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19/09/23 Briefing


The S&P 500 futures are flat and are trading roughly in line with fair value. The Nasdaq 100 futures are up 17 points and are trading 0.1% above fair value. The Dow Jones Industrial Average futures are up 13 points and are trading 0.1% above fair value.

Equity futures are mixed. There has been a lot of earnings news to digest since yesterday close. In addition, there's still a lingering sense that the market is due for some consolidation following the big run of late. The Dow Jones Industrial Average has gone up for seven consecutive sessions.

The U.K. reported cooler than expected inflation figures for June. Total CPI rose 7.9% year-over-year (expected 8.2%) and core CPI rose 6.9% year-over-year (expected 7.1%).

The weekly MBA Mortgage Applications Index rose 1.1% after a 0.9% increase last week with refinancing applications up 7.0% and purchase applications down 1.0%.

Other U.S. economic data today includes:

  • 8:30 a.m. ET: June Housing Starts (Briefing.com consensus 1.475 million; prior 1.631 million) and Building Permits (Briefing.com consensus 1.472 million; prior 1.491 million)

  • 10:30 a.m. ET: Weekly EIA Crude Oil Inventories (prior +5.95 million barrels)

The 2-yr Treasury note yield is down four basis points to 4..73% and the 10-yr note yield is down four basis points to 3.76%.

In corporate news:

  • Carvana (CVNA 46.87, +7.02, +17.7%): reports Q2 results; beats on revs; announces agreement with noteholders that will provide the company significant flexibility by reducing total debt, extending maturities and lowering near-term cash interest expense

  • Goldman Sachs (GS 335.59, -1.68, -0.5%): misses by $0.08, beats on revs; increases dividend 10%

  • Cisco (CSCO 52.17, +0.93, +1.8%): upgraded to Overweight from Neutral at JPMorgan

  • Johnson & Johnson (JNJ 157.16, -1.90, -1.2%): files litigation against the U.S. Dept. of HHS as well as the Centers for Medicare and Medicaid Services to challenge the innovation-damaging drug pricing provisions of the Inflation Reduction Act (IRA)

  • Interactive Brokers (IBKR 82.42, -3.85, -4.5%): misses by $0.08, misses on revs

  • Western Alliance Bancorp (WAL 42.12, -0.95, -2.2%): misses by $0.01, beats on revs

  • Elevance Health (ELV 465.50, +21.81, +4.9%): beats by $0.26, beats on revs; guides FY23 EPS above consensus

  • M&T Bank (MTB 141.00, +6.24, +4.6%): beats by $0.89; Net interest income trending toward low end of the range; Loans up in Q3, down slightly in Q4; Deposits up slightly in H2 of 2023

  • U.S. Bancorp (USB 35.91, -0.64, -1.8%): beats by $0.07, reports revs in-line; guides Q3 revs below consensus; guides FY23 revs in-line

  • Brunswick (BC 80.00, -5.21, -6.1%): sees Q2 EPS and revs below consensus; sees FY23 EPS below forecast

  • Halliburton (HAL 37.15, -0.96, -2.5%): beats by $0.02, misses on revs

  • Baker Hughes (BKR 33.98, -1.06, -3.0%): beats by $0.06, reports revs in-line; sees Q3 and FY23 revs in line with estimates

  • AT&T (T 14.07, +0.62, +4.6%): halted plans to remove lead cables from Lake Tahoe, according to WSJ; believes less than 10% of its network has lead cables, according to Bloomberg

Reviewing overnight developments:

  • Equity indices in the Asia-Pacific region ended the midweek session on a mostly higher note. Japan's Nikkei: +1.2%, Hong Kong's Hang Seng: -0.3%, China's Shanghai Composite: UNCH, India's Sensex: +0.5%, South Korea's Kospi: UNCH, Australia's ASX All Ordinaries: +0.6%.

  • In economic data:

  • China's June FDI -2.7% YTD (last 0.1%)

  • Japan's July Reuters Tankan Index 3 (last 8)

  • Australia's June MI Leading Index 0.1% m/m (last -0.3%)

  • New Zealand's Q2 CPI 1.1% qtr/qtr (expected 1.0%; last 1.2%); 6.0% yr/yr (expected 5.9%; last 6.7%)


  • In news:

  • Bank of Japan Governor Ueda said that the 2.0% inflation target remains "some distance away."

