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14/02/23 Briefing

Updated: Feb 16, 2023

The S&P 500 futures are up 14 points and are trading 0.4% above fair value. The Nasdaq 100 futures are up 56 points and are trading 0.5% above fair value. The Dow Jones Industrial Average futures are up points and are trading 0.2% above fair value.

The stock market is poised for a higher open, showing good resilience in front of the January Consumer Price Index (CPI) at 8:30 a.m. ETfollowing yesterday's rally effort.

President Biden will announce this week that he will name Fed Vice Chair Lael Brainard as Director of the National Economic Council, which will create an opening at Fed, according to Bloomberg.

The Japanese government nominated Kazuo Ueda to lead the Bank of Japan, as expected. 

Treasury yields are pulling back ahead of the CPI report. The 2-yr note yield is down five basis points to 4.49% and the 10-yr note yield is down three basis points to 3.68%. The U.S. Dollar Index is down 0.5% to 102.88.

Energy complex futures trade in mixed fashion. WTI crude oil futures are down 1.3% to $79.11/bbl and natural gas futures are up 5.0% to $2.53/mmbtu.

In corporate news:

  • Palantir Technologies (PLTR 9.01, +1.40, +18.4%): beats by $0.01, reports revs in-line; guides Q1 revs below consensus; guides FY23 revs below consensus

  • Coca-Cola (KO 61.03, +0.43, +0.7%): reports EPS in-line, beats on revs; guides FY23 EPS above consensus, expects to deliver organic revenue growth of 7-8%

  • First Solar (FSLR 162.70, -4.56, -2.7%): downgraded to In-line from Outperform at Evercore ISI

  • Occidental Petro (OXY 65.52, +0.76, +1.2%): upgraded to Buy from Neutral at Goldman

  • Avis Budget (CAR 222.38, +1.88, +0.9%): beats by $3.47, beats on revs

  • SolarEdge Technologies (SEDG 295.00, -15.71, -5.1%): beats by $1.27, beats on revs; guides Q1 revs above consensus

  • Cadence Design (CDNS 193.06, +7.36, +4.0%): beats by $0.04, beats on revs; guides Q1 EPS above consensus, revs above consensus; guides FY23 EPS above consensus, revs above consensus

  • Blackbaud (BLKB 64.42, +3.06, +5.0%): beats by $0.08, misses on revs; guides FY23 EPS above consensus, revs slightly below consensus

  • Marriott (MAR 176.92, +2.55, +1.5%): beats by $0.14, beats on revs; guides Q1 EPS above consensus; guides FY23 EPS in-line

  • Zoetis (ZTS 167.10, +3.96, +2.4%): reports EPS in-line, beats on revs; guides FY23 EPS mostly above consensus, revs above consensus

Reviewing overnight developments:

  • Equity indices in the Asia-Pacific region ended Tuesday on a mostly higher note. Japan's Nikkei: +0.6%, Hong Kong's Hang Seng: -0.2%, China's Shanghai Composite: +0.3%, India's Sensex: +1.0%, South Korea's Kospi: +0.5%, Australia's ASX All Ordinaries: +0.2%.

    • In economic data:

      • Japan's Q4 GDP 0.2% qtr/qtr (expected 0.5%; last -0.3%); 0.6% yr/yr (expected 2.0%; last -1.0%). December Industrial Production 0.3% m/m (expected -0.1%; last -0.1%) and Capacity Utilization -1.1% m/m (last -1.4%)

      • India's January WPI Inflation 4.73% yr/yr (expected 4.54%; last 4.95%)

      • Australia's January NAB Business Survey 18 (last 13) and NAB Business Confidence 6 (expected 1; last -1). February Westpac Consumer Sentiment -6.9% (last 5.0%)

    • In news:

      • The Japanese government nominated Kazuo Ueda to lead the Bank of Japan, as expected, and there was growing speculation that Reserve Bank of Australia Governor Lowe will be replaced.

      • Taiwan will reopen to visitors from Hong Kong and Macau next week.

      • Australian iron ore miners are expected to report sharply lower earnings on a yr/yr basis.

