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15/11/23 Briefing


The S&P 500 futures are up 22 points and are trading 0.4% above fair value. The Nasdaq 100 futures are up 103 points and are trading 0.6% above fair value. The Dow Jones Industrial Average futures are up 122 points and are trading 0.3% above fair value.

The rally continues this morning with equity futures pointing to gains at the open. A huge pre-open gain in Target (TGT) following its Q3 results has acted as support for the broader market along with follow through momentum and gains in the mega cap stocks.

Coming off yesterday's CPI-induced rally, the 2-yr note yield is up three basis points to 4.85% and the 10-yr note yield is up three basis points to 4.47%.

The weekly MBA Mortgage Applications Index climbed 2.8% with refinance applications increasing 2.0% and purchase applications jumping 3.0%. Other economic data today includes:

  • 08:30 ET: October Retail Sales (Briefing.com consensus -0.3%; Prior 0.7%) and Retail Sales, Ex-Auto (Briefing.com consensus -0.2%; Prior 0.6%)

  • 08:30 ET: October PPI (Briefing.com consensus 0.1%; Prior 0.5%) and core PPI (Briefing.com consensus 0.3%; Prior 0.3%)

  • 08:30 ET: November Empire State Manufacturing (Briefing.com consensus -5.0; Prior -4.6)

  • 10:00 ET: September Business Inventories (Briefing.com consensus 0.4%; Prior 0.4%)

In other news, China reported mostly better-than-expected economic data overnight. Also, the People's Bank of China left its one-year medium term lending facility rate at 2.50%, but still injected CNY600 bln of liquidity, which was the largest injection in nearly seven years.

President Biden is scheduled to meet with China's Xi Jinping today at 2:00 p.m. ET at the APEC Summit.

Separately, the House passed a continuing resolution to fund the government through January 19 and February 2 in a 336-95 vote that included 92 "nays" from GOP members. The bill is now headed to the Senate for a vote.

In corporate news:

  • Target (TGT 127.35, +16.56, +15.0%): beats by $0.63, misses on revs; guides Q4 EPS in-line

  • JD.com (JD 28.04, +1.33, +5.0%): beats by RMB0.83, reports revs in-line

  • Advance Auto (AAP 55.26, -3.15, -5.4%): reports Q3 (Sep) results, beats on revs; lowers FY23 guidance; initiated separate sale processes for the potential divestiture of Worldpac and the company's Canada business.

  • Catalent (CTLT 38.60, +3.07, +8.6%): beats by $0.04, beats on revs; reaffirms FY24 revs guidance

  • Alcon (ALC 72.26, -2.70, -3.6%): reports EPS in-line, misses on revs; guides FY23 EPS in-line, revs below consensus

  • Generac (GNRC 113.50, +3.88, +3.5%): upgraded to Neutral from Underperform at BofA Securities

  • TJX 3.39% (TJX 90.57, -1.93, -2.1%): beats by $0.04, beats on revs; guides Q4 EPS below consensus

  • Chevron (CVX 145.37, +0.32, +0.2%): Berkshire Hathaway reduces position

  • American Express (AXP 157.90, +0.99, +0.6%): initiated with an Overweight at Barclays

  • NIKE (NKE 106.70, +0.95, +0.9%): raises quarterly dividend by 9%

Reviewing overnight developments:

  • Equity indices in the Asia-Pacific region ended the midweek session on a firmly higher note. Japan's Nikkei: +2.5%, Hong Kong's Hang Seng: +3.9%, China's Shanghai Composite: +0.6%, India's Sensex: +1.1%, South Korea's Kospi: +2.2%, Australia's ASX All Ordinaries: +1.5%.

