The S&P 500 futures are down 5 points and are trading 0.2% below fair value. The Nasdaq 100 futures are up 34 points and are trading 0.3% above fair value. The Dow Jones Industrial Average futures are down 90 points and are trading 0.3% below fair value.
The equity futures market is mixed this morning as investors weigh ongoing concerns about the banking sector after Bloomberg reported that First Republic Bank (FRC) is considering a sale and Fitch placed Western Alliance Bancorporation (WAL) on rating watch negative. The Nasdaq 100 futures have been outperforming due to some favoritism for high quality growth names, helped along by pleasing earnings and guidance from Adobe (ADBE).
Participants are nervously anticipating the European Central Bank (ECB) policy rate decision at 9:15 a.m. ET. Reports suggest the ECB is still leaning toward a 50-basis points rate hike.
The 2-yr Treasury note yield is down two basis points to 3.94% and the 10-yr note yield is down three basis points to 3.46%.
Market participants will receive the following economic data today:
8:30 ET: Weekly Initial Claims (Brieifng.com consensus 215,000; prior 211,000), Continuing Claims (prior 1.718 mln), February Housing Starts (Briefing.com consensus 1.313 mln; prior 1.309 mln), Building Permits (Briefing.com consensus 1.345 mln; prior 1.339 mln), March Philadelphia Fed survey (Briefing.com consensus -13.0; prior -24.3), February Import Prices (prior -0.2%), Import Prices ex-oil (prior 0.3%), Export Prices (prior 0.8%), and Export Prices ex-agriculture (prior 0.8%)
10:30 ET: Weekly natural gas inventories (prior -84 bcf)
In corporate news:
Credit Suisse (CS 2.2700, +0.11, +5.1%): takes decisive action to pre-emptively strengthen liquidity and announces public tender offers for debt securities
Adobe (ADBE 352.00, +18.4, +5.5%): beats by $0.12, reports revs in-line; guides MayQ EPS in-line, revs in-line; guides FY23 EPS above consensus
First Republic Bank (FRC 22.76, -8.40, -27.0%): considers sale, according to Bloomberg
Meta Platforms (META 201.20, +3.45, +1.7%) and Snap (SNAP 11.03, +0.69, +6.7%): US demanding TikTok's Chinese owners to sell stakes or face a possible US ban, according to WSJ
Western Alliance Bancorp. (WAL 28.82, -3.53, -10.9%): Fitch Places Western Alliance Bancorporation on rating watch negative
Dollar General (DG 214.00, -4.56, -2.1%): reports EPS in-line, revs in-line; reaffirms FY24 EPS guidance, guides FY24 revs in-line; raises dividend
Signet Jewelers (SIG 69.45, +1.57, +2.3%): beats by $0.09, reports revs in-line; guides Q1 revs below consensus; guides FY24 EPS above consensus, revs below consensus; Q4 comps -9.1%; increased its share buyback program by $263 million
Five Below, Inc. (FIVE 191.00, -7.17, -3.6%): reports EPS in-line, beats on revs, comps of +1.9%; guides AprQ EPS below consensus, revs in-line, comps of +2.5-4.0%; guides FY24 EPS in-line, revs in-line, comps of +1-4%
PagerDuty, Inc. (PD 29.61, +1.77, +6.4%): beats by $0.06, beats on revs; guides Q1 EPS above consensus, revs below consensus; guides FY24 EPS above consensus, revs in-line
UiPath Inc. (PATH 16.88, +2.24, +15.3%): beats by $0.08, beats on revs; guides Q1 revs above consensus; guides FY24 revs above consensus
Intel (INTC 28.52, +0.11, +0.4%): upgraded to Neutral from Negative at Susquehanna
Reviewing overnight developments:
Equity indices in the Asia-Pacific region ended Thursday on a mostly lower note. Japan's Nikkei: -0.8%, Hong Kong's Hang Seng: -1.7%, China's Shanghai Composite: -1.1%, India's Sensex: +0.1%, South Korea's Kospi: -0.1%, Australia's ASX All Ordinaries: -1.7%.
