20/04/23 Briefing

The S&P 500 futures are down 32 points and are trading 0.8% below fair value. The Nasdaq 100 futures are down 139 points and are trading 1.1% below fair value. The Dow Jones Industrial Average futures are down 190 points and are trading 0.6% below fair value.

Earnings results had been coming in better than expected recently, yet the latest batch of results has had its share of earnings misses, which is weighing on investor sentiment. Tesla (TSLA) is among the most influential stocks reacting negatively after its earnings report and is dragging on the Nasdaq 100 futures. Dow component American Express (AXP) is also down after its earnings report while IBM (IBM) is showing some strength. 

Concerns about an economic slowdown have driven buying interest in the Treasury market. The 2-yr note yield is down five basis points to 4.21% and the 10-yr note yield is down three basis points to 3.57%.

Energy complex futures are moving lower this morning. WTI crude oil futures are down 1.6% to $77.94/bbl and natural gas futures are down 0.7% to $2.21/mmbtu.

Market participants will receive the following economic data today:

• 8:30 ET: Weekly Initial Claims (Briefing.comconsensus 242,000; prior 239,000), Continuing Claims (prior 1.810 mln), and April Philadelphia Fed survey (Briefing.comconsensus -20.0; prior -23.2)

• 10:00 ET: March Leading Indicators (Briefing.comconsensus -0.4%; prior -0.3%) and March Existing Home Sales (Briefing.comconsensus 4.50 mln; prior 4.58 mln)

• 10:30 ET: Weekly natural gas inventories (prior +25 bcf)

In corporate news:

• Tesla (TSLA 167.45, -13.14, -7.3%): reports EPS in-line, revs in-line; automotive gross margin of approximately 21.0%; for FY23, expects to remain ahead of long-term 50% CAGR with about 1.8 mln cars for year

• AT&T (T 18.80, -0.90, -4.6%): beats by $0.01, reports revs in-line; reaffirms FY23 EPS guidance

• IBM (IBM 127.89, +1.57, +1.2%): beats by $0.12, reports revs in-line, appears to slightly lower FY23 revenue outlook; reaffirms FY23 FCF outlook

• F5 Networks (FFIV 127.43, -9.62, -7.0%): beats by $0.10, reports revs in-line; guides Q3 EPS below consensus, revs below consensus; downgraded to Equal Weight from Overweight at Barclays

• American Express (AXP 163.09, -1.86, -1.1%): misses by $0.27, beats on revs; reiterates FY23 EPS in-line, revs above consensus

• Taiwan Semiconductor Manufacturing (TSM 87.60, +0.37, +0.4%): beats by $0.56, misses on revs; guides Q2 revs below consensus

• D.R. Horton (DHI 106.65, +4.79, +4.7%): beats by $0.82, beats on revs; raises FY23 revs above consensus

• Zions Bancorp (ZION 31.00, -1.72, -5.3%): misses by $0.21; Deposits were $69.2 billion, down 16%

• Las Vegas Sands (LVS 62.50, +3.14, +5.3%): beats by $0.08, beats on revs

Reviewing overnight developments:

• Equity indices in the Asia-Pacific region ended Thursday on a mixed note. Japan's Nikkei: +0.1%, Hong Kong's Hang Seng: +0.1%, China's Shanghai Composite: -0.1%, India's Sensex: +0.1%, South Korea's Kospi: -0.5%, Australia's ASX All Ordinaries: -0.1%.

  • In economic data:

    • China's March FDI 4.9% yr/yr (expected 7.8%; last 6.1%) o Japan's March trade deficit JPY1.21 trln (expected deficit of JPY1.78 trln; last deficit of JPY1.25 trln). March Imports 7.3% yr/yr (expected 11.4%; last 8.3%) and Exports 4.3% yr/yr (expected 2.6%; last 6.5%). March Tertiary Industry Activity Index 0.7% m/m (expected 0.4%; last 0.7%)

    • Australia's Q1 NAB Quarterly Business Confidence -4 (expected 2; last -1)

    • New Zealand's Q1 CPI 1.2% qtr/qtr (expected 1.7%; last 1.4%); 6.7% yr/yr (expected 7.1%; last 7.2%)

  • In news:

    • The People's Bank of China made no changes to its one-year and five-year loan prime rates.

