The S&P 500 futures trade 21 points, or 0.5%, below fair value at the end of a volatile week in which the S&P 500 is down 0.9%. The Nasdaq 100 futures trade 0.9% below fair value with the corresponding index down 2.8% for the week amid profit taking in the mega-caps.
Interest rates can't be blamed for the underperformance of the mega-caps/growth stocks since the 10-yr yield is currently down three basis point to 1.39%, leaving it down ten basis points since last Friday. Moreover, the 2-yr yield is currently down one basis point to 1.60%, and is down six basis points since last Friday, despite the Fed signaling three rate hikes in 2022.
The latter suggests the market is respecting the economic uncertainty of the Omicron variant and its potential influence on the Fed to tread more cautiously with policy. Speaking of central banks, the Bank of Japan made no changes to its policy stance but reduced the amount of emergency asset purchases.
In corporate news, FedEx (FDX 252.40, +13.88, +5.8%) is up 6% in pre-market action on pleasing earnings news while Cerner (CERN 94.00, +14.51, +18.3%) is up 18% after The Wall Street Journal reported Oracle (ORCL 98.88, -4.34, -4.2%) is in talks to acquire the company for potentially $30 billion.
The U.S. Dollar Index is little changed at 96.05. WTI crude futures are down 2.2%, or $1.59, to $70.79/bbl amid lingering demand concerns.
In U.S. Corporate news:
FedEx (FDX 252.40, +13.88): +5.8% after beating top and bottom-line estimates, guiding FY22 EPS above consensus, and authorizing a new $5 billion share repurchase program.
Oracle (ORCL 98.88, -4.34): -4.2% after The Wall Street Journal reported that the company is in discussions to acquire Cerner (CERN 94.00, +14.51, +18.3%) for potentially $30 billion.
Rivian (RIVN 100.50, -8.37): -7.7% after missing EPS estimates.
U.S. Steel (X 22.28, -1.17): -5.0% after guiding Q4 adjusted EBITDA below consensus, citing a seasonal year-end slowdown in order entry activity.
Johnson & Johnson (JNJ 170.00, -3.01): -1.7% after the CDC confirmed it expressed a clinical preference for individuals to receive an mRNA COVID-19 vaccine over J&N's vaccine due to rare blood clot issues.
Reviewing overnight developments:
Equity indices in the Asia-Pacific region ended the week on a mostly lower note. Japan's Nikkei: -1.8% (+0.4% for the week) Hong Kong's Hang Seng: -1.2% (-3.4% for the week) China's Shanghai Composite: -1.2% (-0.9% for the week) India's Sensex: -1.5% (-3.0% for the week) South Korea's Kospi: +0.4% (+0.3% for the week) Australia's ASX All Ordinaries: +0.1% (+0.2% for the week).
In economic data:
China's November FDI 15.9% yr/yr (expected 16.0%; last 17.8%)
Singapore's November trade surplus SGD6.245 bln (last surplus of SGD5.909 bln). November non-oil exports 1.1% m/m (expected 0.2%; last 4.1%); 24.2% yr/yr (expected 17.3%; last 17.8%)
New Zealand's December NBNZ Own Activity 11.8% (last 15.0%) and December ANZ Business Confidence -23.2 (last -16.4)
In news:
Reports from Japan indicate that bond issuance planned for FY22 will be down sharply from issuance of JPY43.6 trln in FY21.
Australia and the U.K. signed a $13.3 bln free trade deal.
The Bank of Japan made no changes to its policy stance but reduced the amount of emergency purchases.
Bank of Japan Governor Kuroda said that commercial paper and corporate bond purchases will return to a pre-pandemic level.
Major European indices trade on a mostly lower note while the U.K.'s FTSE (+0.3%) outperforms. STOXX Europe 600: -0.7% (-0.5% week-to-date) Germany's DAX: -0.8% (-0.7% week-to-date) U.K.'s FTSE 100: +0.3% (-0.2% week-to-date) France's CAC 40: -1.0% (-1.0% week-to-date) Italy's FTSE MIB: -1.2% (-1.0% week-to-date) Spain's IBEX 35: -0.7% (-0.5% week-to-date).