  • Major European indices trade in the green. STOXX Europe 600: +0.6%, Germany's DAX: +0.5%, U.K.'s FTSE 100: +0.4%, France's CAC 40: +0.5%, Italy's FTSE MIB: +0.6%, Spain's IBEX 35: +0.6%.

    • In economic data:

      • Eurozone's Q4 GDP 0.1% qtr/qtr, as expected (last 0.3%); 1.9% yr/yr, as expected (last 2.3%). Q4 Employment Change 0.4% qtr/qtr (expected 0.2%; last 0.3%); 1.5% yr/yr (last 1.8%)

      • Germany's January WPI 0.2% m/m (expected 1.2%; last -1.6%); 10.6% yr/yr (last 12.8%)

      • U.K.'s December average earnings index + bonus 5.9% yr/yr (expected 6.2%; last 6.5%). December Unemployment Rate 3.7%, as expected (last 3.7%). January Claimant Count -12,900 (expected 17,900; last -3,200)

      • France's Q4 Unemployment Rate 7.2% (expected 7.3%; last 7.3%)

      • Swiss January PPI 0.7% m/m (last -0.7%); 3.3% yr/yr (last 3.2%)

    • In news:

      • Wage growth in the U.K. remained strong in December, which could be used as an argument in favor of more rate hikes from the Bank of England.

      • Steelmaker Thyssenkrupp reported weaker than expected results for Q1 and noted that its turnaround is taking longer than expected.

      • Germany's Finance Minister Lindner pushed back on an EU Commission proposal that would allow individual debt reduction conditions for EU member states.

 

U.S. equity futures:

  • S&P 500 Futures: +12 @ 4,149

  • DJIA Futures: +41 @ 34,287

  • Nasdaq 100 Futures: +47 @ 12,549

Overseas:

  • Europe: DAX +0.5%, FTSE +0.4%, CAC +0.5%

  • Asia: Nikkei +0.6%, Hang Seng -0.2%, Shanghai Composite +0.3%

Commodities:

  • Crude Oil -1.06 @ 79.08

  • Nat Gas +0.114 @ 2.519

  • Gold +8.05 @ 1871.55

  • Silver -0.035 @ 21.817

  • Copper +0.0092 @ 4.0667

 

Earnings/Guidance:

  • Amkor (AMKR) misses by $0.03, beats on revs; guides Q1 EPS below estimate, revs below two analyst estimate

  • Angi Inc. (ANGI) misses by $0.10, reports revs in-line

  • Arch Capital (ACGL) beats by $0.80, gross premiums written by insurance segment increased by 10.6%

  • Arista Networks (ANET) beats by $0.20, beats on revs; guides Q1 revs above consensus

  • Avis Budget (CAR) beats by $3.47, beats on revs

  • Bank of N.T. Butterfield & Son (NTB) beats by $0.13

  • Blackbaud (BLKB) beats by $0.08, misses on revs; guides FY23 EPS above consensus, revs slightly below consensus

  • Brixmor Property (BRX) reports FFO in-line, revs in-line; guides FY23 FFO below consensus

  • Cadence Design (CDNS) beats by $0.04, beats on revs; guides Q1 EPS above consensus, revs above consensus; guides FY23 EPS above consensus, revs above consensus

  • Cleveland-Cliffs (CLF) beats by $0.01, misses on revs

  • Coca-Cola (KO) reports EPS in-line, beats on revs; guides FY23 EPS above consensus, expects to deliver organic revenue growth of 7-8%

  • Denny's (DENN) beats by $0.02, reports revs in-line, comps +2%; expects FY23 comps of +3-6%

  • Embecta Corp. (EMBC) beats by $0.44, beats on revs; guides FY23 EPS above two analyst estimate, revs above consensus

  • Endava (DAVA) reports EPS in-line, revs in-line; guides MarQ EPS below consensus, revs below consensus; guides FY23 EPS below consensus, revs below consensus

  • Entegris (ENTG) beats by $0.05, reports revs in-line; guides Q1 EPS below consensus, revs below consensus