    • An independent review of the Reserve Bank of Australia concluded that the RBA should aim for price stability and full employment while retaining a flexible inflation target between 2% and 3%.

    • Rio Tinto reported record iron ore shipments for Q1.

• Major European indices trade in the red. STOXX Europe 600: -0.4%, Germany's DAX: -0.7%, U.K.'s FTSE 100: -0.1%, France's CAC 40: -0.3%, Italy's FTSE MIB: -1.0%, Spain's IBEX 35: -0.5%.

  • In economic data:

    • Eurozone's February trade surplus EUR4.6 bln (expected deficit of EUR22.3 bln; last deficit of EUR30.6 bln)

    • Germany's March PPI -2.6% m/m (expected -0.5%; last -0.3%); 7.5% yr/yr (expected 9.8%; last 15.8%)

    • France's April Business Survey 101 (expected 103; last 104)

    • Spain's February trade deficit EUR2.46 bln (expected deficit of EUR4.40 bln; last deficit of EUR3.96 bln)

  • In news:

    • European Central Bank policymaker Schnabel said that underlying inflation remains sticky even though headline inflation has started to decline.

    • A British government review will recommend a reduction in semiconductor imports from Taiwan and long-term financial support for the industry.

    • Security officers at London's Heathrow Airport will strike between May 4th and May 10th, followed by another strike between May 25thand 27th.

U.S. equity futures:

• S&P 500 Futures: -31 @ 4,124

• DJIA Futures: -180 @ 33,717

• Nasdaq 100 Futures: -136 @ 12,952

Overseas:

• Europe: DAX -0.7% FTSE -0.1%, CAC -0.3%

• Asia: Nikkei +0.1%, Hang Seng +0.1%, Shanghai Composite -0.1%

Commodities:

• Crude Oil -1.30 @ 77.94

• Nat Gas -0.012 @ 2.21

• Gold +6.45 @ 2013.75

• Silver +0.044 @ 25.415

• Copper -0.0435 @ 4.0335

Earnings/Guidance:

• Alaska Air (ALK) misses by $0.14, reports revs in-line; guides Q2 revs above consensus; reaffirms FY23 EPS guidance

• Alcoa (AA) misses by $0.23, misses on revs, alumina production fell 9% qtr/qtr; expects 2023 total alumina shipments to remain unchanged at 12.7-12.9mln metric tons

• Alphatec (ATEC) provides preliminary Q1 results; guides Q1 revs ahead of consensus; raises FY23 revenue outlook

• American Express (AXP) misses by $0.27, beats on revs; reiterates FY23 EPS in-line, revs above consensus

• AT&T (T) beats by $0.01, reports revs in-line; reaffirms FY23 EPS guidance

• AutoNation (AN) beats by $0.33, misses on revs

• Banc of California (BANC) misses by $0.01

• Berkshire Hills Bancorp (BHLB) misses by $0.02

• Blackstone (BX) beats by $0.01, misses on revs

• Brandywine Realty (BDN) reports FFO in-line, beats on revs

• Calix Networks (CALX) beats by $0.05, beats on revs; guides Q2 EPS above consensus, revs above consensus

• Cohen & Steers (CNS) beats by $0.08, reports an 18.2% decline in revs yr/yr; AUM fell 0.6% to $79.9 bln

• Comerica (CMA) beats by $0.12

• Crown Castle (CCI) beats by $0.02, reports revs in-line; guides FY23 AFFO below consensus

• Discover Financial Services (DFS) misses by $0.33, beats on revs; increases its quarterly dividend 16.7% to $0.70/share; approves new $2.7 bln share repurchase program spanning through June 30, 2024

• D.R. Horton (DHI) beats by $0.82, beats on revs; raises FY23 revs above consensus

• Equifax (EFX) beats by $0.06, beats on revs; guides Q2 EPS below consensus, revs below consensus; reaffirms FY23 EPS and revenue guidance

• F5 Networks (FIVN) beats by $0.10, reports revs in-line; guides Q3 EPS below consensus, revs below consensus

• Fifth Third (FITB) misses by $0.01

• First Industrial Realty (FR) beats by $0.01, beats on revs; increases quarterly dividend 8.5% to $0.32/share