In economic data:
Eurozone's November CPI 0.4% m/m (expected 0.5%; last 0.8%); 4.9% yr/yr, as expected (last 4.9%). November Core CPI 0.0% m/m (expected 0.1%; last 0.1%); 2.6% yr/yr, as expected (last 2.6%). October Construction Output 1.56% m/m (last 1.02%)
Germany's December ifo Business Climate Index 94.7 (expected 95.3; last 96.6). December Current Assessment 96.9 (expected 97.5; last 99.0) and December Business Expectations 92.6 (expected 93.5; last 94.2). November PPI 0.8% m/m (expected 1.4%; last 3.8%); 19.2% yr/yr (expected 19.9%; last 18.4%)
U.K.'s November Retail Sales 1.4% m/m (expected 0.8%; last 1.1%); 4.7% yr/yr (expected 4.2%; last -1.5%). November Core Retail Sales 1.1% m/m (expected 0.8%; last 2.0%); 2.7% yr/yr (expected 2.4%; last -2.1%)
Spain's October trade deficit EUR3.40 bln (last deficit of EUR2.40 bln
In news:
Bank of France Governor Villeroy de Galhau said that he thinks the eurozone economy is approaching an inflationary peak.
Bundesbank expects that German inflation will reach 3.6% in 2022, slowing to 2.2% in 2023.
Bank of England Chief Economist Pill said that more rate hikes are expected from the BoE.
The Central Bank of Russia increased its key rate by 100 bps to 8.50%, as expected.
U.S. equity futures:
S&P 500 Futures: -32 @ 4,637
DJIA Futures: -162 @ 35,736
Nasdaq 100 Futures: -173 @ 15,691
Overseas:
Europe: DAX -0.8%, FTSE +0.3%, CAC -1.0%
Asia: Nikkei -1.8%, Hang Seng -1.2%, Shanghai Composite -1.2%
Commodities:
Crude Oil -1.63 @ 70.75
Nat Gas -0.095 @ 3.671
Gold +14.95 @ 1813.15
Silver +0.178 @ 22.663
Copper -0.0070 @ 4.2975
U.S. Summary:
Earnings/Guidance (Full Earnings Calendar):
Darden Restaurants (DRI) beats by $0.04, beats on revs; guides FY22 EPS below consensus, revs above consensus
Expensify (EXFY) reports SepQ earnings; revs jumped 72.6% yr/yr as SMBs continue to bounce back from the pandemic; guides Q4 revs above consensus
FedEx (FDX) beats by $0.54, beats on revs; guides FY22 EPS above consensus; authorizes new $5 bln share repurchase program
Freshpet (FRPT) lowers FY21 guidance
Mosaic (MOS) releases November 2021 sales and volumes by business unit; consolidated sales jumped 71% yr/yr
Quanex (NX) beats by $0.09, beats on revs; co is not providing formal guidance at this time due to supply chain disruptions
Ring Energy (REI) increases Q4 sales guidance and provides an outlook on its 2022 drilling program
Rivian Automotive (RIVN) misses by $0.84, reports 71K net preorders of R1 in U.S. and Canada
Scholastic Corp (SCHL) reports NovQ earnings; revs grew 29% yr/yr
Steelcase (SCS) misses by $0.01, misses on revs; guides FebQ revs below consensus
U.S. Steel (X) guides Q4 adjusted EBITDA below consensus; reflects temporary slowdown in order entry activity, which co believes is related to typical seasonal year-end buying activity
Winnebago (WGO) beats by $1.17, beats on revs
General News:
South Africa's hospitalization rate with Omicron is 1.7% versus 19% with Delta, according to Bloomberg
President Biden acknowledged that Build Back Better Act will not get passed by the end of the year, but negotiations will continue. Senators are expected to leave Washington today for a holiday recess, according to Politico
Senate parliamentarian Elizabeth MacDonough will not allow immigration reform to be included in Build Back Better Act because it violates Senate reconciliation rules, according to The Hill
UK and Australia agree to trade deal, according to Reuters
AMC Entertainment announced that SPIDER-MAN: NO WAY HOME has broken AMC box office records
Ashford Hospitality Trust (AHT) reported preliminary portfolio occupancy of 61.6% for November with an average daily rate of ~$155 resulting in RevPAR of ~$95
Biogen (BIIB): EMA has recommended the refusal of the marketing authorisation for Aduhelm, a medicine intended for the treatment of Alzheimer's disease
