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19/10/23 Briefing


The S&P 500 futures are down 7 points and are trading 0.2% below fair value. The Nasdaq 100 futures are flat and are trading roughly in line with fair value. The Dow Jones Industrial Average futures are down 49 points and are trading 0.1% below fair value.

Stock futures indicate a modestly lower open with rising rates and geopolitical uncertainty continuing to serve as key headwinds. The 10-yr note yield is nearing 5.00%, up eight basis points from yesterday at 4.98%. The 2-yr note yield is up three basis points to 5.25%.

The latest batch of earnings news garnered mixed reactions and featured results from Tesla (TSLA), which is down big after missing earnings and revenue estimates, and Netflix (NLFX), which is up 14% pre-open after blowing past subscriber addition estimates. 

Notably, Fed Chair Powell will speak at the Economic Club of New York at 12:00 ETabout the economic outlook. Market participants are showing some hesitation as well in front of that speech. 

House Republicans will hold a third Speaker of the House vote today at 12:00 ET. Republicans and Democrats are discussing giving full temporary speakership powers to Rep. Patrick McHenry, according to The New York Times.

Today's economic calendar includes:

  • 8:30 ET: Weekly Initial Claims (Briefing.comconsensus 211,000; prior 209,000), Continuing Claims (prior 1.702 mln), and October Philadelphia Fed survey (Briefing.comconsensus -6.5; prior -13.5)

  • 10:00 ET: September Existing Home Sales (Briefing.comconsensus 3.90 mln; prior 4.04 mln) and September Leading Indicators (Briefing.comconsensus -0.4%; prior -0.4%)

  • 10:30 ET: Weekly natural gas inventories (prior +84 bcf)

In corporate news:

  • Tesla (TSLA 225.85, -16.91, -7.0%): misses by $0.07, misses on revs, gross margin down 30 bps qtr/qtr, reaffirms FY23 production outlook of 1.8 mln vehicles, says Cybertruck deliveries remain on track for later this year

  • Netflix (NLFX 392.70, +46.51, +13.4%): beats by $0.24, reports revs in-line; guides Q4 EPS below consensus, revs below consensus; expects Q4 paid net adds will be similar to Q3 give or take a few million; raises prices for some plans in US, UK and France

  • AT&T (T 14.97, +0.65, +4.5%): reports Q3 (Sep) results, revs in-line; raises FCF guidance

  • American Airlines (AAL 11.45, +0.09, +0.8%): beats by $0.13, reports revs in-line; sees Q4 adj. operating margin of 2-4%

  • Taiwan Semiconductor Manufacturing (TSM 93.09, +3.49, +3.9%): beats by $0.14, beats on revs; guides Q4 revs above consensus

  • Lam Research (LRCX 622.85, -19.39, -3.0%): beats by $0.51, beats on revs; guides Q2 (Dec) EPS in-line, revs in-line

  • Las Vegas Sands (LVS 47.25, +2.65, +5.9%): reports EPS in-line, beats on revs; announces dividend and increased buyback authorization

  • Best Buy (BBY 72.06, +1.86, +2.7%): upgraded to Buy from Neutral at Goldman Sachs

  • Costco (COST 573.00, -1.64, -0.3%): announces that CEO Craig Jelinek to step down effective January 1, 2024; Board of Directors elects President and COO Ron Vachris as new CEO

  • SAP SE (SAP 133.95, +6.34, +5.0%): beats by 0.11, misses slightly on revs; reaffirms FY23 guidance

Reviewing overnight developments:

  • Equity indices in the Asia-Pacific region ended Thursday on a lower note. Japan's Nikkei: -1.9%, Hong Kong's Hang Seng: -2.5%, China's Shanghai Composite: -1.7%, India's Sensex: -0.4%, South Korea's Kospi: -1.9%, Australia's ASX All Ordinaries: -1.3%.