  • Eversource Energy (ES) misses by $0.02, beats on revs

  • Exelon (EXC) reports EPS in-line, beats on revs; guides FY23 EPS in-line; raises dividend

  • FirstEnergy (FE) misses by $0.03, beats on revs; guides Q1 EPS in-line; guides FY23 EPS in-line; reiterates long-term annual earnings growth rate; announces new dividend policy raising targeted payout ratio to 60-70% of earnings

  • Geo Group (GEO) beats by $0.09, beats on revs; guides Q1 revs below two analyst estimate; guides FY23 revs in-line

  • GlobalFoundries (GFS) beats by $0.12, beats on revs; guides Q1 EPS in-line, revs in-line

  • Hawaiian Electric (HE) misses by $0.03, missing single analyst revenue estimate

  • Herc Holdings (HRI) misses by $0.12, beats on revs

  • Howmet Aerospace (HWM) reports EPS in-line, beats on revs; guides Q1 EPS in-line, revs in-line; guides FY23 EPS below consensus, revs in-line

  • IAC Inc. (IAC) reports Q4 (Dec) results, revs in-line

  • InMode (INMD) beats by $0.09, beats on revs; guides FY23 EPS below consensus, revs below consensus

  • Instructure (INST) misses by $0.06, beats on revs; guides Q1 revs above consensus; guides FY23 revs in-line

  • iRobot (IRBT) misses by $1.33, misses on revs; announces workforce reduction of 7% of total positions

  • Kite Realty (KRG) reports Q4 FFO of $0.50 vs. $0.46 Capital IQ consensus; revs $204.7 mln vs. $198.6 mln Capital IQ consensus

  • KULR Technology (KULR) guides Q4 revenue slightly above consensus (3 estimates)

  • Lattice Semi (LSCC) beats by $0.01, reports revs in-line; guides Q1 revs above consensus

  • LCI Industries (LCII) misses by $0.24, misses on revs

  • Leidos (LDOS) beats by $0.22, beats on revs; guides FY23 EPS below consensus, revs in-line

  • Marriott (MAR) beats by $0.14, beats on revs; guides Q1 EPS above consensus; guides FY23 EPS in-line

  • Medpace (MEDP) beats by $0.25, beats on revs; guides FY23 revs in-line

  • Mirion Technologies (MIR) misses by $0.01, beats on revs; guides FY23 EPS below consensus

  • MRC Global (MRC) beats by $0.04, reports revs in-line

  • Otter Tail Power (OTTR) beats by $0.16, misses on revs; guides FY23 EPS in-line; raises dividend

  • Outset Medical (OM) beats by $0.04, misses on revenue, reaffirms FY23 guidance

  • Palantir Technologies (PLTR) beats by $0.01, reports revs in-line; guides Q1 revs below consensus; guides FY23 revs below consensus

  • PerkinElmer (PKI) beats by $0.04, misses on revs; guides FY23 EPS below consensus, revs below consensus

  • Restaurant Brands Int'l (QSR) beats by $2.40, reports revs in-line; System-wide Sales Growth of 13.4%; appointed Joshua Kobza as the company's CEO effective March 1, 2023

  • SkyWater Technology (SKYT) beats by $0.08, beats on revs

  • SolarEdge Technologies (SEDG) beats by $1.27, beats on revs; guides Q1 revs above consensus

  • TC Energy (TRP) beats by CAD0.01; guides FY23 EPS above consensus

  • TransUnion (TRU) misses by $0.04, reports revs in-line; guides Q1 EPS below consensus, revs below consensus; guides FY23 EPS below consensus, revs in-line

  • Triton International (TRTN) beats by $0.06, reports revs in-line

  • Urban Edge Properties (UE) beats by $0.10; sees FY23 AFFO above dual estiamte

  • Vornado Rlty Trust (VNO) beats by $0.05, misses on revs

  • Wesco (WCC) beats by $0.32, beats on revs

  • Woodside Energy Group (WDS) reaffirms FY23 production guidance

  • Zoetis (ZTS) reports EPS in-line, beats on revs; guides FY23 EPS mostly above consensus, revs above consensus