BioMarin Pharm (BMRN) and Skyline Therapeutics sign multi-year strategic collaboration for gene therapies to treat genetic cardiovascular diseases
Boeing (BA) awarded $398 mln contract for the Royal Saudi Air Force for AWACS modernization program
Bright Horizons (BFAM) authorized a new share repurchase program under which up to $400 million of the Company's outstanding common stock may be repurchased
Bristow Group (VTOL) and Overair form strategic partnership to introduce Butterfly
City Office REIT (CIO) raises quarterly dividend by 33% to $0.20 per share
Darden Restaurants (DRI) announces that Eugene Lee Chairman and Chief Executive Officer, will retire as CEO effective May 29, 2022
Dyadic International (DYAI) has entered into a Research, License and Collaboration Agreement with Janssen Biotech, one of the Janssen Pharmaceutical Companies of Johnson & Johnson (JNJ)
EVO Payments (EVOP) enters into strategic marketing alliance with the National Bank of Greece
Exxon (XOM) aiming to bid for Brazil oil blocks, according to Reuters
Fox Corporation (FOXA) and Nexstar Media Group (NXST) launch NEXTGEN TV broadcasting in Los Angeles
Futu Holdings (FUTU) responds to media report; "Futu has been abiding by the same rules and regulations and adopting the similar industry practices"
General Motors (GM): Cruise CEO Dan Ammann to leave the company; further details not disclosed
Gilead Sciences' (GILD) Kite and Daiichi Sankyo to expand YESCARTA collaboration in Japan
Granite Point Mortgage (GPMT) authorizes repurchase up to an additional 2 mln shares
HCI Group (HCI) agrees with United Insurance Holdings (UIHC) to transition its personal lines insurance business in GA, NC, and SC, to HCI
KE Holdings (BEKE) refutes the Muddy Waters' Report
Johnson & Johnson (JNJ): CDC confirms it expressed a clinical preference for individuals to receive an mRNA COVID-19 vaccine (PFE, BNTX, MRNA) over JNJ's COVID-19 vaccine
Kellogg (K) confirms new tentative agreement for a five-year labor contract with the union
Lockheed Martin (LMT) awarded a $286 mln modification to previously awarded contract with the Kingdom of Saudi Arabia
Luxfer (LXFR) taking multiple actions related to U.S. and U.K pension plans; expected to reduce pension deficit by ~$12.7 mln
Lyell Immunopharma's (LYEL) Investigational New Drug application to initiate Phase 1 trial for LYL797 cleared by the FDA
Merck (MRK): New England Journal of Medicine publishes positive results from its Phase 3 MOVe-OUT trial evaluating molnupiravir, its COVID-19 treatment
Merck (MRK) receives positive EU CHMP opinion for KEYTRUDA as adjuvant therapy for certain patients with renal cell carcinoma following surgery
Merck KGaA (MKKGY) unit EMD Serono's TEPMETKO (tepotinib) receives Positive CHMP Opinion for patients with advanced NSCLC with METex14 skipping alterations
Meta Platforms (FB) takes action against the surveillance-for-hire industry; says "We alerted around 50,000 people who we believe were targeted by these malicious activities worldwide, using the system we launched in 2015"
Meta Platforms (FB): FTC aiming to expand antitrust investigation into virtual reality, according to The Information
ObsEva (OBSV) announced that the CHMP of the EMA adopted a positive opinion recommending approval of linzagolix, an oral GnRH antagonist for the management of moderate to severe symptoms of uterine fibroids (UF) in adult women of reproductive age
Passage BIO (PASG) announces positive interim safety and biomarker data and advances Phase 1/2 Trial of PBGM01 in GM1 Gangliosidosis
Peloton (PTON) removes ad amid sexual misconduct allegations, according to the Wall Street Journal
QuantumScape Battery (QS) recently signed an agreement with an established global luxury automotive original equipment manufacturer
Roche Hldg (RHHBY) receives CE mark for its cobas SARS-CoV-2 Qualitative test