  • In economic data:

  • China's September House Prices -0.1% yr/yr (last -0.1%)

  • Japan's September trade surplus JPY62.4 bln (expected deficit of JPY450 mln; last deficit of JPY937.8 bln). September Imports -16.3% yr/yr (expected -12.9%; last -17.7%) and Exports 4.3% yr/yr (expected 3.1%; last -0.8%)

  • Australia's September Employment Change 6,700 (expected 20,000; last 63,300) and full employment -39,900 (last 7,200). September Unemployment Rate 3.6% (expected 3.7%; last 3.7%) and September Participation Rate 66.7% (expected 67.0%; last 67.0%). NAB Quarterly Business Confidence -1 (last -4)

  • In news:

  • Japan reported an unexpected trade surplus for September thanks in part to higher demand for vehicles amid the autoworkers strike in the United States.

  • A former Bank of Japan official said that the BoJ could end negative interest rate policy by the end of this year before adjusting the terms of yield curve control.

  • The Bank of Japan's regional economic report raised the assessment of six out of nine regions.

  • Hong Kong may lower its property purchase tax. The Bank of Korea left its repurchase rate at 3.50%, as expected, and cautioned that inflation will not return to target as quickly as previously thought.

  • The Reserve Bank of Australia recorded an accounting loss of AUD6 bln for FY23.

  • Major European indices trade on a lower note while Germany's DAX (-0.2%) outperforms thanks in part to relative strength in SAP after the software company missed Q3 expectations but reaffirmed its outlook for the year. STOXX Europe 600: -0.7%, Germany's DAX: -0.2%, U.K.'s FTSE 100: -0.9%, France's CAC 40: -0.6%, Italy's FTSE MIB: -0.9%, Spain's IBEX 35: -0.6%.

  • In economic data:

  • Eurozone's August Current Account surplus EUR27.7 bln (last surplus of EUR21.0 bln)

  • France's September Business Survey 98 (expected 99; last 99)

  • Spain's September trade deficit EUR4.40 bln (last deficit of EUR4.90 bln)

  • Swiss September trade surplus CHF6.316 bln (expected surplus of CHF3.77 bln; last surplus of CHF3.81 bln)

  • In news:

  • Renault's Q3 report showed that sales growth was well shy of expectations, weighing on the stock in France.

  • Nokia is planning to reduce its labor force by up to 15%.

 

U.S. equity futures:

  • S&P 500 Futures -6 @ 4,309

  • DJIA Futures: -46 @ 33,620

  • Nasdaq 100 Futures: +8 @ 14,917

Overseas:

  • Europe: DAX -0.7%, FTSE -0.9%, CAC -0.6%

  • Asia: Nikkei -1.9%, Hang Seng -2.5%, Shanghai Composite -1.7%

Commodities:

  • Crude Oil -0.66 @ 86.61

  • Nat Gas -0.047 @ 3.009

  • Gold -5.15 @ 1963.15

  • Silver -0.067 @ 23.032

  • Copper +0.0130 @ 3.6000

Earnings/Guidance:

  • Alaska Air (ALK) misses by $0.04, misses on revs; guides Q4 revs below consensus

  • Alcoa (AA) misses by $0.08, reports revs in-line; keeps FY23 total alumina and aluminum shipments estimate unchanged

  • American Airlines (AAL) beats by $0.13, reports revs in-line; sees Q4 adj. operating margin of 2-4%

  • AT&T (T) reports Q3 (Sep) results, revs in-line; raises FCF guidance

  • Atlantic Union Bankshares (AUB) beats by $0.06

  • BankUnited (BKU) misses by $0.08

  • Blackstone (BX) reports Q3 (Sep) results, misses on revs

  • Cohen & Steers (CNS) reports EPS in-line

  • Columbia Banking (COLB) beats by $0.06

  • Crown Castle (CCI) misses by $0.03; guides FY23 FFO in-line; guides FY24 FFO below consensus