In economic data:
Japan's January Core Machinery Orders 9.5% m/m (expected 1.8%; last 0.3%); 4.5% yr/yr (expected -3.5%; last -6.6%). February trade deficit JPY897.7 bln (expected deficit of JPY1.069 trln; last deficit of JPY3.499 trln). February Imports 8.3% yr/yr (expected 12.2%; last 17.5%) and Exports 6.5% yr/yr (expected 7.1%; last 3.5%). January Industrial Production -5.3% m/m (expected -4.6%; last 0.3%) and Capacity Utilization -5.5% m/m (last -1.1%)
Hong Kong's February Unemployment Rate 3.3% (last 3.4%)
Australia's February Employment Change 64,600 (expected 48,500; last -11,000) and full employment change 74,900 (last -42,400). February Unemployment Rate 3.5% (expected 3.6%; last 3.7%)
New Zealand's Q4 GDP -0.6% qtr/qtr (expected -0.2%; last 1.7%); 2.2% yr/yr (expected 3.3%; last 6.4%). Q4 GDP Expenditure -0.8% qtr/qtr (expected -0.2%; last 1.9%)
In news:
China's securities regulator is reportedly pausing approvals for new global depositary receipt sales due to worries about the domestic market being pressured.
China's power usage was up 11% yr/yr in February.
Australia's employment saw its strongest growth since June in the February reading.
The Reserve Bank of Australia is now expected to announce a rate cut at the August meeting.
Major European indices trade in the green. STOXX Europe 600: +0.1%, Germany's DAX: +0.4%, U.K.'s FTSE 100: +0.7%, France's CAC 40: +0.7%, Italy's FTSE MIB: +0.1%, Spain's IBEX 35: +0.8%.
In economic data:
Italy's February CPI 0.2% m/m (expected 0.3%; last 0.1%); 9.1% yr/yr (expected 9.2%; last 10.0%)
Spain's January trade deficit EUR3.96 bln (last deficit of EUR4.51 bln)
Swiss February Unemployment Rate 3.3% (last 3.4%)
In news:
Credit Suisse will borrow up to CHF50 bln from the Swiss National Bank to improve its liquidity.
Germany's Chancellor Scholz said that the EU will implement reforms to improve competitiveness.
The European Central Bank is still expected to announce a 50-bps rate hike later this morning.
U.S. equity futures:
S&P 500 Futures: -2 @ 3,889
DJIA Futures: -58 @ 31,817
Nasdaq 100 Futures: +35 @ 12,287
Overseas:
Europe: DAX +0.4%, FTSE +0.7%, CAC +0.7%
Asia: Nikkei -0.8%, Hang Seng -1.7%, Shanghai Composite -1.1%
Commodities:
Crude Oil +0.16 @ 67.77
Nat Gas +0.051 @ 2.49
Gold -1.75 @ 1929.55
Silver +0.246 @ 22.128
Copper +0.0280 @ 3.871
Earnings/Guidance:
Adobe ( ADBE ▴ 5.90% ) beats by $0.12, reports revs in-line; guides MayQ EPS in-line, revs in-line; guides FY23 EPS above consensus
Amyris ( AMRS ▴ 10.92% ) reports Q4 (Dec) results, misses on revs; expects total revenue growth of +95-100% yr/yr in FY23
Cadre Holdings ( CDRE ▾ 3.71% ) misses by $0.07, beats on revs; guides FY23 revs in-line
Catalyst Pharma ( CPRX ▴ 9.83% ) beats by $0.10, revs in-line; reaffirms FY23 revenue outlook
Designer Brands ( DBI ▴ 12.56% ) beats by $0.09, misses on revs
Dollar General ( DG ▾ 2.96% ) reports EPS in-line, revs in-line; reaffirms FY24 EPS guidance, guides FY24 revs in-line; raises dividend
EverCommerce ( EVCM ▴ 19.98% ) misses by $0.04, beats on revs; guides midpoint of Q1 revs below consensus; guides FY23 revs in-line
Franco-Nevada ( FNV ▴ 0.94% ) beats by $0.03, beats on revs
Hello Group ( MOMO ▾ 8.21% ) beats by $0.54, reports revs in-line
Honest Company ( HNST ▾ 33.33% ) misses by $0.10, beats on revs; implies that FY23 revenue will be below consensus
Jabil ( JBL ▾ 2.44% ) beats by $0.03, reports revs in-line; guides Q3 EPS in-line, revs in-line; guides FY23 revs in-line
KE Holdings ( BEKE ▴ 5.23% ) beats by RMB0.73, beats on revs; guides Q1 revs above consensus
LivePerson ( LPSN ▾ 57.73% ) reports Q4 (Dec) results, misses on revs; guides Q1 revs below consensus; guides FY23 revs below consensus
Proterra ( PTRA ▾ 53.59% ) misses by $0.25, misses on revs; guides FY23 revs below consensus
Quest Diagnostics ( DGX ▴ 0.87% ) reaffirms FY23 guidance; updates long term guidance
Signet Jewelers ( SIG ▴ 11.26% ) beats by $0.09, reports revs in-line; guides Q1 revs below consensus; guides FY24 EPS above consensus, revs below consensus; Q4 comps -9.1%; increased its share buyback program by $263 million