Seagen (SGEN) and Astellas (ALPMY) receive Positive CHMP Opinion for PADCEV (enfortumab vedotin) in locally advanced or metastatic urothelial cancer
Shift4 Payments (FOUR) authorizes repurchase program for up to $100 mln of company's common stock
Taysha Gene Therapies (TSHA) initiates clinical development of TSHA-118 for treatment of CLN1 disease
TETRA Tech (TTI) and Eos Energy sign term sheet regarding supply and collaboration agreement
TFI International (TFII) increases quarterly dividend to $0.27 from $0.23/share
Univar Solutions (UNVR) expands partnership with Novozymes in Brazil, Mexico, Paraguay, Uruguay and Bolivia
Vera Therapeutics (VERA) has acquired MAU868 and has entered into a credit facility with Oxford Finance to provide borrowing capacity up to $50 mln
Vroom (VRM) appoints Thomas Shortt as COO
M&A:
Agilysys (AGYS) to acquire ResortSuite for approx. $25 mln in cash
Armada Acquisition Corp. I (AACI) acquires Rezolve Mobile Engagement Platform in $2 bln deal
Bottomline Tech (EPAY) has entered into a definitive agreement to be acquired by Thoma Bravo in an all-cash transaction that values Bottomline at ~$2.6 bln
Cenovus Energy (CVE) reaches agreement to sell Tucker thermal asset for $800 mln
Coca-Cola FEMSA (KOF) reaches an agreement to acquire CVI Refrigerantes in Brazil
Dover (DOV) completes acqusition of Acme Cryogenics for $295 mln and agrees to acquire Engineered Controls International for $631 mln in cash
Global Cord Blood's (CO) Board rejects non-binding proposal from Alternate Ocean Investment Company
North Atlantic Acquisition Corp (NAAC) announces business combination with TeleSign
Oracle (ORCL) in discussions to purchase Cerner (CERN) for potentially $30 bln, according to the Wall Street Journal
Syndicate:
EOG Resources (EOG) files mixed securities shelf offering
IPOs:
Expected to Price:
No IPOs expected to price.
Gapping Up/Down
Gapping up:
UIHC +6.7%, REI +5.7%, FDX +5.7%, LYEL +4.5%, DNMR +2.7%, CO +1.8%, CVE +1.8%, UPS +1.6%, EFC+1.6%, NAAC +1.5%, EOSE +1.4%, GPMT +0.7%, MRK+0.6%
Gapping down:
RIVN -9.6%, X -5.3%, EXFY -4.4%, GM -3.2%, BEKE-3.1%, SCS -2.8%, ZME -1.7%, TSHA -1.6%, DOV-1.5%, TFII -1.1%, MOS -1%, JNJ -0.9%, K -0.5%, ALVR -0.5%
Analyst Research (see Upgrades/Downgradescalendarfor full list):
Upgrades
Advanced Energy (AEIS) upgraded to Buy from Hold at Needham; tgt $120
DCP Midstream (DCP) upgraded to Buy from Neutral at Citigroup; tgt raised to $34
DCP Midstream (DCP) upgraded to Buy from Neutral at Mizuho; tgt raised to $34
Edwards Lifesciences (EW) upgraded to Overweight from Neutral at JP Morgan; tgt raised to $140
F45 Training Holdings (FXLV) upgraded to Overweight from Neutral at JP Morgan; tgt $15
Federated Hermes (FHI) upgraded to Buy from Hold at Deutsche Bank; tgt raised to $45
Integra (IART) upgraded to Neutral from Underweight at JP Morgan; tgt $75
Invesco (IVZ) upgraded to Outperform from Market Perform at BMO Capital Markets; tgt $33
iRhythm (IRTC) upgraded to Overweight from Neutral at JP Morgan; tgt raised to $116
Martin Marietta (MLM) upgraded to Overweight from Equal Weight at Barclays; tgt raised to $485
Moelis (MC) upgraded to Outperform from Mkt Perform at Keefe Bruyette; tgt $77
Northern Oil & Gas (NOG) upgraded to Buy from Neutral at BofA Securities; tgt $28
Six Flags (SIX) upgraded to Outperform from Neutral at Credit Suisse; tgt raised to $53
T. Rowe Price (TROW) upgraded to Outperform from Market Perform at BMO Capital Markets; tgt lowered to $246
Downgrades:
CMS Energy (CMS) downgraded to Neutral from Buy at BofA Securities; tgt raised to $67
Franklin Resources (BEN) downgraded to Market Perform from Outperform at BMO Capital Markets; tgt $38
Medtronic (MDT) downgraded to Neutral from Overweight at JP Morgan; tgt lowered to $105
Starbucks (SBUX) downgraded to Neutral from Outperform at Robert W. Baird; tgt lowered to $116