  • In economic data:

  • China's October Industrial Production 4.6% yr/yr (expected 4.4%; last 4.5%), October Fixed Asset Investment 2.9% yr/yr (expected 3.1%; last 3.1%), October Retail Sales 7.6% yr/yr (expected 7.0%; last 5.5%), and October Unemployment Rate 5.0%, as expected (last 5.0%)

  • Japan's Q3 GDP -0.5% qtr/qtr (expected -0.1%; last 1.1%); -2.1% yr/yr (expected -0.6%; last 4.5%). Q3 Capital Expenditure -0.6% qtr/qtr (expected 0.3%; last -1.0%) and GDP Private Consumption 0.0% qtr/qtr (expected 0.2%; last -0.9%). September Industrial Production 0.5% m/m (expected 0.2%; last -0.7%) and Capacity Utilization 0.4% m/m (last 0.5%)

  • South Korea's October Unemployment Rate 2.5% (expected 2.7%; last 2.6%)

  • India's October trade deficit $31.46 bln (expected deficit of $20.50 bln; last deficit of $19.37 bln)

  • Australia's Q3 Wage Price Index 1.3% qtr/qtr, as expected (last 0.9%); 4.0% yr/yr (expected 3.9%; last 3.6%)

  • New Zealand's October Electronic Card Retail Sales -0.7% m/m (last -0.8%); -2.0% yr/yr (last 1.6%). September Visitor Arrivals 2.4% m/m (last -3.0%)


  • In news:

  • Japan reported a sharper than expected contraction in its flash GDP report for Q3 while the country's Economy Minister said that the risk of a global slowdown is weighing on Japan.

  • The Bank of Japan reduced its scheduled bond buying plans.

  • Australia's wages grew 1.3% qtr/qtr in Q3, matching the fastest rate of growth since 2009.

  • The People's Bank of China left its one-year medium term lending facility rate at 2.50%, but still injected CNY600 bln of liquidity, which was the largest injection in nearly seven years.

  • President Biden is scheduled to meet with China's Xi Jinping today.



  • Major European indices trade in the green. STOXX Europe 600: +0.7%, Germany's DAX: +0.7%, U.K.'s FTSE 100: +1.0%, France's CAC 40: +0.6%, Italy's FTSE MIB: +0.5%, Spain's IBEX 35: +0.5%.

  • In economic data:

  • Eurozone's September Industrial Production -1.1% m/m (expected -1.0%; last 0.6%); -6.9% yr/yr (expected -6.3%; last -5.1%). September trade surplus EUR10.0 bln (last surplus of EUR5.9 bln)

  • Germany's October WPI -0.7% m/m (expected 0.2%; last 0.2%); -4.2% yr/yr (last -4.1%)

  • U.K.'s October CPI 0.0% m/m (expected 0.1%; last 0.5%); 4.6% yr/yr (expected 4.8%; last 6.7%). October Core CPI 0.3% m/m (expected 0.4%; last 0.5%); 5.7% yr/yr (expected 5.8%; last 6.1%). October Input PPI 0.4% m/m (expected 0.2%; last 0.6%) and Output PPI 0.1% m/m, as expected (last 0.6%). September House Prices -0.1% yr/yr (expected -0.8%; last 0.8%)

  • France's October CPI 0.1% m/m, as expected (last -0.5%); 4.0% yr/yr, as expected (last 4.9%). Q3 Unemployment Rate 7.4% (expected 7.3%; last 7.2%)

  • Italy's October CPI -0.2% m/m (expected -0.1%; last 0.2%); 1.7% yr/yr (expected 1.8%; last 5.3%). September trade surplus EUR2.350 bln (last surplus of EUR2.350 bln)


  • In news:

  • Price pressures eased in the U.K., as CPI showed no growth in October, slowing the yr/yr growth rate to 4.6% from 6.7%, while house prices were down 0.1% yr/yr in September, representing the first decrease since early 2012.

  • Germany's constitutional court ruled that the country's government illegally reallocated EUR60 bln worth of pandemic-related funds to a climate fund.

  • European Central Bank policymaker Centeno said that the governing council must be patient when it comes to its policy moves.



