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16/12/21 Briefing

The S&P 500 futures are rallying 39 points, or 0.8%, above fair value following yesterday's well-received Fed decision.

The Fed announced a more aggressive tapering plan yesterday, and signaled three rate hikes next year, but the market was already expecting that and is taking comfort in the observation that Fed Chair Powell didn't sound as hawkish as feared. There is hope that a few rate hikes can keep inflation in check without affecting economic growth.

Over in Europe, the European Central Bank left its key rates unchanged and said it will discontinue net asset purchases under its emergency program at the end of March 2022. Interestingly, the Bank of England raised its bank rate to 0.25% from 0.1%, and Norway's central bank raised its key rate to 0.50% from 0.25%.

In economic data, investors will receive Housing Starts (Briefing.comconsensus 1.570 mln) and Building Permits (Briefing.comconsensus 1.670 mln) for November, weekly Initial Claims (Briefing.comconsensus 195,000), and the Philadelphia Fed Index for December (Briefing.comconsensus 30.0) at 8:30 a.m. ET.

Industrial Production (Briefing.comconsensus 0.8%) and Capacity Utilization (Briefing.comconsensus 76.8%) for November will be available at 9:15 a.m. ET, followed by the preliminary IHS Markit Manufacturing and Services PMIs for December at 9:45 a.m. ET.

U.S. Treasuries trade little changed. The 2-yr yield is unchanged at 0.67%, and the 10-yr yield is up one basis point to 1.47%. The U.S. Dollar Index is down 0.6% to 95.97. WTI crude futures are up 0.4% to $71.15/bbl.

In U.S. Corporate news:

  • Accenture (ACN 410.71, +35.41): +9.4% after beating top and bottom-line estimates, guiding Q2 revenue above consensus, and raising its FY22 EPS and revenue guidance above consensus.

  • Lennar (LEN 106.31, -6.78): -6.0% after missing EPS estimates. Lennar said the housing industry continues to exhibit strong demand, outweighing supply, and is confident the company can continue to generate solid growth.

  • Nordson (NDSN 260.00, -9.12): -3.4% after missing top and bottom-line estimates, although it guided fiscal Q1 EPS and revenue above consensus.

  • Jabil (JBL 66.50, +2.72): +4.3% after beating top and bottom-line estimates, raises its FY22 EPS above consensus, and guiding FY22 revenue above consensus.

Reviewing overnight developments:

  • Equity indices in the Asia-Pacific region ended Thursday on a mostly higher note. Japan's Nikkei: +2.1% Hong Kong's Hang Seng: +0.2% China's Shanghai Composite: +0.8% India's Sensex: +0.2% South Korea's Kospi: +0.6% Australia's ASX All Ordinaries: -0.2%.

  • In economic data:

  • Japan's November trade deficit JPY954.80 bln (expected deficit of JPY675.00 bln; last deficit of JPY68.50 bln). November Imports 43.8% (expected 40.0%; last 26.7%) and Exports 20.5% yr/yr (expected 21.2%; last 9.4%)

  • Australia's November Employment Change 366,100 (expected 205,000; last -46,300) and full Employment Change 128,300 (last -40,400). November Participation Rate 66.1% (expected 65.5%; last 64.7%) and Unemployment Rate 4.6% (expected 5.0%; last 5.2%). November HIA New Home Sales 7.7% m/m (last 11.1%). Flash December Manufacturing PMI 57.4 (last 59.2) and flash Services PMI 55.1 (last 55.7)

  • New Zealand's Q3 GDP -3.7% qtr/qtr (expected -4.5%; last 2.4%); -0.3% yr/yr (expected -1.6%; last 17.9%)

  • Hong Kong's November Unemployment Rate 4.1% (last 4.3%)


  • In news:

  • Bank of Korea Governor Lee said that South Korea's CPI is expected to remain above 2.0% for "quite some time."

  • South Korea's Finance Ministry expects domestic growth in the low 3.0% range in 2022.

  • Reserve Bank of Australia Governor Lowe said that conditions for a rate hike will not be met in 2022 and that underlying inflation will hit recede to in 2023. Inflation expectations in December hit a nine-year high of 4.8%.

  • Australia's Treasury expects FY21/22 growth of 3.75%, followed by 3.50% growth in FY22/23.