News:

  • President Biden will announce this week that he will name Fed Vice Chair Lael Brainard as his top economic adviser, which will create opening at Fed, according to Bloomberg

  • UAE has more concerns about oil supply than demand, according to Bloomberg

  • Bank of Japan selects Kazuo Ueda as next Governor

  • New study shows adolescent girls have record levels of sadness and high levels of suicidal thoughts. Pandemic and social media use are being cited as factors, according to the New York Times

  • Allison Transmission's (ALSN) 4000 Specialty Series transmissions included in the U.S. Army's Common Tactical Truck prototype vehicle phase

  • Amazon (AMZN) edging lower after CEO Andy Jassy noted the company will double down on physical grocery stores, according to Financial Times

  • American Intl (AIG) enters into binding memorandum of understanding with Stone Point Capital to form an independent Managing General Agency to serve high net worth and ultra high net worth markets

  • Amylyx Pharmaceuticals (AMLX) will provide a corporate update, including information on the commercial launch of RELYVRIO, at upcoming conference

  • Apple's (AAPL) plan to increase production in India is running into snags, according to Financial Times

  • AssetMark (AMK) issues its January AMK Report; platform assets increased 5.9% yr/yr to $95.8 bln, net flows down 46.6% to $347 mln

  • Bicycle Therapeutics (BCYC) Announces Phase I Dose Escalation Results from Ongoing Phase I/II Study of BT8009

  • Bristol-Myers Squibb (BMY) - Opdivo (nivolumab) in Combination with CABOMETYX (cabozantinib) Shows Durable Survival with Over Three Years of Follow-Up in the CheckMate -9ER Trial in First-Line Advanced Renal Cell Carcinoma

  • Callon Petroleum (CPE) announces retirement of Richard Flury as Board Chair and names Matthew R. Bob as Chair-elect and expects to appoint him as Chair immediately following the upcoming annual meeting

  • Comcast (CMCSA): NBC wants to get NBA rights, according to CNBC

  • CSX (CSX) train derailed in South Carolina, according to Fox News

  • Cullinan Management (CGEM) licenses U.S. rights to the first clinical-stage B7H4 x 4-1BB bispecific immune activator from Harbour BioMed

  • EQT Corp. (EQT) announces the planned transition of David Khani, Executive Vice President and Chief Financial Officer, effective in July 2023

  • Equity Commonwealth (EQC) declares special $4.25/share cash dividend

  • FEMSA (FMX) provided update on the health of its CEO, Daniel Rodrguez Cofr

  • Ford Motor (F) Europe announces outlined actions that will revitalize its business in Europe and will enable Ford to profitably compete with a new line-up of iconic passenger vehicles; plans include the elimination of approximately 3,800 jobs

  • Fox Corporation (FOXA): Super Bowl 57 was watched by 113 million viewers, the third highest rated TV program in history

  • Gogo (GOGO) promotes Jessica Betjemann to EVP and CFO, effective March 11following the current CFO Barry Rowan's retirement on March 10

  • Gritstone bio (GRTS) has entered into a clinical trial agreement with the National Cancer Institute to evaluate an autologous T cell therapy expressing a T cell receptor targeting mutated KRAS in combination with Gritstone's KRAS-directed vaccine candidate, SLATE-KRAS, in a Phase 1 study

  • Hecla Mining Silver (HL) reserves increase by 21% to more than 240 million ounces

  • Hercules Capital (HTGC) increases quarterly cash dividend to $0.39/share from $0.36/share; announces special dividend of $0.08/share

  • ICF International (ICFI) awarded a $29 mln transportation contract by The New York State Department of Transportation

  • KalVista Pharmaceuticals (KALV) provides multiple clinical trial and regulatory updates for its lead compound sebetralstat, as a potential oral on-demand therapy for HAE attacks

  • MacroGenics (MGNX) Announces Preliminary Clinical Results from Single Arm Study of Lorigerlimab in Patients with Metastatic Castration-Resistant Prostate Cancer to be Presented at ASCO Genitourinary Cancers Symposium