• F.N.B. Corp (FNB) beats by $0.01, reports revs in-line

• Genuine Parts (GPC) beats by $0.11, beats on revs; raises FY23 EPS above consensus, reaffirms FY23 revs guidance

• Haleon plc (HLN) provides Q1 trading update; revs better than consensus

• Hanover Insurance (HIG) reports preliminary Q1 catastrophe loss estimate of approximately $175 mln

• Herc Holdings (HRI) beats by $0.14, beats on revs

• IBM (IBM) beats by $0.12, reports revs in-line, appears to slightly lower FY23 revenue outlook; reaffirms FY23 FCF outlook

• Inter Parfums (IPAR) reports Q1 net sales growth of 24% to a record $312 mln, topping estimates; raises FY23 EPS and sales outlook due to strength of global fragrance market

• KeyCorp (KEY) reports EPS in-line, misses on revs

• Kinder Morgan (KMI) beats by $0.01, misses on revs; reaffirms 2023 outlook; increases dividend

• Lam Research (LRCX) beats by $0.46, reports revs in-line; guides JunQ EPS below consensus, revs below consensus

• Las Vegas Sands (LVS) beats by $0.08, beats on revs

• Liberty Energy (LBRT) beats by $0.07, reports revs in-line; notes early year strength continues into Q2 where pricing is stable

• Linde plc (LIN) to supply green hydrogen to evonik in Singapore

• Manpower (MAN) misses by $0.12, reports revs in-line; guides Q2 EPS below consensus

• Matson (MATX) announces preliminary Q1 results; guides Q1 earnings above consensus; continues to see conservative inventory management by retail customers

• Mondee Holdings (MOND) announced the appointment of Jesus Portillo as its new CFO based in the company's Austin, Texas headquarters effective immediately

• National Bank (NBHC) beats by $0.10, reports revs in-line

• Nevro (NVRO) names Kevin Thornal as CEO; guides Q1 revs above consensus; reaffirms FY23 revenue and adjusted EBITDA guidance

• Nokia (NOK) misses by 0.01, beats on revs; guides FY23 revs in-line

• Nucor (NUE) beats by $0.56, misses on revs

• Philip Morris International (PM) beats by $0.04, reports revs in-line; guides FY23 EPS below consensus

• Pinterest (PINS) names Sabrina Ellis as next Chief Product Officer effective May 15, 2023

• Pool (POOL) misses by $0.61, misses on revs; lowers FY23 EPS below consensus

• Rexford Industrial Realty (REXR) reports FFO in-line, misses on revs; guides FY23 FFO below consensus

• Rio Tinto (RIO) reports Q1 production; lowers copper guidance

• Rite Aid (RAD) misses by $0.47, beats on revs; guides FY24 EPS below consensus, revs above consensus

• RLI Corp (RLI) reports Q1 (Mar) results, beats on revs

• SL Green Realty (SLG) beats by $0.13, beats on revs

• Snap-On (SNA) beats by $0.46, beats on revs

• Steel Dynamics (STLD) beats by $0.42, misses on revs

• Taiwan Semiconductor Manufacturing (TSM) beats by $0.56, misses on revs; guides Q2 revs below consensus

• Tesla (TSLA) reports EPS in-line, revs in-line; automotive gross margin of approximately 21.0%; for FY23, expects to remain ahead of long-term 50% CAGR with about 1.8 mln cars for year

• Texas Capital (TCBI) misses by $0.17

• Truist (TFC) misses by $0.06, reports revs in-line

• Watsco (WSO) beats by $0.43, reports revs in-line

• Webster Financial (WBS) misses by $0.09, misses on revs

• Wintrust Fin (WTFC) beats by $0.27, reports revs in-line

• Zions Bancorp (ZION) misses by $0.21

News:

• House Republicans release text of bill that will increase debt ceiling with various reductions in spending (Note: Democrats have rejected this plan, which means it will be dead on arrival in the Senate if it passes the House)

• New York Fed President John Williams (voting FOMC member) supports rate hike in May, according to the Wall Street Journal

• President Biden to catalyze global climate action through the major economies forum on energy and climate