  • Major European indices trade on a firmly higher note. STOXX Europe 600: +1.7% Germany's DAX: +1.7% U.K.'s FTSE 100: +1.0% France's CAC 40: +1.6% Italy's FTSE MIB: +1.2% Spain's IBEX 35: +1.8%.

  • In economic data:

  • Eurozone's December flash Manufacturing PMI 58.0 (expected 57.8; last 58.4) and flash Services PMI 53.3 (expected 54.1; last 55.9). Q3 eurozone wages 2.3% yr/yr

  • Germany's December flash Manufacturing PMI 57.9 (expected 56.8; last 57.4) and flash Services PMI 48.4 (expected 51.0; last 52.7)

  • U.K.'s December flash Manufacturing PMI 57.6 (last 58.1) and flash Services PMI 53.2 (last 58.5)

  • France's December flash Manufacturing PMI 54.9 (expected 55.5; last 55.9) and flash Services PMI 57.1 (expected 56.0; last 57.4). December Business Survey 111 (expected 109; last 110)

  • Italy's October trade surplus EUR3.89 bln (last surplus of EUR2.44 bln)


  • In news:

  • The Bank of England voted 8-1 to increase its bank rate by 15 bps to 0.25% while Norway's central bank raised its key rate to 0.50% from 0.25%, projecting another hike in March. The Swiss National Bank left its policy rate at -0.75%.

  • Major European economies reported mostly expansionary flash PMI readings for December, but Germany's Services PMI (48.4) fell into contractionary territory amid renewed restrictions.

  • Germany is planning 2022 debt issuance of around EUR410 bln, representing the second highest amount on record.




U.S. equity futures:

  • S&P 500 Futures: +32 @ 4,742

  • DJIA Futures: +223 @ 36,150

  • Nasdaq 100 Futures: +104 @ 16,394

Overseas:

  • Europe: DAX +1.7%, FTSE +1.0%, CAC +1.6%

  • Asia: Nikkei +2.1%, Hang Seng +0.2%, Shanghai Composite +0.8%

Commodities:

  • Crude Oil +0.32 @ 71.19

  • Nat Gas +0.096 @ 3.898

  • Gold +19.45 @ 1783.95

  • Silver +0.635 @ 22.180

  • Copper +0.1285 @ 4.3110

U.S. Summary:

  • Earnings/Guidance (Full Earnings Calendar):

  • Accenture (ACN) beats by $0.15, beats on revs; guides Q2 revs above consensus; raises FY22 EPS above consensus, revs above consensus

  • APi Group (APG) raises FY21 revenue guidance ahead of consensus as revenue momentum in Q3 continued into Q4

  • Blue Bird (BLBD) misses by $0.12, misses on revs as supply chain disruptions continued in SepQ

  • Circor (CIR) reaffirms Q4 earnings and revenue guidance

  • Delta Air Lines (DAL) announces three-year financial targets and outlook

  • Flexsteel Ind (FLXS) raises revenue guidance, but lowers margin guidance due to supply chain issues

  • HEICO (HEI) beats by $0.04, beats on revs

  • IronNet (IRNT) reports Q3 (Oct) results, misses on revs; guides FY22 revs below consensus

  • Jabil (JBL) beats by $0.12, beats on revs; guides Q2 EPS in-line, revs in-line; raises FY22 EPS above consensus, sees revs above consensus

  • Lennar (LEN) misses by $0.24, reports revs in-line

  • Nordson (NDSN) misses by $0.22, misses on revs; guides JanQ EPS above consensus, revs above consensus; guides FY22 EPS in-line, revs in-line

  • Smith & Nephew (SNN) outlines 'Strategy for Growth', provides mid-term guidance and announces share buyback

  • Trip.comGroup (TCOM) reports Q3 (Sep) results, beats on revs

  • Turning Point Brands (TPB) announces the appointment of Yavor Efremov as President and Chief Executive Officer, effective January 11, 2022; sees FY21 revs at higher end of guidance

  • Worthington (WOR) beats by $0.26, beats on revs


  • General News:

  • Senate Democrats are expected to delay talks on Build Back Better Act until next year because talks between President Biden and Senator Joe Manchin (D-WV) are "very far apart." Mr. Manchin wants the child tax credit extension (which expires this month) removed from the bill, but that is getting pushback from progressives. There are also disagreements around the state and local tax deduction, according to CNN

  • Omicron variant infects 70 times faster than Delta, but it likely causes "much lower" severe disease, according to Bloomberg