  • Middlefield Banc (MBCN) CFO Donal Stacy will retire from the Company effective April 30

  • nCino (NCNO) in 8K filing: no fines, sanctions, actions, or penalties imposed in connection with a previously disclosed matter wherein the Antitrust Division of the DOJ was seeking info in connection with an investigation of the company's hiring and wage practices

  • Proterra (PTRA)  (PRPL)responds to Coliseum Capital Management of its intention to nominate five directors for election to PRPL's Board

  • PureTech Health plc (PRTC) will advance LYT-300 (oral allopregnanolone) for the potential treatment of anxiety disorders and postpartum depression

  • QuinStreet (QNST) appointed Tim Stevens to serve as Chief Operating Officer, effective immediately

  • Restaurant Brands Int'l (QSR) appointed Joshua Kobza as CEO effective March 1, 2023

  • Schrodinger (SDGR) announces receipt of an $111.3 million cash distribution from Nimbus Therapeutics

  • Seres Therapeutics (MCRB) announces the publication of data from its Phase 3 ECOSPOR IV trial in JAMA Network Open that reinforce previously published results from the Phase 3 ECOSPOR III study on the investigational microbiome therapeutic SER-109 for the prevention of recurrent C. difficile infection

  • Starbucks (SBUX): US Labor Board accused Starbucks of illegally terminating employees, according to Bloomberg

  • Sundial Growers (SNDL) announces cost-savings measures, materially reducing staffing and activity levels in Alberta

  • Tesla (TSLA) workers at New York plant want to unionize, according to Bloomberg

  • Texas Pacific Land Trust (TPL) increases quarterly dividend to $3.25/share from $3.00/share

  • UGI Corp (UGI) subsidiary and Archaea Energy, a subsidiary of BP (BP) enter into joint venture, Aurum Renewables, to develop renewable natural gas project in PA

  • USANA's (USNA) CEO Kevin Guest will transition to Executive Chairman, current President Jim Brown will be named CEO; effective July 1, 2023

  • Vaalco Energy (EGY) raises dividend; provides operational update

  • Vir Biotechnology (VIR) announces amended collaboration agreement with GSK (GSK)

  • Wal Mart (WMT) will close three technology hubs, according to the Wall Street Journal

  • Warrior Met Coal (HCC) declares special cash dividend of $0.88/share to be paid on March 7, 2023, to stockholders of record as of the close of business on February 28, 2023

M&A:

  • Bridge Investment Group (BRDG) to acquire substantially all of the business of Newbury Partners LLC for $320.1 mln; reports Q4 results

  • Core & Main (CNM) to acquire Landscape & Construction Supplies LLC, a geosynthetics products supplier; financial details not disclosed

  • Cytek Biosciences (CTKB) and DiaSorin announce that Luminex Corporation signed an agreement with Cytek to sell substantially all of its assets related to the Flow Cytometry & Imaging business unit; financial terms were not disclosed

  • Descartes (DSGX) acquires final-mile carrier solutions company GroundCloud for approx. $138 mln in cash upfront

  • Fusion Pharmaceuticals (FUSN) acquires RadioMedix

  • Insulet (PODD) has acquired the assets of Automated Glucose Control

  • ROC Energy Acquisition Corp. (ROC) and Drilling Tools International Holdings announce a business combination agreement; Drilling Tools plans to list on the NASDAQ under ticker "DTI"

  • United Comm Banks (UCBI) and First Miami Bancorp announce merger agreement for ~$115.9 mln

  • Vahanna Tech Edge Acquisition I Corp (VHNA): Roadzen, Inc. plans to become a publicly traded company via merger with Vahanna Tech Edge Acquisition I Corp

Syndicate:

  • Cerberus Cyber Sentinel (CISO) announces proposed public offering of common stock

  • Disc Medicine (IRON) announces $62.5 mln financing led by Bain Capital Life Sciences

  • Kemper (KMPR) files mixed securities shelf offering

IPOs:

  • Expected to Price: No IPOs expected.

