96.05, +46.11): +92.3% after agreeing to be acquired by Pfizer (PFE 53.51, +0.73, +1.4%) for $100/share in a $6.7 billion deal.

  • PX FLOW (FLOW 85.20, -0.43): -0.5% after agreeing to be acquired by Lone Star Funds for $86.50 per share in an all-cash transaction valued at $3.8 billion, including the assumption of debt.

Reviewing overnight developments:

  • Equity indices in the Asia-Pacific region began the week on a mixed note. Japan's Nikkei: +0.7% Hong Kong's Hang Seng: -0.2% China's Shanghai Composite: +0.4% India's Sensex: -0.9% South Korea's Kospi: -0.3% Australia's ASX All Ordinaries: +0.4%.

  • In economic data:

  • Japan's Q4 Tankan Large Manufacturers Index 18 (expected 19; last 18), Q4 Tankan Large Non-Manufacturers Index 9 (expected 6; last 2), Q4 Tankan Small Manufacturers Index -1 (expected -3; last -3) and Q4 Tankan Small Non-Manufacturers Index -4 (expected -6; last -10). Q4 Tankan All Big Industry CAPEX 9.3% (expected 9.8%; last 10.1%). October Core Machinery Orders 3.8% m/m (expected 2.1%; last -2.4%); 2.9% yr/yr (expected 4.0%; last 12.5%)

  • New Zealand's October External Migration & Visitors -27.3% yr/yr (last -58.1%)


  • In news:

  • There was some press speculation about more fiscal stimulus in China in early 2022.

  • FT speculated that Evergrande bondholders face a lengthy restructuring.

  • The Bank of Japan plans to buy JPY2 trln in bonds with repurchase agreements to counter a rise in repurchase rates.

  • South Korea's exports through the first ten days of December grew 20.4% yr/yr with chip exports rising 26.5%.

  • Posco confirmed plans for a spin-off of its steel unit.



  • Major European indices trade on a mostly higher note while the U.K.'s FTSE (-0.2%) underperforms. STOXX Europe 600: +0.5% Germany's DAX: +0.9% U.K.'s FTSE 100: -0.2% France's CAC 40: +0.1% Italy's FTSE MIB: +0.5% Spain's IBEX 35: +0.2%.

  • In economic data:

  • Germany's November WPI 1.3% m/m, as expected (last 1.6%); 16.6% yr/yr (last 15.2%)

  • Italy's Q3 Unemployment Rate 9.2% (expected 9.4%; last 9.8%)


  • In news:

  • Wholesale prices in Germany rose at their fastest yr/yr pace since 1962 in November.

  • The British parliament is expected to vote on the implementation of vaccine passports tomorrow.

  • The French government dropped the threat of a trade war with the U.K. after the U.K. issued some fishing licenses.

  • Fitch affirmed Spain's "A" rating with a Stable outlook and affirmed the U.K.'s "AA" rating with a Stable outlook.



U.S. equity futures:

  • S&P 500 Futures: +8 @ 4,720

  • DJIA Futures: UNCH @ 35,971

  • Nasdaq 100 Futures: +59 @ 16,391

Overseas:

  • Europe: DAX +0.9%, FTSE -0.2%, CAC +0.1%

  • Asia: Nikkei +0.7%, Hang Seng -0.2%, Shanghai Composite +0.4%

Commodities:

  • Crude Oil -0.65 @ 71.02

  • Nat Gas +0.109 @ 4.034

  • Gold +6.30 @ 1791.10

  • Silver +0.107 @ 22.302

  • Copper +0.1085 @ 4.3050

U.S. Summary:

  • Earnings/Guidance (Full Earnings Calendar):

  • Aecom Tech (ACM) declared a quarterly cash dividend as part of the initiation of a recurring quarterly dividend program; reaffirms guidance

  • FIGS, Inc. (FIGS) reaffirms FY21 revenue guidance

  • Hawaiian Holdings (HA) raises Q4 revenue guidance above consensus


  • General News:

  • President Biden signs bill to allow debt ceiling to be raised one time only with 51 votes; Senate expected to vote to raise debt ceiling by $2.5 trillion early this week