  • China Economic Daily pushed back against speculation that the economy could tip into deflation, pointing to a resilient manufacturing foundation.

  • Meanwhile, Chinese banks are expected to lower their mortgage rates.

  • ANZ is maintaining its forecast for a 25-bps rate hike from the Reserve Bank of New Zealand in November after the release of hotter than expected CPI for Q2.

  • South Korea's minimum wage will be increased by 2.5% for 2024.



  • Major European indices trade in mixed fashion. STOXX Europe 600: +0.4%, Germany's DAX: -0.1%, U.K.'s FTSE 100: +1.4%, France's CAC 40: +0.2%, Italy's FTSE MIB: -0.1%, Spain's IBEX 35: UNCH.

  • In economic data:

  • Eurozone's June CPI 0.3% m/m, as expected (last 0.0%); 5.5% yr/yr, as expected (last 6.1%). June Core CPI 0.4% m/m (expected 0.3%; last 0.2%); 5.5% yr/yr (expected 5.4%; last 5.3%). May Construction Output 0.18% m/m (expected 0.10%; last -0.70%)

  • U.K.'s June CPI 0.1% m/m (expected 0.4%; last 0.7%); 7.9% yr/yr (expected 8.2%; last 8.7%). June Core CPI 0.2% m/m (expected 0.4%; last 0.8%); 6.9% yr/yr (expected 7.1%; last 7.1%). June Input PPI -1.3% m/m (expected -0.3%; last -1.2%) and Output PPI -0.3% m/m, as expected (last -0.6%)


  • In news:

  • The U.K. reported cooler than expected inflation figures for June, causing the market to reduce its expectations for a 50-bps rate hike to essentially a toss-up.

  • Semiconductor equipment manufacturer ASML beat Q2 expectations and raised its guidance for FY23.

  • The European Central Bank will reportedly request that banks publish weekly liquidity updates.



U.S. equity futures:

  • S&P 500 Futures: UNCH @ 4,555

  • DJIA Futures: +8 @ 34,960

  • Nasdaq 100 Futures: +20 @ 15,861

Overseas:

  • Europe: DAX -0.1%, FTSE +1.4%, CAC +0.2%

  • Asia: Nikkei +1.2%, Hang Seng -0.3%, Shanghai Composite UNCH

Commodities:

  • Crude Oil +0.18 @ 75.84

  • Nat Gas -0.024 @ 2.605

  • Gold -4.05 @ 1976.75

  • Silver -0.056 @ 25.20

  • Copper -0.0318 @ 3.7977


Earnings/Guidance:

  • AAR Corp ( AIR 2.43% ) beats by $0.05, beats on revs

  • Ally Financial ( ALLY 1.96% ) beats by $0.03, reports revs in-line

  • ASML ( ASML 0.00% ) beats on top and bottom lines; sees Q3 revs above consensus

  • Baker Hughes ( BKR 0.00% ) beats by $0.06, reports revs in-line; sees Q3 and FY23 revs in line with estimates

  • Brunswick ( BC 0.61% ) sees Q2 EPS and revs below consensus; sees FY23 EPS below forecast

  • Carvana ( CVNA 8.95% ) reports Q2 results; beats on revs; announces agreement with noteholders that will provide the company significant flexibility

  • Citizens Financial Group ( CFG 3.67% ) beats by $0.04; provides Q3 outlook

  • Commerce Bancshares ( CBSH 0.00% ) beats by $0.08, beats on revs

  • Elevance Health ( ELV 1.49% ) beats by $0.26, beats on revs; guides FY23 EPS above consensus

  • First Horizon ( FHN 2.15% ) reports Q2 (Jun) results

  • Fulton Fincl ( FULT 0.00% ) beats by $0.05, net interest margin decreased 13 bps from Q1

  • GitLab ( GTLB 0.00% ) reiterates Q2 and FY24 guidance; announces appointment of Chris Weber as Chief Revenue Officer

  • Goldman Sachs ( GS 3.08% ) misses by $0.08, beats on revs; increases dividend 10%