  • Discover Financial Services (DFS) misses by $0.58, beats on revs

  • Enovis Corporation (ENOV) sees Q3 revs in-line

  • Equifax (EFX) misses by $0.02, reports revs in-line; guides Q4 EPS below consensus, revs below consensus; guides FY23 EPS below consensus, revs below consensus

  • Fifth Third (FITB) beats by $0.09; sees Q4 revenue flat to down 1% qtr/qtr (FactSet consensus -1.6%); sees NII down 1-2%

  • First Industrial Realty (FR) beats by $0.01, beats on revs; guides FY23 FFO in-line

  • F.N.B. Corp (FNB) beats by $0.04, beats on revs

  • Genuine Parts (GPC) beats by $0.07, misses on revs; narrows FY23 EPS in-line, reaffirms FY23 revs guidance

  • Hanover Insurance (HIG) sees preliminary catastrophe losses of $195.8 mln for Q3; also issues operating income guidance

  • Iridium Communications (IRDM) misses by $0.05, misses on revs; provides FY23 guidance

  • KeyCorp (KEY) beats by $0.02; sees Q4 net internet income stable (prior guidance flat to down 2%); sees loans down 1-3%

  • Kinder Morgan (KMI) misses by $0.01, misses on revs; reaffirms FY23 EPS guidance

  • Lam Research (LRCX) beats by $0.51, beats on revs; guides Q2 (Dec) EPS in-line, revs in-line

  • Las Vegas Sands (LVS) reports EPS in-line, beats on revs; announces dividend and increased buyback authorization

  • Liberty Energy (LBRT) beats by $0.10, beats on revs; Q4 activity to slow modestly on normal seasonality

  • Lindsay Corp (LNN) beats by $0.63, beats on revs

  • Manpower (MAN) reports Q3 (Sep) results, revs in-line; guides Q4 EPS below consensus

  • Marsh McLennan (MMC) beats by $0.18, beats on revs

  • Marten Transport (MRTN) misses by $0.01 (two ests), reports revs in-line (two ests)

  • Nestle (NSRGY) reports nine-month trading statement; reaffirms FY23 outlook

  • Netflix (NFLX) beats by $0.24, reports revs in-line; guides Q4 EPS below consensus, revs below consensus; expects Q4 paid net adds will be similar to Q3 give or take a few million; raises prices for some plans in US, UK and France

  • Nokia (NOK) misses by 0.03, misses on revs; reaffirms FY23 revs guidance

  • Philip Morris International (PM) beats by $0.05, reports revs in-line

  • Pool (POOL) reports EPS in-line, beats on revs; guides FY23 EPS in-line

  • POSCO (PKX) sees Q3 revs of KRW 19 trillion versus KRW 20.6 trillion FactSet consensus; sees Q3 operating profit of KRW 1.2 trillion versus KRW 1.3 trillion last year

  • PPG Industries (PPG) beats by $0.13, reports revs in-line; guides Q4 EPS in-line; guides FY23 EPS above consensus

  • RELX (RELX) provides nine-month trading update; revs +8% ytd

  • Rexford Industrial Realty (REXR) reports FFO in-line, beats on revs; raises FY23 FFO in-line

  • Roche Hldg (RHHBY) reports nine-month trading statement; revs rise 1% yr/yr; reaffirms FY23 outlook

  • SAP SE (SAP) beats by 0.11, misses slightly on revs; reaffirms FY23 guidance

  • SL Green Realty (SLG) beats by $0.01, beats on revs; lowers FY23 FFO below consensus

  • Snap-On (SNA) beats by $0.07, beats on revs

  • Steel Dynamics (STLD) misses by $0.07, beats on revs

  • Synovus (SNV) reports EPS in-line, beats on revs; sees FY23 adjusted revenue growth of +1-2% versus 0-3% prior guidance (no comparable ests); reaffirms end of period loan growth of +0.2%