Gapping Up/Down

  • Gapping up:

    • PLTR +18.3%, FUSN +17.7%, SKYT +12%, CGEM+7.2%, KULR +6%, EQC +5.3%, BLKB +5%, CDNS+4.9%, WCC +4%, BTAI +3.5%, IAC +3.5%, NTB+3.2%, DENN +3%, KRG +2.7%, CAR +2.5%, LDOS+2%, EGY +1.7%, SNDL +1.5%, OTTR +1.3%, GEO+1.3%, PTRA +1.1%, AMK +0.9%, CTKB +0.8%

  • Gapping down:

    • OM -11%, CISO -6.4%, ANGI -5.6%, SEDG -5.1%, INST -5%, VIR -3.4%, CLF -3.3%, AMKR -3.1%, PRPL-2.5%, MEDP -2.1%, ES -1.9%, CPE -1.3%, EQT -1%, MGNX -0.8%, IRBT -0.8%, LSCC -0.8%

 


Analyst Research (see Upgrades/Downgradescalendarfor full list):

  • Upgrades

    • Fidelity Nat'l Info (FIS) upgraded to Overweight from Equal-Weight at Morgan Stanley; tgt raised to $79

    • Occidental Petro (OXY) upgraded to Buy from Neutral at Goldman; tgt $81

  • Downgrades:

    • First Solar (FSLR) downgraded to In-line from Outperform at Evercore ISI; tgt raised to $157

    • Take-Two (TTWO) downgraded to Hold from Buy at DZ Bank; tgt $105

    • Tellurian (TELL) downgraded to Underperform from Buy at BofA Securities; tgt lowered to $1.50

    • XPO, Inc. (XPO) downgraded to In-line from Outperform at Evercore ISI; tgt lowered to $35

  • Others:

    • AvePoint (AVPT) initiated with a Neutral at Goldman; tgt $5.50

    • Check Point Software (CHKP) initiated with a Buy at Goldman; tgt $148

    • Cloudflare (NET) initiated with a Sell at Goldman; tgt $51

    • Core & Main (CNM) initiated with a Buy at Loop Capital; tgt $28

    • Fortinet (FTNT) initiated with a Buy at Goldman; tgt $73

    • Keros Therapeutics (KROS) initiated with an Outperform at Cowen

    • Okta (OKTA) initiated with a Sell at Goldman; tgt $70

    • Palo Alto Networks (PANW) initiated with a Buy at Goldman; tgt $205

    • SentinelOne (S) initiated with a Neutral at Goldman; tgt $17

    • Terns Pharmaceuticals (TERN) initiated with a Mkt Outperform at JMP Securities; tgt $17

    • Zscaler (ZS) initiated with a Neutral at Goldman; tgt $148

Upcoming Events:

  • Econ Data:

    • 08:30 ET: CPI for Jan (Briefing.comConsensus 0.5%; Prior -0.1%)

    • 08:30 ET: Core CPI for Jan (Briefing.comConsensus 0.4%; Prior 0.3%)

  • Earnings:

    • Monday (Feb 13)

      • Morning:  CHKP MNDY TDC THS

      • Afternoon: AMKR ANGI ACGL ANET CAR NTB BLKB BRX CDNS DENN ES FE IAC INST IRBT LSCC MEDP MKSI MRC OTTR PLTR SEDG VNO

    • Tuesday (Feb 14)

      • Morning: CAE CLF KO ECL DAVA ENTG EXC FELE GEO GFS HRI HWM INMD IPGP LCII LDOS MAR MIR BTU PKI QSR SAFE TRP TRU TRTN WCC ZTS

      • Afternoon:  ADPT ABNB AKAM ANDE BL CRK CNDT DVN WIRE GDDY GXO HLF LTHM MGY NMIH OSUR SCI SU TX TRIP UDMY UPST

    • Wednesday (Feb 15)

      • Morning:  ADI AVNT GOLD BIIB CLBT CEVA CHEF CIM CHH FIS GNRC HCSG HL IDCC KRNT KHC DNUT LAD MLM NVMI OC PSN RBLX R SABR SITE SAH SUN TMHC TTD TPG WAB WKME WAT