The Children's Place ( PLCE ▾ 6.27% ) beats by $0.22, reports revs in-line; guides Q1 EPS below two analyst estimate, revs in-line; guides FY24 EPS below consensus, revs below two analyst estimate
Titan Machinery ( TITN ▾ 19.46% ) misses by $0.34, misses on revs; guides FY24 EPS in-line
Tutor Perini ( TPC ▾ 14.09% ) reports Q4 (Dec) results, misses on revs; guides FY23 EPS below estimate
UiPath ( PATH ▴ 17.62% ) beats by $0.08, beats on revs; guides Q1 revs above consensus; guides FY24 revs above consensus
ZTO Express ( ZTO ▴ 7.94% ) beats by $0.02, misses on revs; approved a special dividend of US$0.37per ADS
News:
Treasury Secretary Janet Yellen will tell Senate Banking Committee today that banking system remains sound and deposits are safe
Large protests in France over plan to increase retirement age, according to the Wall Street Journal
US demanding TikTok's Chinese owners to sell stakes or face a possible US ban, according to the Wall Street Journal
G-7 wants to keep Russian crude price cap at $60 a barrel, according to the Wall Street Journal
Apellis Pharmaceuticals ( APLS ▾ 0.98% ) discloses that on March 14, 2023, it received notification that the FDA is extending the PDUFA goal date for the sNDA for EMPAVELI Injector
Arbutus ( ABUS ▾ 2.97% ) doses first subject in Phase 1 clinical trial with its oral RNA destabilizer, AB-161; Initial data expected in the second half of 2023
Becton Dickinson ( BDX ▴ 1.50% ) receives FDA 510(k) clearance for first-of-its-kind high-throughput diagnostic test for infectious vaginitis
Biogen ( BIIB ▴ 1.10% ) receives favorable decision from Court of Justice of the European Union relating to TECFIDERA regulatory data and marketing protection
Blink Charging ( BLNK ▾ 0.39% ) applauds the U.S. Department of Transportation's new charging and fueling infrastructure program, opening up $2.5 billion towards fund EV charging
CenterPoint ( CNP ▴ 0.83% ) appoints Christopher Foster as EVP and CFO, effective May 5
Citigroup ( C ▴ 1.78% ) reported February card metrics
Credit Suisse ( CS 0.00% ) takes decisive action to pre-emptively strengthen liquidity and announces public tender offers for debt securities
Credit Suisse ( CS 0.00% ): Saudi National Bank tells CNBC that panic over CS is "unwarranted"
Credit Suisse ( CS 0.00% ): Spanish banks have less than $1 bln exposure to Credit Suisse, according to Reuters
Enovis Corporation ( ENOV ▴ 0.70% ) announces that CEO Matt Trerotola will assume additional position of Chair of the Board, effective following the 2023 Annual Meeting of Stockholders on May 16, 2023
Esperion Therapeutics ( ESPR ▾ 54.27% ) discloses dispute over milestone payment with Daiichi Sankyo; may significantly impact its future capital needs
Exxon Mobil ( XOM ▾ 0.58% ) boosts fuel supply with $2 billion Beaumont refinery expansion
Foxconn ( FXCNY ) secured Apple (AAPL) AirPod order, according to Reuters
G-III Apparel ( GIII ▾ 1.29% ) misses by $0.03, beats on revs; guides Q1 EPS in-line, revs below consensus; guides FY24 EPS below consensus, revs above consensus
Gold Fields ( GFI ▾ 0.91% ) and AngloGold Ashanti (AU) propose Ghana JV to create Africa's largest gold mine
Gracell Biotechnologies ( GRCL ▴ 9.89% ) entered into a license agreement with Seagen Inc., a Delaware corporation (SGEN) on March 8, 2023
InterDigital ( IDCC ▴ 1.36% ): UK High Court handed down its judgment in the company's licensing dispute with Lenovo (LNVGY)
Light & Wonder ( LNW ▴ 5.18% ) evaluating potential secondary listing of its shares on the Australian Securities Exchange (ASX), in addition to its existing Nasdaq listing
Mativ Holdings ( MATV ▾ 1.05% ) announces that Greg Weitzel will succeed Andrew Wamser as CFO, effective April 2, 2023
Microsoft ( MSFT ▴ 4.05% ) is facing internal shortage of server hardware needed to run AI, according to The Information
MediWound ( MDWD ▾ 4.57% ) appoints Hani Luxenburg as CFO effective May 14, 2023