U.S. equity futures:

  • S&P 500 Futures +18 @ 4,514

  • DJIA Futures: +115 @ 34,943

  • Nasdaq 100 Futures: +92 @ 15,904

Overseas:

  • Europe: DAX +0.7%, FTSE +1.0%, CAC +0.6%

  • Asia: Nikkei +2.5%, Hang Seng +3.9%, Shanghai Composite +0.6%

Commodities:

  • Crude Oil -0.25 @ 78.01

  • Nat Gas +0.056 @ 3.162

  • Gold +8.75 @ 1975.25

  • Silver +0.345 @ 23.477

  • Copper +0.0205 @ 3.7040

Earnings/Guidance:

  • Advance Auto ( AAP 1.44% ) reports Q3 (Sep) results, beats on revs; lowers FY23 guidance; initiated separate sale processes for the potential divestiture of Worldpac and the company's Canada business

  • Alcon ( ALC 5.58% ) reports EPS in-line, misses on revs; guides FY23 EPS in-line, revs below consensus

  • Alkermes ( ALKS 0.12% ) updates guidance for FY23 following Oncology Business separation

  • Alpine Immune Sciences ( ALPN 12.63% ) beats by $0.09, beats on revs

  • Arcturus Therapeutics ( ARCT 25.62% ) beats by $1.08, beats on revs

  • Biohaven ( BHVN 2.27% ) misses by $0.11

  • Catalent ( CTLT 9.74% ) beats by $0.04, beats on revs; reaffirms FY24 revs guidance

  • Dada ( DADA 13.90% ) beats by RMB 0.02, reports revs in-line; guides Q4 revs in-line

  • Endava ( DAVA 3.82% ) beats by $0.04, beats on revs; guides Q2 EPS below consensus, revs below consensus; raises FY24 guidance

  • Fiserv ( FI 2.00% ) reaffirms FY23 guidance; provides FY24 and medium term outlook

  • Genelux ( GNLX 1.17% ) misses by $0.02

  • Getty Images ( GETY 6.49% ) reports Q3 (Sep) results, revs in-line; guides FY23 revs below consensus

  • Global-E Online ( GLBE 24.90% ) beats by $0.04, misses on revs; guides Q4 revs below consensus

  • Icosavax ( ICVX 17.53% ) beats by $0.15, reports no revenue

  • JD.com ( JD 6.16% ) beats by RMB0.83, reports revs in-line

  • Nu Holdings ( NU 8.72% ) reports Q3 (Sep) results, beats on revs

  • Olink Holding ( OLK 3.69% ) beats by $0.07

  • Riskified ( RSKD 4.76% ) beats by $0.12, reports revs in-line; lowers FY23 revs below consensus

  • Sigma Lithium ( SGML 14.19% ) reports Q3 results

  • Structure Therapeutics ( GPCR 2.89% ) beats by $0.01

  • Target ( TGT 17.75% ) beats by $0.63, misses on revs; guides Q4 EPS in-line

  • Tencent ( TCEHY ) reports Q3 results

  • TJX ( TJX 3.39% ) beats by $0.04, beats on revs; guides Q4 EPS below consensus

  • Varex Imaging ( VREX 0.72% ) beats by $0.12, misses on revs; guides Q1 EPS in-line, revs below two analyst estimate

  • XPeng ( XPEV 1.41% ) beats by RMB0.17; misses on revs; sees Q4 revs above consensus

News:

  • House passes continuing resolution to fund government through January 19 and February 2. Senate Majority Leader Chuck Schumer wants vote as soon as possible, according to the New York Times

  • Israel is carrying out a "precise and targeted operation" in Gaza's Al-Shifa hospital, according to CNN

  • China central bank increased liquidity, according to Reuters

  • President Biden will meet with Chinese President Xi today at 2:00 PM ET and President Biden will hold a press conference at 7:15 PM ET, per White House schedule

  • China has received US equipment to make advanced chips despite additional regulations, according to Reuters

  • United States and China reaffirm their commitment to work jointly and together with other countries to address the climate crisis

  • Judge rules that social media companies must face lawsuits related to youth addiction, according to Reuters

  • EU Commission welcomes deal on first-ever EU law to curb methane emissions in the EU and globally

  • ArcelorMittal ( MT 2.42% ) enters the additive manufacturing industry as a steel powder supplier

  • Arcellx ( ACLX 9.27% ) and Kite announce expansion in strategic partnership; Arcellx to receive $200 mln equity investment at $61.68 per share and an $85 mln upfront cash payment