  • ECB keeps rates unchanged

  • 60% of Americans are "worn out" by COVID's impact on their daily lives. Support for requiring proof of vaccination to enter offices or public settings has dropped to 46%, according to Monmouth

  • 100 NFL players have tested positive for COVID-19. 66% of those cases are asymptomatic and the rest have very mild symptoms. NFL is reexamining protocols, such as allowing asymptomatic players to return sooner. NFL is not considering cancelling any games, according to the NFL

  • The Biden administration believes demand for coronavirus tests could double or triple with Omicron wave, according to Politico

  • Bank of England raises interest rates to 0.25% from 0.1%

  • Canada planning digital services tax, which has US officials concerned, according to Bloomberg

  • ABM Industries (ABM) announces "ELEVATE" strategy at 2021 Investor Day

  • Aerie Pharma (AERI) announced that Raj Kannan will join the company as Chief Executive Officer and a director, effective December 20, 2021

  • AFC Gamma (AFCG) increases quarterly dividend to $0.50/share from $0.43/share

  • American Airlines (AAL) CEO Doug Parker and Southwest (LUV) CEO Gary Kelly say masks are not necessary on planes, according to CNN

  • Apellis Pharmaceuticals (APLS) receives EU orphan drug approval for Aspaveli

  • Apple (AAPL) delays returning to office, according to Bloomberg

  • Apple (AAPL) iPhone 13 sales are slowing down in China, according to DigiTimes

  • Ares Management (ARES) announces that Leonard Green & Partners and funds managed by Harvest Partners have purchased equity in Convergint from a fund managed by Ares' Private Equity Group and other existing shareholders

  • AutoZone (AZO) authorizes repurchase of an additional $1.5 bln of common stock

  • Avanos Medical (AVNS) approves share repurchase program for up to $30 mln of common stock

  • Avita Medical (RCEL) completes enrollment for pivotal trial for use of RECELL System for repigmentation of stable vitiligo

  • Balchem (BCPC) raises dividend by 10% to $0.64 per share

  • Biogen (BIIB) and Eisai Co. provide an important update on the continuing progress of the Phase 4 post-marketing confirmatory study of ADUHELM 100 mg/mL injection for intravenous use in Alzheimer's disease

  • Blue Apron (APRN) announces plans for co-branded credit card with Aspiration

  • Calliditas Therapeutics (CALT): FDA approves TARPEYO for immunoglobulin A nephropathy (IgAN)

  • Canoo (GOEV) to accelerate and shift production of electric vehicles from Europe to U.S.; increases production guidance and targets; to explore partnership opportunities with VDL Groep that will exclude VDL Nedcar

  • Circor's (CIR) Senior Vice President and CFO plans to step down to pursue another opportunity

  • Compugen (CGEN) announces updated phase 1/2a data for CLN-081 in NSCLC EGFR exon 20 patients; CLN-081 continues to demonstrate a differentiated clinical profile at the recommended Phase 2 dose of 100mg BID

  • Dave & Buster's (PLAY) appoints Michael Quartieri as Chief Financial Officer, effective January 1, 2022

  • Delta Air Lines (DAL) CEO Ed Bastian CNBC interview: Omicron variant is not impacting holiday travel, but there will be impact on international travel in January/February

  • eBay (EBAY) announces change to Gross Merchandise Volume definition

  • Endeavour Silver (EXK) Reports Positive Drill Results for the Parral Project

  • Ethan Allen (ETD) promotes current Treasurer and VP of Finance Matthew McNulty to CFO

  • Forma Therapeutics (FMTX) announces that the company's investigational oral, selective mIDH1 inhibitor combined with azacitidine yielded durable complete remission or CR with partial hematologic recovery responses with favorable tolerability in patients with the mIDH1 form of acute myeloid leukemia

  • FormFactor (FORM) opens new manufacturing facility to expand wafer probe card production capacity

  • G1 Therapeutics (GTHX) announces expansion of COSELA (trilaciclib) sales force; G1 and Boehringer Ingelheim mutually agree to end co-promotion agreement

  • Genuine Parts (GPC) enters definitive agreement to acquire Kaman Distribution Group

  • Grocery Outlet (GO) announces organizational changes to advance strategic growth

  • Immutep (IMMP) enters Manufacturing Service Agreement with Northway Biotech to manufacture IMP761 ahead of clinical testing

  • Inter Parfums (IPAR) enters into 10-year licensing agreement with Emanuel Unagro