  • Taiwan Semiconductor Manufacturing (TSM) beats by $0.14, beats on revs; guides Q4 revs above consensus

  • Tesla (TSLA) misses by $0.07, misses on revs, gross margin down 30 bps qtr/qtr, reaffirms FY23 production outlook of 1.8 mln vehicles, says Cybertruck deliveries remain on track for later this year

  • Texas Capital (TCBI) beats by $0.17

  • Truist (TFC) misses by $0.01, reports revs in-line; sees Q4 revenue flat to down 1% versus FactSet consensus of +3%; sees adjusted expenses down 3.5% 

  • Watsco (WSO) beats by $0.08, beats on revs

  • Webster Financial (WBS) beats by $0.06, misses on revs

  • WNS (WNS) beats by $0.06, reports revs in-line; lowers FY24 guidance

  • Zions Bancorp (ZION) misses by $0.02, beats on revs; deposits grew 5%

News:

  • President Biden will address the nation tonight at 20:00 ETto discuss its response to Hamas' terrorist attacks against Israel and Russia's ongoing brutal war against Ukraine

  • The Gaza City hospital explosion sparked protests across the Middle East. US intelligence says explosion was caused by an errant rocket fired by Palestinian fighters, according to the New York Times

  • House Republicans will hold a third Speaker of the House vote today at 12:00 ET. Republicans and Democrats are discussing giving full temporary speakership powers to Rep. Patrick McHenry, according to the New York Times

  • Treasury confirms new Venezuela general licenses

  • Allison Transmission's (ALSN) X1100-5A3 cross-drive propulsion solution selected for Australian armored vehicle project

  • Alphabet (GOOG) cutting at least 40 jobs in its news division, according to CNBC

  • AstraZeneca (AZN) gets FDA orphan drug approval for treatment of gastric cancer, including gastroesophageal junction cancer

  • BioNTech (BNTX) expands late-stage clinical oncology portfolio with initiation of further Phase 2 Trial with mRNA-based individualized neoantigen specific immunotherapy in new cancer indication

  • Bio-Techne (TECH) appointed Kim Kelderman as President and Chief Executive Officer effective February 1, 2024

  • Bristol-Myers (BMY) reports Phase 3 CheckMate -67T trial of subcutaneous nivolumab (nivolumab and hyaluronidase) meets co-primary endpoints in advanced or metastatic clear cell renal cell carcinoma

  • Cactus (WHD) announces leadership changes

  • Cibus Global (CBUS) reducing its workforce approximately 24% in connection with strategic realignment

  • Cool Company (CLCO) and Huaxia Financial enter into sale and leaseback financing arrangements for the Kool Tiger and Kool Panther newbuild vessels scheduled to deliver to CoolCo in the second half of 2024 from Hyundai Samho Heavy Industries in Korea

  • Corporacin Amrica Airports (CAAP) a 15.7% year-on-year increase in passenger traffic in September 2023, reaching 98.9% of September 2019 levels

  • Costco (COST) announces that CEO Craig Jelinek to step down effective January 1, 2024; Board of Directors elects President and COO Ron Vachris as new CEO

  • Crown Castle (CCI) CFO Daniel K. Schlanger to depart, effective March 31, 2024

  • Delta Air Lines (DAL): "In an email to SkyMiles members Wednesday, Oct. 18, CEO Ed Bastian shared several updates to the Delta's SkyMiles Program changes that were announced in September"

  • Dish Network (DISH) and T Mobile (TMUS) end airwaves battle, according to Bloomberg

  • Gilead Sciences (GILD) reports real-world evidence reinforcing Biktarvy as a long-term treatment option with a high barrier to resistance for people with HIV and a range of comorbidities

  • Google (GOOG) aiming to produce smartphones in India, according to Reuters

  • Halozyme Therapeutics (HALO) announces that Bristol Myers Squibb (BMY) reported positive topline results from the Phase 3 CheckMate-67T trial evaluating a subcutaneous formulation of Opdivo with ENHANZE in patients with advanced or metastatic clear cell renal cell carcinoma who have received prior systemic therapy