      • Afternoon:  TXG ALB ALSN AMED AEE AIG AWK AMPL AM AR ATCO AVTA SAM CF CSCO CYH CPA ET EQT EQIX FARO FSLY FCPT HST INVH KGC MFC MRO MSA NEX NUS NTR PLMR PGRE PEGA QS QDEL RSG REZI ROIC RNG ROKU ROL RPT SGEN SHOP STAG SUM SPWR SNPS TNET TROX TRUP TWLO TYL UPWK VECO HCC WCN WELL WH ZD ZG

Asia & Europe detail:

Asia: Nikkei +0.6%, Hang Seng -0.2%, Shanghai Composite +0.3%

Equity indices in the Asia-Pacific region ended Tuesday on a mostly higher note. The Japanese government nominated Kazuo Ueda to lead the Bank of Japan, as expected, and there was growing speculation that Reserve Bank of Australia Governor Lowe will be replaced. Taiwan will reopen to visitors from Hong Kong and Macau next week. Australian iron ore miners are expected to report sharply lower earnings on a yr/yr basis.

  • In economic data:

    • Japan's Q4 GDP 0.2% qtr/qtr (expected 0.5%; last -0.3%); 0.6% yr/yr (expected 2.0%; last -1.0%). December Industrial Production 0.3% m/m (expected -0.1%; last -0.1%) and Capacity Utilization -1.1% m/m (last -1.4%)

    • India's January WPI Inflation 4.73% yr/yr (expected 4.54%; last 4.95%)

    • Australia's January NAB Business Survey 18 (last 13) and NAB Business Confidence 6 (expected 1; last -1). February Westpac Consumer Sentiment -6.9% (last 5.0%)

---Equity Markets---

  • Japan's Nikkei: +0.6%

  • Hong Kong's Hang Seng: -0.2%

  • China's Shanghai Composite: +0.3%

  • India's Sensex: +1.0%

  • South Korea's Kospi: +0.5%

  • Australia's ASX All Ordinaries: +0.2%

---FX---

  • USD/JPY: -0.2% to 132.18

  • USD/CNH: UNCH at 6.8229

  • USD/INR: +0.2% to 82.76

Europe: DAX +0.5%, FTSE +0.4%, CAC +0.5%

Major European indices trade in the green. Wage growth in the U.K. remained strong in December, which could be used as an argument in favor of more rate hikes from the Bank of England. Steelmaker Thyssenkrupp reported weaker than expected results for Q1 and noted that its turnaround is taking longer than expected. Germany's Finance Minister Lindner pushed back on an EU Commission proposal that would allow individual debt reduction conditions for EU member states.

  • In economic data:

    • Eurozone's Q4 GDP 0.1% qtr/qtr, as expected (last 0.3%); 1.9% yr/yr, as expected (last 2.3%). Q4 Employment Change 0.4% qtr/qtr (expected 0.2%; last 0.3%); 1.5% yr/yr (last 1.8%)

    • Germany's January WPI 0.2% m/m (expected 1.2%; last -1.6%); 10.6% yr/yr (last 12.8%)

    • U.K.'s December average earnings index + bonus 5.9% yr/yr (expected 6.2%; last 6.5%). December Unemployment Rate 3.7%, as expected (last 3.7%). January Claimant Count -12,900 (expected 17,900; last -3,200)

    • France's Q4 Unemployment Rate 7.2% (expected 7.3%; last 7.3%)

    • Swiss January PPI 0.7% m/m (last -0.7%); 3.3% yr/yr (last 3.2%)

---Equity Markets---

  • STOXX Europe 600: +0.6%

  • Germany's DAX: +0.5%

  • U.K.'s FTSE 100: +0.4%

  • France's CAC 40: +0.5%

  • Italy's FTSE MIB: +0.6%

  • Spain's IBEX 35: +0.6%

---FX---

  • EUR/USD: +0.4% to 1.0761

  • GBP/USD: +0.6% to 1.2209

  • USD/CHF: -0.2% to 0.9177


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