  • Halliburton ( HAL 2.01% ) beats by $0.02, misses on revs

  • Hancock Whitney ( HWC 0.00% ) beats by $0.01, misses on revs

  • Harrow Health ( HROW 0.00% ) guides Q2 revenue above consensus

  • Interactive Brokers ( IBKR 0.00% ) misses by $0.08, misses on revs

  • J.B. Hunt Transport ( JBHT 0.00% ) misses by $0.09, misses on revs

  • M&T Bank ( MTB 2.60% ) beats by $0.89

  • NASDAQ ( NDAQ 0.00% ) beats by $0.05, beats on revs

  • Northern Trust ( NTRS 0.00% ) misses by $0.06, reports revs in-line

  • Omnicom ( OMC 0.32% ) beats by $0.01, misses on revs

  • Pinnacle Finl ( PNFP 0.00% ) beats by $0.16, beats on revs

  • Rio Tinto ( RIO 0.24% ) reports Q2 production

  • United Comm Banks ( UCBI 0.00% ) misses by $0.08, customer deposits up 2.3% on annualized basis

  • U.S. Bancorp ( USB 0.11% ) beats by $0.07, reports revs in-line; guides Q3 revs below consensus; guides FY23 revs in-line

  • Vale S.A. ( VALE 0.28% ) provides Q2 production and sales data

  • Western Alliance Bancorp ( WAL 8.13% ) misses by $0.01, beats on revs

  • Woodside Energy Group ( WDS 0.16% ) provides Q2 production udpate

News:

  • Higher than expected inflation in UK could impact next year's election in the country, according to the Wall Street Journal

  • White House Competition Council announces new actions to lower costs and marks second anniversary of President Biden's executive order on competition

  • Amarin ( AMRN 0.00% ) implements organizational restructuring to strengthen the company while driving patient access to VASCEPA/VAZKEPA Globally

  • Amarin ( AMRN 0.00% ) appoints Patrick Holt as President and CEO, effective immediately

  • American Airlines (AAL): pilot deal said to be in jeopardy, according to Reuters

  • AT&T ( T 0.59% ) believes less than 10% of its network has lead cables, according to Bloomberg

  • AT&T ( T 0.59% ) halted plans to remove lead cables from Lake Tahoe, according to the Wall Street Journal

  • AT&T ( T 0.59% ) Shares Filing Made by Pacific Bell Telephone Company in U.S. District Court

  • Autolus Therapeutics ( AUTL 0.00% ) appoints Robert F. Dolski as Chief Financial Officer (CFO), effective August 7, 2023

  • Avery Dennison ( AVY 0.32% ) provides litigation update; potential liability related to this matter could be modestly above the Company's previously disclosed range

  • Banco Bradesco ( BBD 1.15% ) informs to its shareholders, customers and the market that it became aware that its unit Bradesco Securities - New York was the victim of a cybersecurity incident, which may have resulted in unauthorized viewing of employees, corporate, and customer data

  • BioCryst Pharma ( BCRX 0.00% ) selects Er-Kim Pharmaceuticals as commercial partner for ORLADEYO in Turkey

  • Black Hills Corp ( BKH 1.17% ) receives approval for new rates in Colorado

  • Black Stone Minerals ( BSM 1.23% ) and Longroad Energy announces multi-year mineral rights agreement

  • Block ( SQ 1.24% ) files antitrust lawsuit against Visa (V) and Mastercard (MA), according to Bloomberg

  • Chemours ( CC 0.81% ) and Honeywell (HON) engaging with authorities in European Union to stop illegal fluorinated gas refrigerants from entering the European Union at the Greek border

  • Constellation Brands ( STZ 0.09% ) announces Cooperation and Information Sharing Agreements with Elliott Investment Management; appoints new independent directors to the Board

  • CytoSorbents ( CTSO 0.00% ) names Alexander D'Amico as CFO

  • FibroGen ( FGEN 0.00% ) approved a restructuring plan - includes an expected reduction to U.S. workforce of approximately 32%

  • Granite Constr ( GVA 2.29% ) awarded an ~ $23 mln contract by the California Department of Transportation (Caltrans) to upgrade Highway 101 in Mendocino, California

  • GreenPower Motor ( GP 0.00% ) announces revocation of cease trade order

  • Kenon Holdings ( KEN 5.52% ) appoints Deepa Joseph as Interim CFO

  • Howard Hughes ( HHC 1.73% ) provides update on previously announced holding company structure: will trade under the ticker "HHH" on August 14

  • LendingTree ( TREE 0.00% ) COO John David Moriarty to leave, effective July 31

  • Merck ( MRK 0.36% ) announces Phase 3 KEYNOTE-A18 trial met primary endpoint of progression-free survival in patients with newly diagnosed high-risk locally advanced cervical cancer