  • President Biden will try to win support of Senator Joe Manchin (D-WV) to pass Build Back Better Act, according to the Wall Street Journal

  • Doctors in South Africa are seeing additional signs that Omicron is milder than Delta. Only about 30% of those hospitalized in recent weeks have been seriously ill, less than half the rate of previous waves, according to ABC News

  • UK Prime Minister Boris Johnson says there is a "tidal wave" of Omicron coming; Everyone eligible aged 18 and over in England will have the chance to get their booster before the New Year

  • Fauci says that Omicron variant can evade immunity from initial vaccines, but boosters increase efficacy and better protect against the variant, according to ABC News

  • California will craft law that allows people to file lawsuits against manufacturers of assault weapons in California. This will face legal challenges, according to the LA Times

  • 21Vianet (VNET) announces joint venture with a sovereign wealth fund to develop and operate build-to-suit hyperscale data centers in China

  • Agios (AGIO) Announces Data from Investigator-led Studies of Mitapivat in Adults with Sickle Cell Disease Demonstrating Improvements in Anemia, Hemolysis and Sickling Parameters at 63rd ASH Annual Meeting and Exposition

  • AlloVir (ALVR) Announces Positive Preliminary Data from the Ongoing Phase 2 Posoleucel Multi-Virus Prevention Study at the 63rd American Society of Hematology Annual Meeting

  • Altimmune (ALT) appoints Richard Eisenstadt as Chief Financial Officer, effective December 31, 2021

  • ALX Oncology (ALXO) Announces Initial Data from ASPEN-02, the Ongoing Phase 1 / 2 Study of Evorpacept in Combination with Azacitidine, Demonstrating Safety and Preliminary Activity in Patients with Myelodysplastic Syndrome

  • Amazon (AMZN) warehouse in Illinois took a direct hit from a tornado, according to the New York Times

  • Beam Therapeutics (BEAM) Outlines Long-term Strategy for Base Editing Programs in Sickle Cell Disease and Provides Preclinical Data Updates at ASH

  • BeiGene (BGNE) Presents Results from SEQUOIA Trial of BRUKINSA (zanubrutinib) in First-Line Chronic Lymphocytic Leukemia at the 63rd ASH Annual Meeting

  • BELLUS Health (BLU) announces "positive" topline results from its Phase 2b SOOTHE trial of BLU-5937 for the treatment of refractory chronic cough

  • Biohaven Pharmaceutical (BHVN) receives first approval outside of US for NURTEC

  • Bristol Myers Squibb's (BMY) Breyanzi (lisocabtagene maraleucel) Significantly Improves Outcomes, Showing Superiority Over 20-Year Standard of Care in Second-Line Relapsed or Refractory Large B-cell Lymphoma Based on TRANSFORM Study Results

  • Bristol-Myers (BMY) announces 10.2% dividend increase and additional $15 billion share repurchase authorization

  • Canadian Solar's (CSIQ) CSI Solar subsidiary receives approval for its proposed listing by the Shanghai Stock Exchange

  • Cellectis (CLLS) Reports Encouraging Clinical Data from BALLI-01 Study in Relapsed/Refractory B-cell Acute Lymphoblastic Leukemia, and Preclinical Data from TALGlobin01 at the 63rd American Society of Hematology Annual Meeting

  • CEMEX (CX): DOJ has notified CEMEX that it has closed its investigation, and the matter is now closed

  • Clear Channel Outdoor (CCO) authorized a review of strategic alternatives for its European business, including a possible sale; raises Q4 revenue guidance

  • Coherus BioSciences (CHRS) & Junshi Biosciences announce positive interim overall survival results of CHOICE-01, a phase 3 clinical trial evaluating toripalimab in combination with chemotherapy as first-line treatment for non-small cell lung cancer

  • Dollar Tree (DLTR): Activist Mantle Ridge wants Dollar Tree to review business strategy, according to Reuters

  • Editas Medicine (EDIT) Reports Preclinical Data Demonstrating Robust Tumor Reduction and Clearance Using Novel, Engineered iNK Cells at the American Society of Hematology Annual Meeting