  • Helmerich & Payne (HP) announces its FY24 supplemental shareholder return plan to provide approximately $168 mln to shareholders

  • Johnson Outdoors (JOUT) is exiting its Eureka product lines

  • Meta Platforms (META) provides update on ongoing efforts regarding the Israel-Hamas War

  • Minerals Tech (MTX) increases quarterly dividend 100% to $0.10/share from $0.05/share and initiates a one-year $75 mln share repurchase program

  • Nokia (NOK) announces cost cutting program; says program is expected to lead to a 72 000 -- 77 000 employee organization compared to the 86 000 employees Nokia has today

  • Novartis AG (NVS): FDA grants orphan drug approval for treatment of non-tuberculous mycobacterial infections

  • Pfizer (PFE) expecting to price Paxlovid at $1,400 for a five-day course, according to the Wall Street Journal

  • Sabre (SABR) and Air France-KLM (AFLYY) announce completion of a strategic multi-year NDC distribution agreement as well as the renewal of their existing EDIFACT agreement

  • Stantec (STN) enters design phase for US$100 million Tampa Bay Water potable water supply project in Hillsborough County

  • Super Micro Computer (SMCI) starts shipments of NVIDIA (NVDA) GH200 grace hopper superchip-based servers, the industry's first family of NVIDIA MGX systems

  • Takeda Pharma (TAK): European Commission approves ADCETRIS (brentuximab vedotin) to treat CD30+ Stage III Hodgkin lymphoma

  • Viavi (VIAV) appoints Ilan Daskal as CFO, effective November 7

  • Visa (V) announces that Alfred Kelly will retire as Chairman on January 23; lead independent director John Lundgren to be named Chair

  • Visa (V) and Mastercard (MA) want to invest in Africa, according to the Wall Street Journal

  • Western Copper (WRN) announced the departure of Ken Engquist, Chief Operating Officer, effective October 18, 2023

  • X: Elon Musk considering removing X platform from Europe because of new regulations, according to Business Insider

  • Xcel Energy (XEL) receives $100 mln Department of Energy grant to boost wildfire mitigation and grid resiliency

  • Y-mAbs Therapeutics (YMAB) appoints Michael Rossi as President and Chief Executive Officer and a member of the Board of Directors, effective November 6, 2023

M&A:

  • BHP Group (BHP) announces divestment of the Blackwater and Daunia

  • Broadcom (AVGO): China considers delaying approval of Broadcom (AVGO) / VmWare (VMW) M&A deal, according to Financial Times

  • Central Puerto (CEPU) unit acquired Cordillera Solar VIII S.A. and Scatec Equinor Solutions Argentina S.A.

  • CoStar Group (CSGP) Offers to Acquire OnTheMarket for ~100 mln

  • Devon Energy (DVN) mulling M&A activity with Marathon Oil (MRO) and CrownRock LP, according to Bloomberg

  • Newmont Goldcorp (NEM) CEO's statement on pending acquisition of Newcrest achieving legal effectiveness in Australia

Syndicate:

  • Semtech (SMTC) intends to offer $250 mln in aggregate principal amount of convertible senior notes due 2028

  • Ultragenyx Pharma (RARE) prices offering of 8,333,334 shares of its common stock at $30.00 per share

IPOs:

  • No IPOs expected to price.