  • Atomera ( ATOM 20.17% ) reaches revenue milestone under its first commercial license agreement

  • BlueLinx ( BXC 0.20% ) and Louisiana-Pacific Corporation announce an expansion of their distribution partnership

  • Cellectis ( CLLS 3.52% ) announces the execution of the subsequent investment agreement with AstraZeneca (AZN)

  • Centene ( CNC 0.05% ) names Susan Smith as COO effective Jan. 1, 2024

  • Charter Comm ( CHTR 0.48% ) charged $25 mln by the SEC for unauthorized stock buybacks

  • Chegg ( CHGG 12.26% ) announces new $150 million accelerated share repurchase

  • Eli Lilly ( LLY 2.49% ): U.S. Nuclear Regulatory Commission issues consent for indirect transfer of control of POINT Biopharma Global Inc.'s (PNT) radioactive materials license

  • Goodyear Tire ( GT 2.45% ) announces that Richard Kramer has informed the Board of his plans to retire as Chairman, CEO, and President in 2024; co also announced a transformation plan -- "Goodyear Forward" -- to optimize its portfolio, deliver significant margin expansion and reduce leverage

  • Google ( GOOG 0.10% ) paid Samsung (SSNLF) $8 bln ovder 4 years to make search engine default, according to Bloomberg

  • Granite Constr ( GVA 1.44% ) joint venture awarded another contract by the California Department of Transportation for $131 mln; included in Q2 CAP

  • Insteel Industries ( IIIN 2.40% ) declares a special cash dividend of $2.50/share payable on December 22, 2023, to shareholders of record as of December 8

  • Manchester United ( MANU 1.96% ): Richard Arnold will step down as CEO; Patrick Stewart to take on interim CEO role while a search process to find a permanent replacement is ongoing

  • NIKE ( NKE 2.69% ) raises quarterly dividend by 9%

  • Paragon 28 ( FNA 0.75% ) launches BEAST Cortical Fibers

  • Polestar Automotive Holding UK PLC ( PSNY 4.61% ) confirms Polestar 4 production starts; first customer deliveries expected before end of 2023

  • RTX ( RTX 0.33% ): U.S. State Department approves $650 mln sale of Standard Missile 6 Block I to South Korea, according to BNN

  • StoneCo ( STNE 7.00% ) announces new share repurchase program of up to r$ 1 billion

  • Toyota Motor ( TM 1.47% ) unveils the powerful and purely hybrid next generation Camry

  • Truist ( TFC 2.31% ) appoints Vice Chair Beau Cummins to newly created role of COO

  • UFP Industries ( UFPI 0.51% ) announces launch of TimberBase.com, a B2B digital platform for buying and selling lumber and building materials

M&A:

  • Bowman Consulting Group ( BWMN 0.99% ) announces the acquisition of High Mesa Consulting Group; financial terms were not disclosed

  • Core & Main ( CNM 1.94% ) to acquire Lee Supply Company; financial details not disclosed

  • Graphite Bio ( GRPH 11.37% ) and LENZ Therapeutics have entered into a definitive merger agreement to combine the companies in an all-stock transaction

  • Novanta ( NOVT 5.00% ) announces agreement to acquire Motion Solutions for $189 mln in cash

  • Stantec ( STN 0.88% ) to acquire ZETCON Engineering; financial details not disclosed; to close in January 2024

Syndicate:

  • Dynatrace ( DT 3.75% ) announces the commencement of an underwritten public offering of 10,000,000 shares of common stock by certain selling stockholders of Dynatrace (

  • Intapp ( INTA 4.97% ) files for 5,000,000 shares of common stock by selling shareholders

IPOs:

  • No IPOs expected to price.