  • Epizyme (EPZM) Presents Updates from SYMPHONY-1 Tazemetostat + R2 Combination Study in Relapsed/Refractory Follicular Lymphoma at the 2021 ASH Annual Meeting

  • Exxon Mobil (XOM): Climate activist Follow wants Exxon to lower emissions reduction targets, according to Reuters

  • Foghorn Therapeutics (FHTX) and Lilly (LLY) form strategic collaboration for novel oncology targets; Foghorn to receive $300 mln upfront and an equity investment by Lilly of $80 mln at $20 per share

  • Forma Therapeutics' (FMTX) Investigational Once-Daily Etavopivat Significantly Improved Anemia and Red Blood Cell Health in Patients with Sickle Cell Disease

  • Fox (FOXA): Chris Wallace Departs FOX News Media

  • GBT (GBT) Presents Positive New Data on Oxbryt (voxelotor) in Patients with Sickle Cell Disease at ASH Annual Meeting and Exposition

  • Graphite Bio (GRPH) Presents Overview of Phase 1/2 CEDAR Trial Evaluating Investigational Gene Editing Therapy GPH101 in Sickle Cell Disease at 63rd ASH Annual Meeting and Exposition

  • Harpoon Therapeutics (HARP) Presents Interim Clinical Data from its Ongoing Phase 1/2 Study and New Preclinical Results for BCMA-targeting TriTAC HPN217 at the 63rd ASH Annual Meeting and Exposition

  • IGM Biosciences (IGMS) Presents Clinical Data from IGM-2323 in Patients with Advanced B Cell Malignancies at 2021 American Society of Hematology Annual Meeting

  • Imago BioSciences (IMGO) Presents Positive Data from Ongoing Phase 2 Study of Bomedemstat in Essential Thrombocythemia at ASH 2021

  • ImmunoGen (IMGN) Presents Initial Findings From the Phase 1b/2 Study of IMGN632 in Combination With Vidaza and Venclexta in Relapsed/Refractory Acute Myeloid Leukemia at ASH

  • Incyte (INCY) Announces Updated Data Demonstrating Rapid and Durable Responses of Parsaclisib in Patients with Relapsed or Refractory B-Cell Non-Hodgkin Lymphomas

  • Inogen (INGN) announced the appointment of Mike Sergesketter as Interim Chief Financial Officer, effective immediately

  • Jazz Pharmaceuticals (JAZZ) Presents Positive Interim Phase 2/3 Results of Rylaze (asparaginase erwinia chrysanthemi (recombinant)-rywn) in Acute Lymphoblastic Leukemia or Lymphoblastic Lymphoma at ASH 2021 Annual Meeting

  • Johnson & Johnson (JNJ): Janssen Pharma unit announces Conditional Marketing Authorisation of RYBREVANT in EU

  • Karyopharm (KPTI) Announces Presentation of Updated Phase 2 Selinexor Data in Patients with Myelofibrosis at the American Society of Hematology 2021 Annual Meeting and Exposition

  • Kazia Therapeutics (KZIA) appoints Karen Krumeich as Chief Financial Officer

  • Kellogg (K): President Biden is "deeply troubled by reports of Kellogg's plans to permanently replace striking workers"

  • Kura Oncology (KURA) reports preclinical data highlighting synergistic activity of menin inhibitor KO-539 in combination with venetoclax

  • LyondellBasell (LYB) appoints Peter Vanacker as CEO

  • McDonald's (MCD) to open 200 stores in Italy, according to Reuters

  • Microvast (MVST) issues statement on Tuscan Holdings; says the matters addressed in the 8-K are unrelated to Microvast's current operations

  • Molecular Partners (MOLN) Confirms Ensovibep Retains Neutralization of Omicron Variant of SARS-CoV-2 in Preclinical Studies

  • Neoleukin Therapeutics (NLTX) Announces Preclinical Data Highlighting Activity of NL-201 in Hematologic Malignancies at 63rd American Society of Hematology Annual Meeting

  • NexImmune (NEXI) Announces Preliminary Phase 1/2 NEXI-002 Results in Patients with Multiple Myeloma