Nano Dimension ( NNDM ▴ 4.82% ) CEO Yoav Stern releases video in response to claims made by Murchinson and Anson Funds Management
Navitas Semiconductor ( NVTS ▴ 10.35% ) announces a distribution agreement with Richardson Electronics, Ltd. (RELL) covering next-generation silicon carbide power semiconductors for the Americas
NeoGenomics ( NEO ▴ 4.51% ) announces commercial availability of the RaDaR Molecular Residual Disease Test
New York Mortgage Trust ( NYMT ▴ 6.45% ) increases share buyback authorization by $200 mln
Nexa Resources ( NEXA 0.00% ) provides an update relating to the Aripuan estimated Mineral Reserves and Mineral Resources as of December 31, 2022
Novo Nordisk A/S ( NVO ▾ 1.48% ) is suspended from ABPI membership
Ozon Holdings ( OZON ▾ 18.97% ) notified of pending delisting from the Nasdaq on March 24
PG&E ( PCG ▴ 1.89% ) appoints Carolyn Burke as Executive VP and CFO, effective May 4
PureCycle Technologies ( PCT ▴ 39.41% ) provides fourth quarter update; purification facility in Ironton, Ohio, is nearly mechanically complete
Robinhood Markets ( HOOD ▴ 1.20% ) COO Gretchen Howard to retire at the end of 2023
Semtech ( SMTC ▴ 0.24% ) promotes Asaf Silberstein to COO; announced that Mohan Maheswaran intends to retire from his role as Semtech's president and chief executive officer
Silicon Valley Bank ( SIVB ▾ 62.76% ): Regulators want banks to submit bids for Silicon Valley Bank and Signature Bank (SBNY) by Friday, according to Reuters
Silicon Valley Bank ( SIVB ▾ 62.76% ): JP Morgan (JPM) and Bank of America (BAC) turned down requests to purchase Silicon Valley Bank, according to the New York Times
Sterling Bancorp, Inc. ( SBT ▴ 16.81% ) enters into a Plea Agreement with the U.S. Department of Justice, resolving the DOJ's investigation of the Bank and Company relating to the Bank's former residential loan product, marketed as the Advantage Loan Program, and related matters
Syndax Pharmaceuticals ( SNDX ▴ 0.90% ) Announces Two Publications in Nature of Data from the Phase 1 Portion of AUGMENT-101 in Acute Leukemia Patients
Tandem Diabetes Care ( TNDM ▾ 1.71% ) Announces NEJM Publication of Study Demonstrating Increased Time in Range in Young Children with Type 1 Diabetes Using the t:slim X2 Insulin Pump with Control-IQ Technology
Tutor Perini ( TPC ▾ 14.09% ) announces notice of hearing regarding proposed $2.95 bln NYC contract award
Visa ( V ▴ 0.50% ) and Mastercard (MA): Federal appeals court upholds $5.6 bln antitrust settlement, according to Reuters
Western Alliance Bancorp ( WAL ▴ 14.10% ): Fitch Places Western Alliance Bancorporation on rating watch negative
Yandex N.V. ( YNDX ▾ 21.33% ): The Nasdaq Stock Market (NDAQ) notifies Yandex that its securities will be delisted from the exchange on March 24, unless company appeals
M&A:
Equinor ( EQNR ▾ 0.84% ) increases its ownership in Scatec
First Republic Bank ( FRC ▴ 9.92% ) considers sale, according to Bloomberg
L3Harris ( LHX ▴ 0.74% ) receives second request from FTC regarding previously announced acquisition of Aerojet Rocketdyne (AJRD), extending waiting period; transaction expected to close in 2023
Rapid7 ( RPD ▾ 2.69% ) acquires Minerva Labs, a provider of ransomware prevention technology, for approximately $38 mln in cash and stock
Syndicate:
ADC Therapeutics ( ADCT ▾ 4.96% ) files $300 mln mixed securities shelf offering
Cano Health ( CANO ▾ 3.33% ) files for 9,899,973 share common stock offering by selling shareholders; also files for 29,483,101 share common stock offering by selling shareholders
Cohu ( COHU ▴ 2.78% ) files mixed securities shelf offering
DICE Therapeutics ( DICE ▴ 6.80% ) files mixed securities shelf offering
Perimeter Solutions ( PRM ▴ 1.94% ) files for 8,460,860 share common stock offering by selling shareholders; also files for 126,097,150 share common stock offering by selling shareholders
Prelude Therapeutics ( PRLD ▴ 0.61% ) disclosed last night $75 mln common stock open sale agreement
Ritchie Bros. ( RBA ▴ 1.44% ) files for 7,584,481 share common stock offering by selling shareholders
IPOs:
Expected to Price:
No IPOs expected.