Gapping Up/Down

  • Gapping up:

  • ARCT +15.6%, ACLX +8.8%, DADA +5.3%, CLLS +4.7%, JD +4.1%, SIRI +3.9%, ALPN +3.7%, MT +2.6%, ATOM +2.4%, TFC +2.3%, PSNY +2.3%, LRN +1.7%, STNE +1.6%, IIIN +1.4%, GVA +0.8%, PNT +0.8%, RGLD +0.8%, NKE +0.6%


  • Gapping down:

  • VREX -8.3%, ALC -4%, INTA -3.3%, ICVX -2.6%, FNA -2.2%, NOVT -2%, LIFW -1.9%, XPEV -1.6%, NU -1.5%, GPCR -1.1%, SGML -0.9%


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

  • Upgrades

  • American Eagle (AEO) upgraded to Neutral from Underperform at BofA Securities; tgt raised to $19

  • Centessa Pharmaceuticals (CNTA) upgraded to Buy from Hold at Jefferies; tgt raised to $11

  • Generac (GNRC) upgraded to Neutral from Underperform at BofA Securities; tgt raised to $110

  • Holley Inc. (HLLY) upgraded to Buy from Hold at Jefferies; tgt lowered to $5

  • V.F. Corp (VFC) upgraded to Neutral from Underweight at JP Morgan; tgt raised to $19

  • Vipshop (VIPS) upgraded to Buy from Neutral at Citigroup; tgt raised to $20

  • Wix.com (WIX) upgraded to Overweight from Equal Weight at Barclays; tgt raised to $130


  • Downgrades:

  • Bluegreen Vacations Holding (BVH) downgraded to Hold from Buy at Truist

  • Bristol-Myers (BMY) downgraded to Neutral from Overweight at Cantor Fitzgerald; tgt lowered to $55

  • Canadian Solar (CSIQ) downgraded to Underweight from Neutral at JP Morgan; tgt lowered to $22\

  • Energizer (ENR) downgraded to Sector Perform from Outperform at RBC Capital Mkts; tgt lowered to $38

  • Energizer (ENR) downgraded to Underweight from Equal-Weight at Morgan Stanley; tgt $33

  • Energizer (ENR) downgraded to Underweight from Neutral at JP Morgan; tgt $33

  • FiscalNote Holdings (NOTE) downgraded to Neutral from Buy at BTIG Research

  • RTX (RTX) downgraded to Neutral from Buy at Redburn Atlantic

  • The Beauty Health Company (SKIN) downgraded to Hold from Buy at Jefferies; tgt lowered to $1.50


  • Others:

  • AerCap (AER) initiated with an Overweight at Barclays; tgt $80

  • AGNC Investment (AGNC) initiated with an Equal Weight at Barclays; tgt $8

  • Air Lease (AL) initiated with an Overweight at Barclays; tgt $46

  • American Express (AXP) initiated with an Overweight at Barclays; tgt $184

  • BioMarin Pharmaceutical (BMRN) initiated with an Overweight at Wells Fargo; tgt $100

  • Bread Financial (BFH) initiated with an Underweight at Barclays; tgt $24

  • BrightSpire Capital (BRSP) initiated with an Equal Weight at Barclays; tgt $6

  • Chord Energy (CHRD) initiated with an Overweight at Wells Fargo; tgt $189

  • Discover Financial Services (DFS) initiated with an Equal Weight at Barclays; tgt $99

  • Essent Group (ESNT) initiated with an Overweight at Barclays; tgt $60

  • Fidelity National (FNF) initiated with an Equal Weight at Barclays; tgt $44

  • First American Financial (FAF) initiated with an Equal Weight at Barclays; tgt $53

  • Lifezone Metals (LZM) initiated with a Buy at Liberum; tgt $17.50

  • Lithium Americas (LAC) initiated with an Outperform at National Bank Financial

  • Magnolia Oil & Gas (MGY) initiated with an Equal Weight at Wells Fargo; tgt $23

  • Matador Resources (MTDR) initiated with an Overweight at Wells Fargo; tgt $73

  • MGIC Investment (MTG) initiated with an Equal Weight at Barclays; tgt $19

  • Mr. Cooper Group (COOP) initiated with an Overweight at Barclays; tgt $74

  • Navient (NAVI) initiated with an Equal Weight at Barclays; tgt $17

  • NMI Hldgs (NMIH) initiated with an Overweight at Barclays; tgt $37

  • OneMain Holdings (OMF) initiated with an Overweight at Barclays; tgt $51

  • PennyMac (PFSI) initiated with an Overweight at Barclays; tgt $82

  • Permian Resources (PR) initiated with an Overweight at Wells Fargo; tgt $17

  • Radian Group (RDN) initiated with an Equal Weight at Barclays; tgt $28

  • Reneo Pharmaceuticals (RPHM) initiated with an Outperform at William Blair; tgt $35.55