  • Novartis (NVS) Scemblix demonstrates sustained response rate in 48-week follow-up in patients with chronic myeloid leukemia

  • Novartis (NVS) Kymriah demonstrates strong responses in high-risk patients with relapsed or refractory follicular lymphoma in extended study follow-up

  • Novo Nordisk A/S (NVO) invests more than DKK 17 bn in expansion of the manufacturing facilities in Kalundborg, Denmark

  • Novavax (NVAX) files for EUA of COVID-19 Vaccine in the United Arab Emirates

  • Nuance Communications (NUAN): UK CMA provides update on Microsoft (MSFT) deal to purchase NUAN

  • Nurix Therapeutics (NRIX) Announces Regulatory Clearance to Initiate Phase 1 Clinical Trial of NX-5948 and Presents New Preclinical Data at the American Society of Hematology Annual Meeting

  • Nuvation Bio (NUVB): FDA clears IND application for NUV-422 as treatment for prostate cancer

  • ObsEva (OBSV) names Will Brown as CFO

  • Ocean Power Tech (OPTT) appoints Robert Powers as new CFO

  • Pfizer (PFE) and Sangamo Announce Updated Phase 1/2 Results Showing Sustained Bleeding Control in Highest Dose Cohort Through Two Years Following Hemophilia A Gene Therapy

  • Pfizer (PFE): Study from Israel shows Pfizer booster is effective against Omicron variant, according to the Wall Street Journal

  • PharmaMar (JAZZ) and Jazz Pharmaceuticals Announce Initiation of Confirmatory Phase 3 Clinical Trial of Zepzelca (lurbinectedin) for the Treatment of Patients with Relapsed Small Cell Lung Cancer

  • Precision BioSciences (DTIL) Reports Clinical Program Updates for Its Allogeneic CAR T Pipeline

  • Protagonist Therapeutics (PTGX) Presents Updated Phase 2 Rusfertide Data in Polycythemia Vera (PV) at ASH 2021 Annual Meeting

  • Rio Tinto (RIO) aiming to write off $2.3 bln Oyu Tolgoi loan, according to Financial Times

  • Sangamo Therapeutics (SGMO) Announces Updated Preliminary SAR445136 Phase 1/2 Proof-of-Concept Data Showing Tolerability and Sustained Effects in Sickle Cell Disease

  • Sanofi (SNY) reports Phase 3 Dupixent (dupilumab) data in children 6 months to 5 years

  • Schrdinger (SDGR) Reports Preclinical Data Supporting Advancement Of Its MALT1 Inhibitor Program At American Society Of Hematology 2021 Annual Meeting

  • Seagen (SGEN) Announces Preliminary Results from Phase 2 Clinical Trial of ADCETRIS (brentuximab vedotin) in Novel Combination of Agents for Patients with Advanced Stage Classical Hodgkin Lymphoma

  • Silence Therapeutics (SLN) presented additional positive data from the SLN124 healthy volunteer study at the 2021 American Society of Hematology

  • SiriusXM (SIRI) to hire Joe Inzerillo, who worked at Disney (DIS) Plus, according to the Wall Street Journal

  • Suncor Energy (SU) released its 2022 corporate guidance today which supports the previous announcements of doubling the dividend, increasing share buybacks and lowering the capital program by $300 million

  • Syndax Pharmaceuticals (SNDX) Announces Updated Positive Data Demonstrating Broad Activity and Tolerability of Axatilimab in Patients with Chronic Graft-Versus-Host Disease

  • Taylor Morrison Home (TMHC) renews stock repurchase program; will have $250 mln in availability for repurchases through June 30, 2024

  • Tempur Sealy Int'l (TPX) increases share repurchase program to a total of $1.5 bln

  • Vector Grp (VGR) approves the spin-off of Douglas Elliman

  • Vincerx Pharma (VINC) Presents Data on PTEFb/CDK9 Inhibitor VIP152 in DLBCL and CLL at the 63rd American Society of Hematology Annual Meeting

  • Waterstone Financial (WSBF) authorizes a 3.5 mln share repurchase program, representing 14.1% of shares outstanding