Gapping Up/Down
Gapping up:
PCT +19.3%, PATH +14.8%, CERT +9.4%, CS +6.9%, CVI +6.5%, ADBE +5.8%, SBT +4.9%, ADCT +4.5%, PD +3.8%, BEKE +3.6%, NVTS +3.1%, FNV +3%, PCG +1.8%, CNP +1.8%, CPRX +1.8%, ZTO +1.6%, NYMT +1.1%, ARKK +0.9%
Gapping down:
ESPR -54%, LPSN -39.9%, AMRS -17.6%, PTRA -15.9%, EXPO -4.7%, RPD -3.8%, MAXN -3.8%, CANO -3.3%, FRPT -3%, FIVE -2.7%, TPC -2.4%, GFI -1.4%, MOMO -1.2%, AJRD -1%, TNDM -1%, LHX -1%
Analyst Research (see Upgrades/Downgrades calendar for full list:
Upgrades
Choice Hotels (CHH) upgraded to Outperform from Neutral at Robert W. Baird; tgt raised to $134
FedEx (FDX) upgraded to Buy from Hold at Stifel; tgt raised to $222
Foot Locker (FL) upgraded to Outperform from Market Perform at Telsey Advisory Group; tgt raised to $50
Intel (INTC) upgraded to Neutral from Negative at Susquehanna; tgt raised to $26
Jones Lang LaSalle (JLL) upgraded to Outperform from Peer Perform at Wolfe Research; tgt $218
Mersana Therapeutics (MRSN) upgraded to Overweight from Neutral at JP Morgan; tgt $10
Motorola Solutions (MSI) upgraded to Overweight from Neutral at JP Morgan; tgt raised to $305
ORIC Pharmaceuticals (ORIC) upgraded to Outperform from Perform at Oppenheimer; tgt $14
Qualcomm (QCOM) upgraded to Positive from Neutral at Susquehanna; tgt raised to $140
Skyworks (SWKS) upgraded to Positive from Neutral at Susquehanna; tgt raised to $135
Takeda Pharma (TAK) upgraded to Buy from Neutral at BofA Securities; tgt $20
Downgrades:
Babylon (BBLN) downgraded to Neutral from Buy at BTIG Research
Esperion Therapeutics (ESPR) downgraded to Underperform from Neutral at BofA Securities; tgt lowered to $1.50
LivePerson (LPSN) downgraded to Neutral from Buy at ROTH MKM; tgt lowered to $6
Medical Properties Trust (MPW) downgraded to Neutral from Buy at BofA Securities; tgt $10
Others:
eMagin (EMAN) initiated with a Buy at Ladenburg Thalmann; tgt $3
lululemon athletica (LULU) initiated with a Sell at Redburn; tgt $257
NIKE (NKE) initiated with a Sell at Redburn; tgt $100
Organon (OGN) initiated with an Outperform at Raymond James; tgt $33
Under Armour (UAA) initiated with a Buy at Redburn; tgt $13.50
Econ Data:
08:30 ET: Initial Claims for Mar 11 (Briefing.com Consensus 215K; Prior 211K)
08:30 ET: Continuing Claims for Mar 4 (Briefing.com Consensus NA; Prior 1718K)
08:30 ET: Housing Starts for Feb (Briefing.com Consensus 1313K; Prior 1309K)
08:30 ET: Building Permits for Feb (Briefing.com Consensus 1345K; Prior 1339K)
08:30 ET: Philadelphia Fed Index for Mar (Briefing.com Consensus -13.0; Prior -24.3)
08:30 ET: Import Prices for Feb (Briefing.com Consensus NA; Prior -0.2%)
08:30 ET: Import Prices ex-oil for Feb (Briefing.com Consensus NA; Prior 0.3%)
08:30 ET: Export Prices for Feb (Briefing.com Consensus NA; Prior 0.8%)
08:30 ET: Export Prices ex-ag for Feb (Briefing.com Consensus NA; Prior 0.8%)
10:30 ET: EIA Natural Gas Inventories for Mar 11 (Briefing.com Consensus NA; Prior -84 bcf)
Earnings:
Monday (Mar 13)
Afternoon: GTLB
Tuesday (Mar 14)
Morning: CAL IHS SGHC
Afternoon: CTOS GES LEN S SMAR STNE
Wednesday (Mar 15)
Morning: EBIX GDS OTLY PACK
Afternoon: ADBE AMRS ARRY CDRE FIVE FNV PD TPC PATH ZTO
Thursday (Mar 16)
Morning: ASO DBI DG GIII MOMO HNST JBL BEKE SIG TITN WSM
Afternoon: BLND FDX PLBY PRPL COOK
Friday (Mar 17)
Morning: AQN BLDP
Asia & Europe detail:
Asia: Nikkei -0.8%, Hang Seng -1.7%, Shanghai Composite -1.1%
Equity indices in the Asia-Pacific region ended Thursday on a mostly lower note. China's securities regulator is reportedly pausing approvals for new global depositary receipt sales due to worries about the domestic market being pressured. China's power usage was up 11% yr/yr in February. Australia's employment saw its strongest growth since June in the February reading. Meanwhile, the Reserve Bank of Australia is now expected to announce a rate cut at the August meeting.
In economic data:
Japan's January Core Machinery Orders 9.5% m/m (expected 1.8%; last 0.3%); 4.5% yr/yr (expected -3.5%; last -6.6%). February trade deficit JPY897.7 bln (expected deficit of JPY1.069 trln; last deficit of JPY3.499 trln). February Imports 8.3% yr/yr (expected 12.2%; last 17.5%) and Exports 6.5% yr/yr (expected 7.1%; last 3.5%). January Industrial Production -5.3% m/m (expected -4.6%; last 0.3%) and Capacity Utilization -5.5% m/m (last -1.1%)
Hong Kong's February Unemployment Rate 3.3% (last 3.4%)
Australia's February Employment Change 64,600 (expected 48,500; last -11,000) and full employment change 74,900 (last -42,400). February Unemployment Rate 3.5% (expected 3.6%; last 3.7%)
New Zealand's Q4 GDP -0.6% qtr/qtr (expected -0.2%; last 1.7%); 2.2% yr/yr (expected 3.3%; last 6.4%). Q4 GDP Expenditure -0.8% qtr/qtr (expected -0.2%; last 1.9%)
---Equity Markets---
Japan's Nikkei: -0.8%
Hong Kong's Hang Seng: -1.7%
China's Shanghai Composite: -1.1%
India's Sensex: +0.1%
South Korea's Kospi: -0.1%
Australia's ASX All Ordinaries: -1.7%
---FX---
USD/JPY: -0.3% to 132.88
USD/CNH: +0.1% to 6.8999
USD/INR: -0.2% to 82.72
Europe: DAX +0.4%, FTSE +0.7%, CAC +0.7%
Major European indices trade in the green. Credit Suisse will borrow up to CHF50 bln from the Swiss National Bank to improve its liquidity. Germany's Chancellor Scholz said that the EU will implement reforms to improve competitiveness. The European Central Bank is still expected to announce a 50-bps rate hike later this morning.
In economic data:
Italy's February CPI 0.2% m/m (expected 0.3%; last 0.1%); 9.1% yr/yr (expected 9.2%; last 10.0%)
Spain's January trade deficit EUR3.96 bln (last deficit of EUR4.51 bln)
Swiss February Unemployment Rate 3.3% (last 3.4%)
---Equity Markets---
STOXX Europe 600: +0.1%
Germany's DAX: +0.4%
U.K.'s FTSE 100: +0.7%
France's CAC 40: +0.7%
Italy's FTSE MIB: +0.1%
Spain's IBEX 35: +0.8%
---FX---
EUR/USD: +0.3% to 1.0612
GBP/USD: -0.1% to 1.2034
USD/CHF: -0.4% to 0.9288
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