  • Rocket Companies (RKT) initiated with an Underweight at Barclays; tgt $6

  • Sallie Mae (SLM) initiated with an Overweight at Barclays; tgt $16

  • SM Energy (SM) initiated with an Equal Weight at Wells Fargo; tgt $40

  • SoFi Technologies (SOFI) initiated with an Equal Weight at Barclays; tgt $8

  • Synchrony Financial (SYF) initiated with an Equal Weight at Barclays; tgt $31

  • UWM Holdings (UWMC) initiated with an Underweight at Barclays; tgt $4

  • Vital Energy (VTLE) initiated with an Equal Weight at Wells Fargo; tgt $50

  • Warner Music Group (WMG) initiated with an Equal Weight at Wells Fargo; tgt $35


Econ Data:

  • 07:00 ET: MBA Mortgage Applications Index for Nov 11 (Briefing.com Consensus NA; Prior 2.5%)

  • 08:30 ET: Retail Sales for Oct (Briefing.com Consensus -0.3%; Prior 0.7%)

  • 08:30 ET: Retail Sales ex-auto for Oct (Briefing.com Consensus -0.2%; Prior 0.6%)

  • 08:30 ET: PPI for Oct (Briefing.com Consensus 0.1%; Prior 0.5%)

  • 08:30 ET: Core PPI for Oct (Briefing.com Consensus 0.3%; Prior 0.3%)

  • 08:30 ET: Empire State Manufacturing for Nov (Briefing.com Consensus -5.0; Prior -4.6)

  • 10:00 ET: Business Inventories for Sep (Briefing.com Consensus 0.4%; Prior 0.4%)

  • 10:30 ET: EIA Crude Oil Inventories for Nov 11 (Briefing.com Consensus NA; Prior NA)

Earnings:

  • Monday (Nov 13)

  • Morning: FTRE GENI HSIC MNDY NABL ROIV SKIN TSEM TSN

  • Afternoon: ACM AZTA FSR HROW SLF


  • Tuesday (Nov 14)

  • Morning: ARMK CAE CAMT CSIQ CLBT ENR HD HUYA IHS OCSL ONON PSFE SBH SE TME VIPS WKME

  • Afternoon: HRTX VERX


  • Wednesday (Nov 15)

  • Morning: AAP CTLT DAVA GLBE GFF JD NTES RSKD TGT

  • During Market Hours: TJX

  • Afternoon: CSCO CPA HI JJSF KLIC MAXN MMS PANW SQM SONO TTEK


  • Thursday (Nov 16)

  • Morning: BABA BBWI BERY BRC BV DOLE M NICE SCVL SR SSYS WMT WMG WSM

  • Afternoon: AMAT BZH DLB ESE GPS GLOB POST ROST UGI WWD ZTO


  • Friday (Nov 17)

  • Morning: BJ BKE SPB TWST

  • Afternoon: ATKR



Asia & Europe detail:

Asia: Nikkei +2.5%, Hang Seng +3.9%, Shanghai Composite +0.6%

Equity indices in the Asia-Pacific region ended the midweek session on a firmly higher note. Japan reported a sharper than expected contraction in its flash GDP report for Q3 while the country's Economy Minister said that the risk of a global slowdown is weighing on Japan. The Bank of Japan reduced its scheduled bond buying plans. Australia's wages grew 1.3% qtr/qtr in Q3, matching the fastest rate of growth since 2009. The People's Bank of China left its one-year medium term lending facility rate at 2.50%, but still injected CNY600 bln of liquidity, which was the largest injection in nearly seven years. President Biden is scheduled to meet with China's Xi Jinping today.