  • Xencor (XNCR) Presents Data from Phase 1 Study of Plamotamab in B-cell Non-Hodgkin Lymphomas at the ASH Annual Meeting


  • M&A:

  • Arena Pharm (ARNA) to be acquired by Pfizer (PFE) for $100/share

  • Exxon (XOM) and Haliburton (HAL) in discussions to take stake in oil field in Iraq, according to Bloomberg

  • Grab (GRAB) to acquire all of the ordinary shares of Jaya Grocer and 75% of the preference shares of Jaya Grocer

  • Hain Celestial (HAIN) acquires Proven Brands and KTB Foods for $259 mln

  • Harley-Davidson's (HOG) LiveWire to merge with AEA-Bridges Impact Corp (IMPX) in SPAC deal

  • Microsoft (MSFT) will soon receive EU approval for Nuance Communications (NUAN) M&A deal, according to Reuters

  • Novartis (NVS) received interest for Sandoz generic drugs unit, according to FUW

  • Nucor (NUE) acquires majority ownership of California Steel Industries for $400 mln

  • Reliance Steel (RS) acquires Nu-Tech Precision Metals Inc; The terms of the transaction were not disclosed

  • Restaurant Brands Int'l (QSR): Tims China announces pre-merger financing and PIPE commitments

  • Ryan Specialty Group (RYAN) signed a definitive agreement to acquire certain assets of Keystone Risk Partners

  • Ryder System (R) to acquire Whiplash for approximately $480 million in cash

  • SCVX Corp. (SCVX) and Bright Machines mutually agree to terminate business combination agreement

  • SPX FLOW (FLOW) to be acquired by Lone Star Funds for $86.50 per share


  • Syndicate:

  • Blue Apron (APRN) files for 18,916,049 share common stock offering by selling shareholders

  • Southwestern Energy (SWN) proposed underwritten block trade of 63,976,376 shares of its common stock by certain shareholders who received their shares as part of Southwestern Energy's acquisition of Indigo Natural Resources


  • IPOs:

  • Expected to Price:

  • Samsara (NYSE: IOT): The developer of a connected operations cloud platform that consolidates data from IoT devices is expected to price its 35.0 M share IPO between $20-$23.



Gapping Up/Down

  • Gapping up:

  • FHTX +44.3%, BLUE +14%, EDIT +10.3%, SANA+7.6%, SVFC +3.8%, SGMO +3.5%, IMGN +2.7%, DOCU +1.1%, AAPL +1.1%, APRN +1%, SRAD +1%, OBSV +0.9%, CRM +0.9%, UNP +0.8%, EPZM +0.7%, ZM +0.7%


  • Gapping down:

  • IGMS -19.9%, MVST -2.4%, RGR -1.9%, FOXA -1.5%, VXX -1.4%, DLTR -1.1%


Analyst Research (see Upgrades/Downgradescalendarfor full list):

  • Upgrades

  • Atmos Energy (ATO) upgraded to Equal Weight from Underweight at Barclays; tgt raised to $101

  • Coca-Cola (KO) upgraded to Overweight from Neutral at JP Morgan; tgt raised to $63

  • Globus Medical (GMED) upgraded to Buy from Underperform at BofA Securities; tgt raised to $80

  • GoPro (GPRO) upgraded to Outperform from Neutral at Wedbush; tgt raised to $13.50

  • Natl Instruments (NATI) upgraded to Neutral from Underweight at JP Morgan; tgt raised to $48


  • Downgrades:

  • Cambium Networks (CMBM) downgraded to Neutral from Overweight at JP Morgan; tgt lowered to $30

  • Commscope (COMM) downgraded to Neutral from Overweight at JP Morgan; tgt lowered to $13

  • IGM Biosciences (IGMS) downgraded to Sector Perform from Outperform at RBC Capital Mkts; tgt $51

  • Merck (MRK) downgraded to Neutral from Buy at UBS; tgt lowered to $76


  • Others:

  • Avalara (AVLR) initiated with a Buy at Goldman; tgt $200

  • BigCommerce (BIGC) initiated with a Buy at Goldman; tgt $60

  • Clarivate (CLVT) resumed with a Buy at Goldman; tgt $30

  • Coupa Software (COUP) initiated with a Buy at Goldman; tgt $251

  • HubSpot (HUBS) initiated with a Buy at Goldman; tgt $953

  • Kaltura (KLTR) initiated with a Neutral at Goldman; tgt $5.25

  • Logitech Int'l SA (LOGI) initiated with a Buy at Deutsche Bank


Upcoming Events:

  • Econ Data:

  • No economic data of note.