  • Kaixin Auto (KXIN) reached a strategic partnership agreement with Beijing Bujia International Logistics, which agrees to order at least 10,000 new energy trucks from Kaixin in the next 5 years

  • LiveOne (LVO) announces departure of Michael Quartieri as CFO, effective December 31

  • Matinas BioPharma (MTNB) receives unanimous DSMB approval to progress into fourth and final cohort of patients in the EnACT Trial of MAT2203

  • MMG Limited (COPX) provides update regarding transport disruption on the public roads in the Chumbivilcas province of Peru, 200 kilometres from the Las Bambas mine; dialogue with the Chumbivilcas communities has continued to be unsuccessful with no resolution

  • NeoGames (NGMS) signs agreement with Sinsal Sans, granting Lottery access to portfolio of games for Lottery's online site Milli Piyango

  • Novartis (NVS) initiates new $15 bln share buyback

  • Novavax (NVAX) submits NDA for approval of COVID-19 vaccine in Japan

  • Old Dominion (ODFL) announces a general rate increase of 4.9% applicable to rates established under the existing ODFL 559, 670, and 550 tariffs, effective January 3, 2022

  • Petrobras Brasileiro (PBR) Board approved the model for the sale of up to 100% of the preferred shares it holds in Braskem S.A. (BAK), to be conducted through secondary public offering of shares together with Novonor S.A.

  • Plug Power (PLUG) and Edison Motors sign agreement for mass-production of hydrogen-powered city buses

  • Sema4 Holdings (SMFR) Corphas decided to discontinue COVID-19 testing services by March 31, 2022and begun notifying its COVID-19 testing solutions customers of this decision

  • Seres Therapeutics (MCRB) announces preliminary microbiome data analyses from the Phase 2b ECO-RESET study evaluating SER-287 in patients with mild-to-moderate ulcerative colitis

  • Synchrony Financial (SYF) increases share repurchase authorization by $1.0 bln

  • Tesla (TSLA): NYPD could order 250 Tesla cars, according to Bloomberg

  • uniQure (QURE) Announces Clinical Update on First Patients in Phase I/II Clinical Trial of AMT-130 Gene Therapy for the Treatment of Huntington's Disease

  • Universal Display (OLED) extends supply and license agreements with Tianma Micro-electronics

  • Visa (V) discloses new $12.0 bln share repurchase program

  • Verona Pharma (VRNA) Reports TQT Study Successfully Demonstrated No Clinically Relevant Effect on Cardiac Conduction

  • Verrica Pharmaceuticals' (VRCA) New Drug Application for VP-102 for treatment of molluscum contagiosum accepted by FDA

  • Western Midstream (WES) appoints current Director and President Peter J. Bennett as Chairman of the Board, effective December 17

  • Xeris Biopharma (XERS) launches Ogluo in UK

  • Zai Lab (ZLAB) receives approval for NUZYRA as a Category 1 Innovative Drug


  • M&A:

  • Antares Pharma (ATRS) divests Otrexup

  • Emerson (EMR) has acquired Mita-Teknik in an all-cash transaction; financial terms not disclosed

  • Genuine Parts (GPC): Littlejohn & Co. announces sale of Kaman Distribution Group for $1.3 bln

  • J.M. Smucker (SJM) divests natural beverages and grains businesses for $110 mln

  • MoneyLion (ML) to acquire Even Financial

  • Repligen (RGEN) discloses acquisition of BioFlex Solutions

  • Stantec (STN) agrees to acquire Cox|McLain Environmental Consulting; terms not indicated

  • Stem (STEM) to acquire Also Energy Holdings for $695 mln

  • Vishay (VSH) to acquire Barry Industries for $21 mln; all cash transaction expected to close on December 31, 2021


  • Syndicate:

  • Blue Bird (BLBD) announces $75 mln private placement

  • Danimer Scientific (DNMR) proposes offering of $175 mln of convertible senior notes due 2026

  • Focus Financial (FOCS) files for 3,204,448 share common stock offering

  • HomeStreet (HMST) files mixed securities shelf offering

  • Syndax Pharmaceuticals (SNDX) prices offering of 3,157,144 shares of its common stock at $17.50 per share


  • IPOs:

  • Expected to Price:

  • No IPOs expected to price.