  • Microsoft ( MSFT 0.00% ) accelerating AI transformation through partnership

  • New Found Gold Corp. ( NFGC 0.60% ) Intercepts 4.4 g/t Au Over 43m, Extends Strike Length at Keats West to 315m

  • Nissan ( NSANY ) will announce new alliance with Renault within days, according to Reuters

  • Qiagen ( QGEN 0.22% ) expands its digital PCR offering for the development of cell and gene therapies in the biopharma industry

  • RTX ( RTX 0.58% ) awarded $256 mln U.S. Navy contract modification

  • Shopify ( SHOP 2.07% ) discussing possibility it could invest in online wholesale marketplace Faire, according to Business Insider

  • Starbox Group's ( STBX 0.00% ) Starbox Rebates Sdn. Bhd. enters into a software licensing agreement with MY Rebates PH Solutions Corporation

  • Tellurian ( TELL 5.30% ) entered into a binding commitment letter with a fund of Blue Owl Real Estate Capital regarding the sale and leaseback of approximately 800 acres of land

  • Tesla ( TSLA 0.00% ) requests German approval to make changes to plant, according to Reuters

  • Yum China ( YUMC 3.00% ) announces disclosure under Hong Kong Stock Exchange rules in relation to a possible quarterly dividend

  • Zai Lab ( ZLAB 0.00% ): JAMA Oncology Publishes Data from Zai Lab Study Demonstrating Significant Reduction in Disease Progression or Death with ZEJULA (Niraparib) Maintenance Therapy in Broad Population of Advanced Ovarian Cancer Patients

M&A:

  • Alpha Partners Technology Merger Corp. ( APTM 0.00% ) signed a non-binding letter-of-intent for a business combination with Glowforge, creator of award-winning 3D laser printers

  • ATS Corp ( ATS 1.27% ) has acquired Odyssey Validation Consultants Limited; financial terms of the transaction were not disclosed

  • Catalyst Pharma ( CPRX 0.00% ) acquires exclusive North American license for vamorolone for duchenne muscular dystrophy from Santhera Pharmaceuticals

  • Co. Brasileira ( CBD 0.68% ) received new offer that aims to acquire 51% of xito's share

  • Extra Space Storage ( EXR 3.91% ) and Life Storage (LSI) shareholders approve previously proposed merger

  • Harrow Health ( HROW 0.00% ) acquires U.S. and Canadian commercial rights for VEVYE from Novaliq GmbH; also acquires Santen's branded ophthalmic portfolio

  • Microsoft ( MSFT 0.00% ) and Activision (ATVI) are still committed to completing merger, according to the Wall Street Journal

  • National Grid ( NGG 0.77% ) reports sale of 20% of National Gas and new minority interest option

  • StarTek (SRT) receives takeover offer from CSP Fund at $3.80/sh

  • Stratasys ( SSYS 0.00% ) Board of Directors Unanimously Rejects Nano Dimension's (NNDM) $25.00 Revised Partial Tender Offer

  • VMware ( VMW 0.46% ): A CMA panel has provisionally found Broadcom's (AVGO) deal to buy VMware would not weaken competition in the supply of critical computer server products; CMA provisionally clears the deal

  • Western Asset Mortgage ( WMC 0.11% ) to engage in discussions with AG Mortgage Investment Trust (MITT)

Syndicate:

  • Acumen Pharmaceuticals ( ABOS 0.00% ) prices offering of 16,774,193 shares of its common stock at $7.75 per share

  • argenx ( ARGX 0.00% ) prices offering of 1,580,981 ADSs at $490.00 per ADS and 663,918 ordinary shares at 436.37 per ordinary share

  • Aurora Innovation ( AUR 0.00% ) commences $200 mln public offering of its common stock

  • Harrow Health ( HROW 0.00% ) prices underwritten registered public offering of 3,380,282 shares of its common stock at a price of $17.75 per share

  • HighPeak Energy ( HPK 0.00% ) commences public offering of common stock

  • Krystal Biotech ( KRYS 0.00% ) files for 1,729,729 share common stock offering by selling shareholders

  • Lilium N.V. ( LILM 0.00% ) arranges capital raise for $192 mln; remains on track to achieve its first manned flight in 2H24

  • Westrock Coffee ( WEST 0.00% ) announces additional $25 mln equity investment

IPOs:

  • Priced to Trade:

  • ODDITY Tech (Nasdaq: ODD): The consumer tech platform that is built to transform the global beauty and wellness market is expected to price its 10.5 M share IPO between $27-$30


Gapping Up/Down

  • Gapping up:

  • SRT +14.7%, LILM +5.9%, T +5.4%, WMC +5.3%, ELV +3.7%, RTX +2.8%, MTB +2.4%, ARGX +2.3%, AIR +2.1%, PNFP +2%, YUMC +1.7%, FULT +1.6%, STZ +1.5%, NGG +1.4%, BSM +1.3%, SHOP +1.2%, NGMS +1.1%, EXR +1.1%, SSYS +1.1%, JBHT +1.1%, MITT +1%, CBSH +0.8%, BKH +0.7%


  • Gapping down:

  • AQMS -24.3%, AUR -14.3%, AMRN -14%, HPK -9.1%, UCBI -7.7%, CVNA -7.5%, OMC -6.8%, IPG -5.7%, IBKR -5.5%, GP -4%, HYPR -3.2%, HWC -2.6%, CC -2%, WAL -2%, GTLB -1.9%, RIO -1.7%, QGEN -1.6%, KRYS -1.4%, ASML -1.2%, VALE -0.9%, LSI -0.8%, HHC -0.8%


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

  • Upgrades

  • Bluebirdbio (BLUE) upgraded to Buy from Neutral at BofA Securities; tgt raised to $10

  • Forward Air (FWRD) upgraded to Outperform from Neutral at Robert W. Baird; tgt raised to $130


  • Downgrades:

  • Chord Energy (CHRD) downgraded to Market Perform from Outperform at TD Cowen; tgt $151

  • Global-E Online (GLBE) downgraded to Equal-Weight from Overweight at Morgan Stanley; tgt raised to $45

  • Hancock Whitney (HWC) downgraded to Neutral from Overweight at Piper Sandler; tgt lowered to $46

  • PotlatchDeltic (PCH) downgraded to Sector Perform from Outperform at RBC Capital Mkts; tgt $55


  • Others:

  • Axonics Modulation (AXNX) initiated with an Outperform at Robert W. Baird; tgt $69

  • Boston Scientific (BSX) initiated with an Outperform at Robert W. Baird; tgt $59

  • Compass Minerals (CMP) initiated with a Neutral at BTIG Research

  • Edwards Lifesciences (EW) initiated with an Outperform at Robert W. Baird; tgt $107

  • Inari (NARI) initiated with an Outperform at Robert W. Baird; tgt $79

  • Inspire Medical Systems (INSP) initiated with an Outperform at Robert W. Baird; tgt $371

  • Intuitive Surgical (ISRG) initiated with an Outperform at Robert W. Baird; tgt $377

  • iRhythm (IRTC) initiated with an Outperform at Robert W. Baird; tgt $130

  • LivaNova (LIVN) initiated with a Neutral at Robert W. Baird; tgt $56

  • Medtronic (MDT) initiated with a Neutral at Robert W. Baird; tgt $90

  • Nevro (NVRO) initiated with a Neutral at Robert W. Baird; tgt $26

  • Nyxoah S.A. (NYXH) initiated with a Neutral at Robert W. Baird

  • Orthofix (OFIX) resumed with a Buy at BTIG Research; tgt $27

  • Penumbra (PEN) initiated with an Outperform at Robert W. Baird; tgt $375

  • Ribbon Communications (RBBN) initiated with a Buy at Craig Hallum; tgt $5.50

  • Senseonics (SENS) initiated with an Underperform at Jefferies; tgt $0.50

  • Texas Roadhouse (TXRH) initiated with a Buy at Guggenheim; tgt $130

  • TransMedics Group (TMDX) initiated with an Outperform at Robert W. Baird


Econ Data:

  • 07:00 ET: MBA Mortgage Applications Index for July 15 (Briefing.com Consensus NA; Prior 0.9%)

  • 08:30 ET: Housing Starts for June (Briefing.com Consensus 1475K; Prior 1631K)

  • 08:30 ET: Building Permits for June (Briefing.com Consensus 1472K; Prior 1491K)

  • 10:30 ET: EIA Crude Oil Inventories for July 15 (Briefing.com Consensus NA; Prior +5.95M)

Earnings:

  • Monday (Jul 17)

  • Afternoon: ELS


  • Tuesday (Jul 18)