  • Earnings:

  • Wednesday (Dec 15)

  • Morning: ABM REVG TTC

  • Afternoon: HEI LEN NDSN TCOM


  • Thursday (Dec 16)

  • Morning: ACN ADBE JBL WOR

  • Afternoon: FDX NX SCS


  • Friday (Dec 17)

  • Morning: DRI WGO




Asia & Europe detail:

Asia: Nikkei +0.7%, Hang Seng -0.2%, Shanghai Composite +0.4%

Equity indices in the Asia-Pacific region began the week on a mixed note. There was some press speculation about more fiscal stimulus in China in early 2022. FT speculated that Evergrande bondholders face a lengthy restructuring. The Bank of Japan plans to buy JPY2 trln in bonds with repurchase agreements to counter a rise in repurchase rates. South Korea's exports through the first ten days of December grew 20.4% yr/yr with chip exports rising 26.5%. Posco confirmed plans for a spin-off of its steel unit.

  • In economic data:

  • Japan's Q4 Tankan Large Manufacturers Index 18 (expected 19; last 18), Q4 Tankan Large Non-Manufacturers Index 9 (expected 6; last 2), Q4 Tankan Small Manufacturers Index -1 (expected -3; last -3) and Q4 Tankan Small Non-Manufacturers Index -4 (expected -6; last -10). Q4 Tankan All Big Industry CAPEX 9.3% (expected 9.8%; last 10.1%). October Core Machinery Orders 3.8% m/m (expected 2.1%; last -2.4%); 2.9% yr/yr (expected 4.0%; last 12.5%)

  • New Zealand's October External Migration & Visitors -27.3% yr/yr (last -58.1%)


---Equity Markets---

  • Japan's Nikkei: +0.7%

  • Hong Kong's Hang Seng: -0.2%

  • China's Shanghai Composite: +0.4%

  • India's Sensex: -0.9%

  • South Korea's Kospi: -0.3%

  • Australia's ASX All Ordinaries: +0.4%

---FX---

  • USD/JPY: +0.2% to 113.63

  • USD/CNH: -0.1% to 6.3687

  • USD/INR: +0.1% to 75.75

Europe: DAX +0.9%, FTSE -0.2%, CAC +0.1%

Major European indices trade on a mostly higher note while the U.K.'s FTSE (-0.2%) underperforms. Wholesale prices in Germany rose at their fastest yr/yr pace since 1962 in November. The British parliament is expected to vote on the implementation of vaccine passports tomorrow. The French government dropped the threat of a trade war with the U.K. after the U.K. issued some fishing licenses. Fitch affirmed Spain's "A" rating with a Stable outlook and affirmed the U.K.'s "AA" rating with a Stable outlook.

  • In economic data:

  • Germany's November WPI 1.3% m/m, as expected (last 1.6%); 16.6% yr/yr (last 15.2%)

  • Italy's Q3 Unemployment Rate 9.2% (expected 9.4%; last 9.8%)


---Equity Markets---

  • STOXX Europe 600: +0.5%

  • Germany's DAX: +0.9%

  • U.K.'s FTSE 100: -0.2%

  • France's CAC 40: +0.1%

  • Italy's FTSE MIB: +0.5%

  • Spain's IBEX 35: +0.2%

---FX---

  • EUR/USD: -0.3% to 1.1275

  • GBP/USD: -0.1% to 1.3260

  • USD/CHF: +0.4% to 0.9239

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The S&P 500 futures are up 3 points and are trading % above fair value. The Nasdaq 100 futures are up 9 points and are trading roughly in-line with fair value. The Dow Jones Industrial Average futures