Gapping Up/Down

  • Gapping up:

  • CALT +38.8%, VRCA +11.5%, APG +7.9%, MESO+7.8%, GOEV +6.4%, AFCG +5.5%, FREY +5.5%, PLUG +5.3%, APRN +5%, HEI +4.2%, NVS +3.9%, ZLAB +3.6%, MAXR +3.4%, TCOM +3.4%, HOFV+2.8%, ATRS +2.8%, NVAX +2.5%, MARA +2.3%, RGLD +1.8%, SYF +1.7%, FLXS +1.6%, SAND +1.5%, V +1.2%


  • Gapping down:

  • IRNT -19.7%, SNDX -7.8%, DNMR -7.4%, LEN -7%, BLBD -6.7%, FOCS -4.1%, VSH -3.2%, NDSN -2.8%, ABM -0.6%, ETD -0.5%


Analyst Research (see Upgrades/Downgradescalendarfor full list):

  • Upgrades

  • Atlantic Capital (ACBI) upgraded to Outperform from Mkt Perform at Raymond James

  • Atlantic Union Bankshares (AUB) upgraded to Overweight from Neutral at Piper Sandler; tgt raised to $42

  • BNY Mellon (BK) upgraded to Overweight from Neutral at JP Morgan; tgt raised to $67

  • Booking Holdings (BKNG) upgraded to Outperform from Sector Perform at RBC Capital Mkts; tgt $2700

  • Brookfield Renewable Partners (BEP) upgraded to Buy from Hold at TD Securities; tgt $41

  • CrossFirst Bankshares (CFB) upgraded to Strong Buy from Outperform at Raymond James; tgt $18


  • Downgrades:

  • Adient (ADNT) downgraded to Equal Weight from Overweight at Barclays; tgt lowered to $43

  • Airbnb (ABNB) downgraded to Sector Perform from Outperform at RBC Capital Mkts; tgt lowered to $175

  • CDK Global (CDK) downgraded to Equal-Weight from Overweight at Morgan Stanley; tgt lowered to $48


  • Others:

  • Affiliated Managers (AMG) initiated with a Neutral at BofA Securities; tgt $186

  • Agenus (AGEN) initiated with a Buy at H.C. Wainwright; tgt $12

  • Apollo Global Management (APO) initiated with an Overweight at Wells Fargo; tgt $91

  • Apollo Global Management (APO) initiated with an Underperform at BofA Securities; tgt $78

  • Ares Management (ARES) initiated with a Buy at BofA Securities; tgt $117

  • Ares Management (ARES) initiated with an Overweight at Wells Fargo; tgt $96

  • Atlantica Yield (AY) initiated with a Neutral at CIBC

  • Aurora (AUR) initiated with a Neutral at Goldman; tgt $13

  • Bridge Investment Group (BRDG) resumed with an Overweight at Wells Fargo; tgt $24

  • Burlington Stores (BURL) initiated with a Buy at Truist; tgt $350

  • Carlyle Group (CG) initiated with a Buy at BofA Securities; tgt $79

  • Cerevel Therapeutics (CERE) initiated with a Buy at H.C. Wainwright; tgt $50

  • Colgate-Palmolive (CL) initiated with a Neutral at Redburn


Upcoming Events:

  • Econ Data:

  • 08:30 ET: Housing Starts for Nov (Briefing.comConsensus 1570K; Prior 1520K)

  • 08:30 ET: Building Permits for Nov (Briefing.comConsensus 1670K; Prior 1650K)

  • 08:30 ET: Initial Claims for Dec 11 (Briefing.comConsensus 195K; Prior 184K)

  • 08:30 ET: Continuing Claims for Dec 4 (Briefing.comConsensus NA; Prior 1.992M)

  • 08:30 ET: Philadelphia Fed Index for Dec (Briefing.comConsensus 30.0; Prior 39.0)

  • 09:15 ET: Industrial Production for Nov (Briefing.comConsensus 0.8%; Prior 1.6%)

  • 09:15 ET: Capacity Utilization for Nov (Briefing.comConsensus 76.8%; Prior 76.4%)

  • 09:45 ET: IHS Markit Manufacturing PMI - Prelim for Dec (Briefing.comConsensus NA; Prior 58.3)

  • 09:45 ET: IHS Markit Services PMI - Prelim for Dec (Briefing.comConsensus NA; Prior 58.0)

  • 10:30 ET: EIA Natural Gas Inventories for Dec 11 (Briefing.comConsensus NA; Prior -59 bcf)


  • Earnings:

  • Wednesday (Dec 15)

