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16/03/23 Briefing

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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