• Amgen (AMGN) wins patent appeal case for Otezla as U.S. Court of Appeals for the Federal Circuit affirms judgment of U.S. District Court for the District of New Jersey in patent infringement case against Sandoz and Zydus Pharmaceuticals

• Bausch + Lomb (BLCO) announces the presentation of new data on products and pipeline programs at the association for Research in Vision and Ophthalmology Meeting

• Bed Bath & Beyond (BBBY) preparing for bankruptcy in coming days, according to the Wall Street Journal

• BeiGene (BGNE) announces positive Phase 3 tislelizumab trial in advanced gastric or gastroesophageal junction adenocarcinoma

• BioXcel Therapeutics (BTAI) provided an update on previously stated guidance relating to the timing of the clinical trial data from its pipeline candidates

• Bristol-Myers (BMY) signs strategic license agreement with Tubulis

• Castle Biosciences (CSTL) announces new data from a patient simulation study which showed that, compared to pathology alone, TissueCypher Barrett's Esophagus test results may significantly increase the likelihood of appropriate management decisions for Barrett's esophagus patients with low-grade dysplasia according to their risk of progressing to esophageal cancer

• Coinbase Global (COIN) provides update to Coinbase's global scale

• Costco (COST) announces increase in quarterly dividend to $1.02/share from $0.90/share, equating to new annualized yield of approximately 0.82%

• Day One Biopharmaceuticals (DAWN) discloses trail results from clinical activity of the type II pan-RAF inhibitor tovorafenib in BRAF-fusion melanoma

• Dollar General (DG) announced the promotion of Kelly Dilts to Executive Vice President and Chief Financial Officer effective May 1, 2023

• Endeavour Silver (EXK) provides a construction update for its Terronera Project

• Exxon (XOM) and Chevron (CVX) testing renewable gasoline brands, according to Reuters

• Fox Corporation (FOXA) confirmed last night $787.5 mln settlement with Dominion

• Fusion Pharmaceuticals (FUSN) Announces Presentation of Preclinical Data Supporting FPI-2059 and Leading Targeted Alpha Therapy Platform at AACR Annual Meeting

• Gatos Silver (GATO) Continues to Intercept High Grade Mineralization at Cerro Los Gatos

• Google (GOOG) to develop generative artificial intelligence and incorporate it into its advertising unit, according to Financial Times

• KBR (KBR) awarded an engineering and design services contract from The Chemours Company (CC) to increase capacity and advance technology for Nafion ion exchange materials platform

• Malibu Boats (MBUU) appointed David Black as Interim Chief Financial Officer, effective April 19, 2023

• Meta Platforms (META): Virtual Global Taskforce notes that it has not seen any indication from META that new safety systems match or improve current detection methods regarding keeping child users safe, according to VGT

• Microsoft (MSFT) removes Twitter from its advertising platform and Elon Musk has threatened a lawsuit, according to Bloomberg

• Moderna (MRNA) and IBM (IBM) to explore quantum computing and generative AI for mRNA science

• Nordstrom (JWN): Ryan Cohen ends plan to appoint directors to Nordstrom Board, according to Bloomberg

• Novartis (NVS) reports new five-year data on disability outcomes and safety of Kesimpta

• Piedmont Lithium (PLL) completes definitive feasibility study of Tennessee lithium project

• PotlatchDeltic (PCH) announces that VP and CFO Jerry Richards will relocate to accept an opportunity with another co, Wayne Wasechek will serve as Interim VP and CFO; effective April 19

• Primoris Services (PRIM) received two renewables awards with combined value over $200 mln

• Revance Therapeutics (RVNC): FDA has approved Revance's prior-approval supplement for Ajinomoto Althaea, co's fill-finish contract manufacturer for DAXXIFY

• Sana Biotechnology (SANA) Highlights Preclinical Hypoimmune Data for its Allogeneic CAR T Platform and Advancements with its In Vivo Fusogen Platform with Four Presentations at the 2023 AACR Annual Meeting

• Sanofi (SNY): DUPIXENT (dupilumab injection) now approved in Canada for children as young as six months old with severe atopic dermatitis

• Seagate Tech (STX) agreeing to pay $300 mln in settlement for shipping over $1.1 bln of HDD to Huawei, violating U.S. export laws, according to Reuters