Williams Cos (WMB) downgraded to Neutral from Buy at Citigroup; tgt lowered to $27
Others:
3M (MMM) initiated with a Neutral at Mizuho; tgt $180
Allegion (ALLE) initiated with a Buy at Mizuho; tgt $170
Ametek (AME) initiated with a Buy at Mizuho; tgt $159
Bicycle Therapeutics (BCYC) initiated with an Outperform at SVB Leerink; tgt $70
Biomea Fusion (BMEA) initiated with an Outperform at Oppenheimer; tgt $22
BlueLinx (BXC) initiated with a Buy at DA Davidson; tgt $102
BrightSpire Capital (BRSP) initiated with a Mkt Outperform at JMP Securities; tgt $11
Bristol-Myers (BMY) initiated with a Buy at Goldman; tgt $72
Butterfly Network (BFLY) initiated with a Neutral at UBS; tgt $7
Carrier Global (CARR) initiated with a Neutral at Mizuho; tgt $57
CF Industries (CF) initiated with an Overweight at Piper Sandler; tgt $78
Chefs' Warehouse (CHEF) initiated with a Buy at The Benchmark Company; tgt $41
Deere (DE) initiated with a Buy at DA Davidson; tgt $400
Dover (DOV) initiated with a Buy at Mizuho; tgt $195
Dyadic International (DYAI) initiated with a Buy at H.C. Wainwright; tgt $7
Eaton (ETN) initiated with a Buy at Mizuho; tgt $200
Eli Lilly (LLY) initiated with a Neutral at Goldman; tgt $236
Eloxx Pharmaceuticals (ELOX) initiated with an Outperform at Oppenheimer; tgt $4
Emerson (EMR) initiated with a Neutral at Mizuho; tgt $100
Enovix (ENVX) initiated with an Overweight at Piper Sandler; tgt $39
Flowserve (FLS) initiated with a Neutral at Mizuho; tgt $34
Fortive (FTV) initiated with a Neutral at Mizuho; tgt $82
FREYR Battery (FREY) initiated with a Neutral at Piper Sandler; tgt $11
Honeywell (HON) initiated with a Buy at Mizuho; tgt $245
Hubbell (HUBB) initiated with a Buy at Mizuho; tgt $240
IDEX Corp (IEX) initiated with a Neutral at Mizuho; tgt $233
Independence Realty Trust (IRT) resumed with an Outperform at BMO Capital Markets; tgt $28
Innovid Corp. (CTV) initiated with an Outperform at Evercore ISI; tgt $10
InnovAge (INNV) initiated with a Neutral at JP Morgan; tgt $10
Intl Game Tech. PLC (IGT) initiated with a Buy at Stifel; tgt $43
Johnson Controls (JCI) initiated with a Buy at Mizuho; tgt $93
Johnson & Johnson (JNJ) initiated with a Neutral at Goldman; tgt $161
KORE Group (KORE) initiated with an Equal-Weight at Morgan Stanley; tgt $7.50
Lennox Int'l (LII) initiated with an Underperform at Mizuho; tgt $295
Life Storage (LSI) initiated with an Outperform at Wolfe Research; tgt $186
Lument Finance Trust (LFT) initiated with an Overweight at Piper Sandler; tgt $4.50
Merck (MRK) initiated with a Buy at Goldman and added to Conviction Buy List; tgt $93
Microvast (MVST) initiated with a Neutral at Piper Sandler; tgt $8
ModivCare (MODV) initiated with a Buy at Deutsche Bank; tgt $180
Mosaic (MOS) initiated with an Overweight at Piper Sandler; tgt $44
Nutrien (NTR) initiated with a Neutral at Piper Sandler; tgt $80
Oshkosh (OSK) initiated with a Neutral at DA Davidson; tgt $118
Parker-Hannifin (PH) initiated with a Neutral at Mizuho; tgt $345
Pentair (PNR) initiated with an Underperform at Mizuho; tgt $65
Playtika (PLTK) initiated with a Buy at DA Davidson; tgt $25
Roblox (RBLX) initiated with a Buy at Needham; tgt $136
Rockwell Automation (ROK) initiated with a Neutral at Mizuho; tgt $345
Roper (ROP) initiated with a Buy at Mizuho; tgt $550
Spruce Biosciences (SPRB) initiated with an Outperform at Oppenheimer; tgt $15
Stanley Black & Decker (SWK) initiated with a Buy at Mizuho; tgt $222
Trane (TT) initiated with a Neutral at Mizuho; tgt $205
Vertiv (VRT) initiated with a Neutral at Mizuho; tgt $27
Vor Biopharma (VOR) initiated with a Buy at H.C. Wainwright; tgt $26
Wabash Natl (WNC) initiated with a Buy at DA Davidson; tgt $25
Xylem (XYL) initiated with a Neutral at Mizuho; tgt $115
Zurn Water Solutions (ZWS) initiated with a Buy at Mizuho
Upcoming Events:
Econ Data:
No economic data of note.