  • Smithfield Foods prepares for US listing, according to the Wall Street Journal

Gapping Up/Down

  • Gapping up:

  • NFLX +13.5%, LVS +5.4%, SAP +4.6%, COLB+4.3%, CAAP +3%, LBRT +2.9%, TSM +2.9%, ROKU +2.3%, PB +2%, MRO +1.7%, ALSN+1.6%, ACHR +1.4%, PARA +1.1%, XEL+1.1%, FNB +1.1%, MTX +1%, REXR +1%

  • Gapping down:

  • EFX -6.5%, TSLA -5.2%, ZION -5%, WNS-4.4%, SLG -3.7%, TCBI -3.5%, CLCO -3.2%, DFS -2.9%, NOK -2.9%, STLA -2.7%, LRCX-2.7%, MOBV -2.1%, JOUT -2%, DVN -1.9%, CCI -1.9%, KMI -1.9%, THG -1.4%, WHD-1.1%, RARE -1%, MRTN -0.9%, HP -0.8%, TFC -0.8%

 

Analyst Research (see Upgrades/Downgradescalendarfor full list):

  • Upgrades

  • Aptiv (APTV) upgraded to Overweight from Neutral at JP Morgan; tgt $145

  • Best Buy (BBY) upgraded to Buy from Neutral at Goldman; tgt raised to $85

  • CrowdStrike (CRWD) upgraded to Buy from Hold at Jefferies; tgt raised to $225

  • First Solar (FSLR) upgraded to Overweight from Neutral at JP Morgan; tgt lowered to $220

  • Kontoor Brands (KTB) upgraded to Buy from Neutral at Goldman; tgt raised to $56

  • Netflix (NFLX) upgraded to Overweight from Sector Weight at KeyBanc Capital Markets; tgt $510

  • R1 RCM (RCM) upgraded to Buy from Hold at Truist; tgt $18

  • Xylem (XYL) upgraded to Outperform from Perform at Oppenheimer; tgt $118

  • Zscaler (ZS) upgraded to Buy from Hold at Jefferies; tgt raised to $225

  • Downgrades:

  • Concrete Pumping (BBCP) downgraded to Neutral from Overweight at JP Morgan; tgt raised to $8.50

  • DHT (DHT) downgraded to Hold from Buy at Stifel; tgt $11

  • Foot Locker (FL) downgraded to Sell from Neutral at Goldman; tgt $18

  • Fortinet (FTNT) downgraded to Hold from Buy at Jefferies; tgt lowered to $65

  • Monarch Casino & Resort (MCRI) downgraded to Hold from Buy at Truist; tgt lowered to $65

  • Others:

  • Cabaletta Bio (CABA) initiated with a Buy at Stifel; tgt $31

  • Gracell Biotechnologies (GRCL) initiated with a Buy at Stifel; tgt $11

  • Structure Therapeutics (GPCR) initiated with a Mkt Outperform at JMP Securities; tgt $90

Econ Data:

  • 08:30 ET: Initial Claims for Oct. 14 (Briefing.comConsensus 211K; Prior 209K)

  • 08:30 ET: Continuing Claims for Oct. 7 (Briefing.comConsensus NA; Prior 1702K)

  • 08:30 ET: Philadelphia Fed Index for Oct. (Briefing.comConsensus -6.5; Prior -13.5)

  • 10:00 ET: Existing Home Sales for Sep (Briefing.comConsensus 3.90M; Prior 4.04M)

  • 10:00 ET: Leading Indicators for Sep (Briefing.comConsensus -0.4%; Prior -0.4%)

  • 10:30 ET: EIA Natural Gas Inventories for Oct 14 (Briefing.comConsensus NA; Prior +84 bcf)

Earnings:

  • Monday (Oct 16)

  • Morning:  SCHW

  • Afternoon: ELS

  • Tuesday (Oct 17)

  • Morning: ACI BAC BK ERIC GS JNJ LMT PLD

  • Afternoon:  FULT HWC IBKR JBHT OMC PNFP UAL WTFC

  • Wednesday (Oct 18)

  • Morning:  ABT ALLY ASML CFG CBSH ELV FHM MTB MS NDAQ NTRS PG STT SCL TRV USB UNF UCBI WGO

  • Afternoon:  AA CNS COLB CCI DFS EFX FNB FR KMI LRCX LVS LBRT MRTN NFLX PPG REXR SAP SLG STLD SNV TSLA ZION

  • Thursday (Oct 19)