  • Morning: ABM REVG TTC

  • Afternoon: HEI LEN NDSN TCOM


  • Thursday (Dec 16)

  • Morning: ACN ADBE JBL WOR

  • Afternoon: FDX NX SCS


  • Friday (Dec 17)

  • Morning: DRI WGO




Asia & Europe detail:

Asia: Nikkei +2.1%, Hang Seng +0.2%, Shanghai Composite +0.8%

Equity indices in the Asia-Pacific region ended Thursday on a mostly higher note. Bank of Korea Governor Lee said that South Korea's CPI is expected to remain above 2.0% for "quite some time." South Korea's Finance Ministry expects domestic growth in the low 3.0% range in 2022. Reserve Bank of Australia Governor Lowe said that conditions for a rate hike will not be met in 2022 and that underlying inflation will hit recede to in 2023. Inflation expectations in December hit a nine-year high of 4.8%. Australia's Treasury expects FY21/22 growth of 3.75%, followed by 3.50% growth in FY22/23.

  • In economic data:

  • Japan's November trade deficit JPY954.80 bln (expected deficit of JPY675.00 bln; last deficit of JPY68.50 bln). November Imports 43.8% (expected 40.0%; last 26.7%) and Exports 20.5% yr/yr (expected 21.2%; last 9.4%)

  • Australia's November Employment Change 366,100 (expected 205,000; last -46,300) and full Employment Change 128,300 (last -40,400). November Participation Rate 66.1% (expected 65.5%; last 64.7%) and Unemployment Rate 4.6% (expected 5.0%; last 5.2%). November HIA New Home Sales 7.7% m/m (last 11.1%). Flash December Manufacturing PMI 57.4 (last 59.2) and flash Services PMI 55.1 (last 55.7)

  • New Zealand's Q3 GDP -3.7% qtr/qtr (expected -4.5%; last 2.4%); -0.3% yr/yr (expected -1.6%; last 17.9%)

  • Hong Kong's November Unemployment Rate 4.1% (last 4.3%)


---Equity Markets---

  • Japan's Nikkei: +2.1%

  • Hong Kong's Hang Seng: +0.2%

  • China's Shanghai Composite: +0.8%

  • India's Sensex: +0.2%

  • South Korea's Kospi: +0.6%

  • Australia's ASX All Ordinaries: -0.2%

---FX---

  • USD/JPY: +0.1% to 114.16

  • USD/CNH: +0.1% to 6.3762

  • USD/INR: -0.3% to 76.12

Europe: DAX +1.7%, FTSE +1.0%, CAC +1.6%

Major European indices trade on a firmly higher note. The Bank of England voted 8-1 to increase its bank rate by 15 bps to 0.25% while Norway's central bank raised its key rate to 0.50% from 0.25%, projecting another hike in March. The Swiss National Bank left its policy rate at -0.75%. Major European economies reported mostly expansionary flash PMI readings for December, but Germany's Services PMI (48.4) fell into contractionary territory amid renewed restrictions. Germany is planning 2022 debt issuance of around EUR410 bln, representing the second highest amount on record.

  • In economic data:

  • Eurozone's December flash Manufacturing PMI 58.0 (expected 57.8; last 58.4) and flash Services PMI 53.3 (expected 54.1; last 55.9). Q3 eurozone wages 2.3% yr/yr

  • Germany's December flash Manufacturing PMI 57.9 (expected 56.8; last 57.4) and flash Services PMI 48.4 (expected 51.0; last 52.7)

  • U.K.'s December flash Manufacturing PMI 57.6 (last 58.1) and flash Services PMI 53.2 (last 58.5)

  • France's December flash Manufacturing PMI 54.9 (expected 55.5; last 55.9) and flash Services PMI 57.1 (expected 56.0; last 57.4). December Business Survey 111 (expected 109; last 110)

  • Italy's October trade surplus EUR3.89 bln (last surplus of EUR2.44 bln)


---Equity Markets---

  • STOXX Europe 600: +1.7%

  • Germany's DAX: +1.7%

  • U.K.'s FTSE 100: +1.0%

  • France's CAC 40: +1.6%

  • Italy's FTSE MIB: +1.2%

  • Spain's IBEX 35: +1.8%

---FX---

  • EUR/USD: +0.1% to 1.1304

  • GBP/USD: +0.7% to 1.3354

  • USD/CHF: UNCH at 0.9241


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