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 -1.8%, Hang Seng -1.2%, Shanghai Composite -1.2%
Equity indices in the Asia-Pacific region ended the week on a mostly lower note. Reports from Japan indicate that bond issuance planned for FY22 will be down sharply from issuance of JPY43.6 trln in FY21. Australia and the U.K. signed a $13.3 bln free trade deal. The Bank of Japan made no changes to its policy stance but reduced the amount of emergency purchases. Bank of Japan Governor Kuroda said that commercial paper and corporate bond purchases will return to a pre-pandemic level.
In economic data:
China's November FDI 15.9% yr/yr (expected 16.0%; last 17.8%)
Singapore's November trade surplus SGD6.245 bln (last surplus of SGD5.909 bln). November non-oil exports 1.1% m/m (expected 0.2%; last 4.1%); 24.2% yr/yr (expected 17.3%; last 17.8%)
New Zealand's December NBNZ Own Activity 11.8% (last 15.0%) and December ANZ Business Confidence -23.2 (last -16.4)
---Equity Markets---
Japan's Nikkei: -1.8% (+0.4% for the week)
Hong Kong's Hang Seng: -1.2% (-3.4% for the week)
China's Shanghai Composite: -1.2% (-0.9% for the week)
India's Sensex: -1.5% (-3.0% for the week)
South Korea's Kospi: +0.4% (+0.3% for the week)
Australia's ASX All Ordinaries: +0.1% (+0.2% for the week)
---FX---
USD/JPY: -0.2% to 113.45
USD/CNH: +0.2% to 6.3896
USD/INR: -0.3% to 75.99
Europe: DAX -0.8%, FTSE +0.3%, CAC -1.0%
Major European indices trade on a mostly lower note while the U.K.'s FTSE (+0.3%) outperforms. Bank of France Governor Villeroy de Galhau said that he thinks the eurozone economy is approaching an inflationary peak. Bundesbank expects that German inflation will reach 3.6% in 2022, slowing to 2.2% in 2023. Bank of England Chief Economist Pill said that more rate hikes are expected from the BoE. The Central Bank of Russia increased its key rate by 100 bps to 8.50%, as expected.
In economic data:
Eurozone's November CPI 0.4% m/m (expected 0.5%; last 0.8%); 4.9% yr/yr, as expected (last 4.9%). November Core CPI 0.0% m/m (expected 0.1%; last 0.1%); 2.6% yr/yr, as expected (last 2.6%). October Construction Output 1.56% m/m (last 1.02%)
Germany's December ifo Business Climate Index 94.7 (expected 95.3; last 96.6). December Current Assessment 96.9 (expected 97.5; last 99.0) and December Business Expectations 92.6 (expected 93.5; last 94.2). November PPI 0.8% m/m (expected 1.4%; last 3.8%); 19.2% yr/yr (expected 19.9%; last 18.4%)
U.K.'s November Retail Sales 1.4% m/m (expected 0.8%; last 1.1%); 4.7% yr/yr (expected 4.2%; last -1.5%). November Core Retail Sales 1.1% m/m (expected 0.8%; last 2.0%); 2.7% yr/yr (expected 2.4%; last -2.1%)
Spain's October trade deficit EUR3.40 bln (last deficit of EUR2.40 bln)
---Equity Markets---
STOXX Europe 600: -0.7% (-0.5% week-to-date)
Germany's DAX: -0.8% (-0.7% week-to-date)
U.K.'s FTSE 100: +0.3% (-0.2% week-to-date)
France's CAC 40: -1.0% (-1.0% week-to-date)
Italy's FTSE MIB: -1.2% (-1.0% week-to-date)
Spain's IBEX 35: -0.7% (-0.5% week-to-date)
---FX---
EUR/USD: -0.1% to 1.1316
GBP/USD: -0.2% to 1.3291
USD/CHF: +0.1% to 0.9196
Comentarios