  • In economic data:

  • China's October Industrial Production 4.6% yr/yr (expected 4.4%; last 4.5%), October Fixed Asset Investment 2.9% yr/yr (expected 3.1%; last 3.1%), October Retail Sales 7.6% yr/yr (expected 7.0%; last 5.5%), and October Unemployment Rate 5.0%, as expected (last 5.0%)

  • Japan's Q3 GDP -0.5% qtr/qtr (expected -0.1%; last 1.1%); -2.1% yr/yr (expected -0.6%; last 4.5%). Q3 Capital Expenditure -0.6% qtr/qtr (expected 0.3%; last -1.0%) and GDP Private Consumption 0.0% qtr/qtr (expected 0.2%; last -0.9%). September Industrial Production 0.5% m/m (expected 0.2%; last -0.7%) and Capacity Utilization 0.4% m/m (last 0.5%)

  • South Korea's October Unemployment Rate 2.5% (expected 2.7%; last 2.6%)

  • India's October trade deficit $31.46 bln (expected deficit of $20.50 bln; last deficit of $19.37 bln)

  • Australia's Q3 Wage Price Index 1.3% qtr/qtr, as expected (last 0.9%); 4.0% yr/yr (expected 3.9%; last 3.6%)

  • New Zealand's October Electronic Card Retail Sales -0.7% m/m (last -0.8%); -2.0% yr/yr (last 1.6%). September Visitor Arrivals 2.4% m/m (last -3.0%)


---Equity Markets---

  • Japan's Nikkei: +2.5%

  • Hong Kong's Hang Seng: +3.9%

  • China's Shanghai Composite: +0.6%

  • India's Sensex: +1.1%

  • South Korea's Kospi: +2.2%

  • Australia's ASX All Ordinaries: +1.5%

---FX---

  • USD/JPY: UNCH at 150.28

  • USD/CNH: UNCH at 7.2495

  • USD/INR: +0.2% to 83.14

Europe: DAX +0.7%, FTSE +1.0%, CAC +0.6%

Major European indices trade in the green. Price pressures eased in the U.K., as CPI showed no growth in October, slowing the yr/yr growth rate to 4.6% from 6.7%, while house prices were down 0.1% yr/yr in September, representing the first decrease since early 2012. Germany's constitutional court ruled that the country's government illegally reallocated EUR60 bln worth of pandemic-related funds to a climate fund. European Central Bank policymaker Centeno said that the governing council must be patient when it comes to its policy moves.

  • In economic data:

  • Eurozone's September Industrial Production -1.1% m/m (expected -1.0%; last 0.6%); -6.9% yr/yr (expected -6.3%; last -5.1%). September trade surplus EUR10.0 bln (last surplus of EUR5.9 bln)

  • Germany's October WPI -0.7% m/m (expected 0.2%; last 0.2%); -4.2% yr/yr (last -4.1%)

  • U.K.'s October CPI 0.0% m/m (expected 0.1%; last 0.5%); 4.6% yr/yr (expected 4.8%; last 6.7%). October Core CPI 0.3% m/m (expected 0.4%; last 0.5%); 5.7% yr/yr (expected 5.8%; last 6.1%). October Input PPI 0.4% m/m (expected 0.2%; last 0.6%) and Output PPI 0.1% m/m, as expected (last 0.6%). September House Prices -0.1% yr/yr (expected -0.8%; last 0.8%)

  • France's October CPI 0.1% m/m, as expected (last -0.5%); 4.0% yr/yr, as expected (last 4.9%). Q3 Unemployment Rate 7.4% (expected 7.3%; last 7.2%)

  • Italy's October CPI -0.2% m/m (expected -0.1%; last 0.2%); 1.7% yr/yr (expected 1.8%; last 5.3%). September trade surplus EUR2.350 bln (last surplus of EUR2.350 bln)


---Equity Markets---

  • STOXX Europe 600: +0.7%

  • Germany's DAX: +0.7%

  • U.K.'s FTSE 100: +1.0%

  • France's CAC 40: +0.6%

  • Italy's FTSE MIB: +0.5%

  • Spain's IBEX 35: +0.5%

---FX---

  • EUR/USD: -0.1% to 1.0865

  • GBP/USD: -0.2% to 1.2473

  • USD/CHF: -0.1% to 0.8875

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