  • Morning: ALK AAL T AUB BMI BKU BX EWBC FITB FCX GPC HOMB IRDM KEY LNN MAN MMC NOK PM POOL SNA TSM TCBI TFC UNP WBS WNS

  • Afternoon:  ASB OZK CSX GBCI ISRG KNX WDFC

  • Friday (Oct 20) 

  • Morning:  AXP ALV BHLB CMA EEFT FBP HBAN IPG RF SXT SLB

  • Afternoon:  HTH

 

Asia & Europe detail:

Asia: Nikkei -1.9%, Hang Seng -2.5%, Shanghai Composite -1.7%

Equity indices in the Asia-Pacific region ended Thursday on a lower note. Japan reported an unexpected trade surplus for September thanks in part to higher demand for vehicles amid the autoworkers strike in the United States. A former Bank of Japan official said that the BoJ could end negative interest rate policy by the end of this year before adjusting the terms of yield curve control. The Bank of Japan's regional economic report raised the assessment of six out of nine regions. Hong Kong may lower its property purchase tax. The Bank of Korea left its repurchase rate at 3.50%, as expected, and cautioned that inflation will not return to target as quickly as previously thought. The Reserve Bank of Australia recorded an accounting loss of AUD6 bln for FY23.

  • In economic data:

  • China's September House Prices -0.1% yr/yr (last -0.1%)

  • Japan's September trade surplus JPY62.4 bln (expected deficit of JPY450 mln; last deficit of JPY937.8 bln). September Imports -16.3% yr/yr (expected -12.9%; last -17.7%) and Exports 4.3% yr/yr (expected 3.1%; last -0.8%)

  • Australia's September Employment Change 6,700 (expected 20,000; last 63,300) and full employment -39,900 (last 7,200). September Unemployment Rate 3.6% (expected 3.7%; last 3.7%) and September Participation Rate 66.7% (expected 67.0%; last 67.0%). NAB Quarterly Business Confidence -1 (last -4)

---Equity Markets---

  • Japan's Nikkei: -1.9%

  • Hong Kong's Hang Seng: -2.5%

  • China's Shanghai Composite: -1.7%

  • India's Sensex: -0.4%

  • South Korea's Kospi: -1.9%

  • Australia's ASX All Ordinaries: -1.3%

---FX---

  • USD/JPY: UNCH at 149.80

  • USD/CNH: +0.2% to 7.3362

  • USD/INR: -0.1% to 83.20

 

Europe: DAX -0.7%, FTSE -0.9%, CAC -0.6%

Major European indices trade on a lower note while Germany's DAX (-0.2%) outperforms thanks in part to relative strength in SAP after the software company missed Q3 expectations but reaffirmed its outlook for the year. Renault's Q3 report showed that sales growth was well shy of expectations, weighing on the stock in France. Nokia is planning to reduce its labor force by up to 15%.

  • In economic data:

  • Eurozone's August Current Account surplus EUR27.7 bln (last surplus of EUR21.0 bln)

  • France's September Business Survey 98 (expected 99; last 99)

  • Spain's September trade deficit EUR4.40 bln (last deficit of EUR4.90 bln)

  • Swiss September trade surplus CHF6.316 bln (expected surplus of CHF3.77 bln; last surplus of CHF3.81 bln)

---Equity Markets---

  • STOXX Europe 600: -0.7%

  • Germany's DAX: -0.2%

  • U.K.'s FTSE 100: -0.9%

  • France's CAC 40: -0.6%

  • Italy's FTSE MIB: -0.9%

  • Spain's IBEX 35: -0.6%

---FX---

  • EUR/USD: +0.2% to 1.0554

  • GBP/USD: -0.1% to 1.2121

  • USD/CHF: -0.1% to 0.8973

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