  • Morning: BAC BK SCHW LMT MS NVS PNC PLD SYF

  • Afternoon: AIR FULT HWC IBKR JBHT OMC PNFP UCBI WAL


  • Wednesday (Jul 19)

  • Morning: ALLY ASML BKR CFG CBSH ELV FHN GS HAL MTB NDAQ NTRS USB

  • Afternoon: AA CALX CNS COLB CCI DFS EFX FNB FR IBM KMI LVS LBRT MRTN NBHC NFLX REXR SLG STLD TSLA UAL WTFC ZION


  • Thursday (Jul 20)

  • Morning: ABT AAL BMI BHLB BX DHI EWBC FITB FCX GPC HOMB JNJ KEY MAN MKTX MMC NEM NOK PM POOL SAP SNA TSM TCBI TRV TFC WBS WNS

  • Afternoon: ASB BANF OZK COF CSX FFBC GBCI HTH ISRG KNX PPG WRB


  • Friday (Jul 21)

  • Morning: AXP ALV AN CMA HBAN IPG RF ROP SXT SLB


Asia & Europe detail:

Asia: Nikkei +1.2%, Hang Seng -0.3%, Shanghai Composite UNCH

Equity indices in the Asia-Pacific region ended the midweek session on a mostly higher note. Bank of Japan Governor Ueda said that the 2.0% inflation target remains "some distance away." China Economic Daily pushed back against speculation that the economy could tip into deflation, pointing to a resilient manufacturing foundation. Meanwhile, Chinese banks are expected to lower their mortgage rates. ANZ is maintaining its forecast for a 25-bps rate hike from the Reserve Bank of New Zealand in November after the release of hotter than expected CPI for Q2. South Korea's minimum wage will be increased by 2.5% for 2024.

  • In economic data:

  • China's June FDI -2.7% YTD (last 0.1%)

  • Japan's July Reuters Tankan Index 3 (last 8)

  • Australia's June MI Leading Index 0.1% m/m (last -0.3%)

  • New Zealand's Q2 CPI 1.1% qtr/qtr (expected 1.0%; last 1.2%); 6.0% yr/yr (expected 5.9%; last 6.7%)


---Equity Markets---

  • Japan's Nikkei: +1.2%

  • Hong Kong's Hang Seng: -0.3%

  • China's Shanghai Composite: UNCH

  • India's Sensex: +0.5%

  • South Korea's Kospi: UNCH

  • Australia's ASX All Ordinaries: +0.6%

---FX---

  • USD/JPY: +0.8% to 139.91

  • USD/CNH: +0.5% to 7.2286

  • USD/INR: +0.1% to 82.09

Europe: DAX -0.1%, FTSE +1.4%, CAC +0.2%

Major European indices trade in mixed fashion. The U.K. reported cooler than expected inflation figures for June, causing the market to reduce its expectations for a 50-bps rate hike to essentially a toss-up. Semiconductor equipment manufacturer ASML beat Q2 expectations and raised its guidance for FY23. The European Central Bank will reportedly request that banks publish weekly liquidity updates.

  • In economic data:

  • Eurozone's June CPI 0.3% m/m, as expected (last 0.0%); 5.5% yr/yr, as expected (last 6.1%). June Core CPI 0.4% m/m (expected 0.3%; last 0.2%); 5.5% yr/yr (expected 5.4%; last 5.3%). May Construction Output 0.18% m/m (expected 0.10%; last -0.70%)

  • U.K.'s June CPI 0.1% m/m (expected 0.4%; last 0.7%); 7.9% yr/yr (expected 8.2%; last 8.7%). June Core CPI 0.2% m/m (expected 0.4%; last 0.8%); 6.9% yr/yr (expected 7.1%; last 7.1%). June Input PPI -1.3% m/m (expected -0.3%; last -1.2%) and Output PPI -0.3% m/m, as expected (last -0.6%)


---Equity Markets---

  • STOXX Europe 600: +0.4%

  • Germany's DAX: -0.1%

  • U.K.'s FTSE 100: +1.4%

  • France's CAC 40: +0.2%

  • Italy's FTSE MIB: -0.1%

  • Spain's IBEX 35: UNCH

---FX---

  • EUR/USD: -0.1% to 1.1216

  • GBP/USD: -0.9% to 1.2913

  • USD/CHF: +0.1% to 0.8585

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