• Sunnova Energy (NOVA) announces $3 billion U.S. Department of Energy conditional commitment to expand clean energy access and lay foundation for virtual power plant capabilities

• The Beauty Health Company (SKIN) promotes Brad Hauser to COO, a new position within the company; was previously the firm's Chief Product Officer

M&A:

• Alphatec (ATEC) acquires all assets related to the REMI Robotic Navigation System from Fusion Robotics, LLC, a privately held medical technology company, for $55 mln

• Argo Group (ARGO) announces that Argo shareholders voted to approve an agreement for Brookfield Reinsurance to acquire Argo in an all-cash transaction valued at ~$1.1 bln

• CNH Industrial (CNHI) announces divestiture of business activities in Russia for total consideration of approximately $60 mln

• National Bank (NBHC) subsidiary NBH Bank acquires StoneCastle Digital Solutions; financial terms not disclosed

• WPP plc (WPP) announces the acquisition of amp, a sonic branding company; terms not disclosed

Syndicate:

• Alphatec (ATEC) files mixed shelf securities offering

• CXApp Inc. (CXAI) files 6,977,776 common stock offering by selling shareholders, relates to warrants

• Rivian (RIVN) Upsizes and Extends Credit Facility

IPOs:

• Expected to Price:

  • No IPOs expected.

Gapping Up/Down

• Gapping up:

  • CALX +9.4%, LVS +4.8%, NBHC +3.8%, FNB +3.2%, RLI +3.1%, WYNN +2.7%, BDN +2.7%, BANC +2.3%, HLN +2.1%, GNK +1.9%, MGM +1.7%, IBM +1.6%, SLG +0.9%, TCBI +0.8%, LRCX +0.7%, TSM +0.6%

• Gapping down:

  • FFIV -7.3%, NOK -7.1%, TSLA -6.8%, ZION -5.7%, AA-3.7%, RVNC -2.9%, RIVN -2.4%, WTFC -2.4%, ATEC-2.3%, RIG -2.1%, DDOG -1.6%, RIO -1.6%, IPAR-1.4%, TFC -1.3%, SKIN -1.2%, COIN -1.2%, CNHI-1.1%, STLD -1.1%, EFX -1%, DFS -0.7%, COST-0.6%, ALK -0.6%, KMI -0.5%

Analyst Research (see Upgrades/Downgradescalendarfor full list):

• Upgrades

  • Comstock (CRK) upgraded to Neutral from Sell at Citigroup; tgt raised to $12

  • Coterra Energy (CTRA) upgraded to Neutral from Sell at Citigroup; tgt raised to $25

  • Elanco Animal Health (ELAN) upgraded to Overweight from Equal Weight at Barclays; tgt $14

  • Enerplus (ERF) upgraded to Overweight from Equal Weight at Barclays

  • Health Catalyst (HCAT) upgraded to Overweight from Sector Weight at KeyBanc Capital Markets; tgt $16

  • Southern (SO) upgraded to Buy from Neutral at Mizuho; tgt raised to $77

  • WestRock (WRK) upgraded to Buy from Neutral at BofA Securities; tgt raised to $40

• Downgrades:

  • Bath & Body Works (BBWI) downgraded to Underweight from Neutral at Piper Sandler; tgt lowered to $37

  • Citizens Financial Group (CFG) downgraded to Neutral from Buy at BofA Securities; tgt lowered to $33

  • CubeSmart (CUBE) downgraded to Market Perform from Outperform at BMO Capital Markets; tgt lowered to $52

  • F5 Networks (FFIV) downgraded to Equal Weight from Overweight at Barclays; tgt lowered to $140

  • Mytheresa (MYTE) downgraded to Hold from Buy at Societe Generale; tgt $7

  • NetApp (NTAP) downgraded to Underperform from Neutral at BofA Securities; tgt lowered to $58

  • Perfect Corp. (PERF) downgraded to Perform from Outperform at Oppenheimer

  • TripAdvisor (TRIP) downgraded to Hold from Buy at Truist; tgt lowered to $21

  • Veritone (VERI) downgraded to Underperform from Neutral at BofA Securities; tgt lowered to $5

• Others:

  • Acrivon Therapeutics (ACRV) initiated with a Buy at H.C. Wainwright; tgt $24

  • Agilysys (AGYS) initiated with an Outperform at Oppenheimer; tgt $105

  • B2Gold (BTG) resumed with an Outperform at BMO Capital Markets

  • PROS Holdings (PRO) initiated with an Outperform at Oppenheimer; tgt $37

Econ Data:

• 08:30 ET: Initial Claims for Apr 15 (Briefing.comConsensus 242K; Prior 239K)

• 08:30 ET: Continuing Claims for Apr 8 (Briefing.comConsensus NA; Prior 1810K)

• 08:30 ET: Philadelphia Fed Index for Apr (Briefing.comConsensus -20.0; Prior -23.2)

• 10:00 ET: Existing Home Sales for Mar (Briefing.comConsensus 4.50M; Prior 4.58M)

• 10:00 ET: Leading Indicators for Mar (Briefing.comConsensus -0.4%; Prior -0.3%)

• 10:30 ET: EIA Natural Gas Inventories for Apr 15 (Briefing.comConsensus NA; Prior +25 bcf)

Earnings:

• Monday (Apr 17)

  • Morning:  SCHW MTB STT

  • Afternoon: ELS JBHT PNFP

• Tuesday (Apr 18)

  • Morning: BAC BK CBSH ERIC GS JNJ LMT PLD

  • Afternoon:  FHN FULT HWC ISRG MRTN NFLX OMC UAL UCBI WAL

• Wednesday (Apr 19)

  • Morning:  ABT ALLY ASML BKR CFG ELV LAD MS NDAQ EDU SYF TRV USB

  • Afternoon:  AA BDN CALX CNS CCI DFS EFX FNB FFIV FR IBM KMI LRCX LVS LBRT NBHC REXR RLI SLG STLD TSLA WTFC ZION

• Thursday (Apr 20)

  • Morning: ALK AXP T AN BMI BANC BHLB BX CMA DHI EWBC FITB GPC HRI HOMB HBAN IRDM KEY MAN MMC NOK NUE PM POOL RAD SASR SNA SNV TSM TCBI TFC UNP VIRT WSO WBS

  • Afternoon:  ASB OZK CATY CSX FFBC GBCI HTH KNX PPG STX SEIC VMI WRB

• Friday (Apr 21) 

  • Morning:  ALV FCX HCA PG RF SAP SLB

Asia & Europe detail:

Asia: Nikkei +0.1%, Hang Seng +0.1%, Shanghai Composite -0.1%

Equity indices in the Asia-Pacific region ended Thursday on a mixed note. The People's Bank of China made no changes to its one-year and five-year loan prime rates. An independent review of the Reserve Bank of Australia concluded that the RBA should aim for price stability and full employment while retaining a flexible inflation target between 2% and 3%. Rio Tinto reported record iron ore shipments for Q1.

• In economic data:

  • China's March FDI 4.9% yr/yr (expected 7.8%; last 6.1%) o Japan's March trade deficit JPY1.21 trln (expected deficit of JPY1.78 trln; last deficit of JPY1.25 trln). March Imports 7.3% yr/yr (expected 11.4%; last 8.3%) and Exports 4.3% yr/yr (expected 2.6%; last 6.5%). March Tertiary Industry Activity Index 0.7% m/m (expected 0.4%; last 0.7%)

  • Australia's Q1 NAB Quarterly Business Confidence -4 (expected 2; last -1)

  • New Zealand's Q1 CPI 1.2% qtr/qtr (expected 1.7%; last 1.4%); 6.7% yr/yr (expected 7.1%; last 7.2%)

---Equity Markets---

• Japan's Nikkei: +0.1%

• Hong Kong's Hang Seng: +0.1%

• China's Shanghai Composite: -0.1%

• India's Sensex: +0.1%

• South Korea's Kospi: -0.5%

• Australia's ASX All Ordinaries: -0.1%

---FX---

• USD/JPY: -0.1% to 134.56

• USD/CNH: -0.1% to 6.8829

• USD/INR: -0.2% to 82.10

Europe: DAX -0.7% FTSE -0.1%, CAC -0.3%

Major European indices trade in the red. European Central Bank policymaker Schnabel said that underlying inflation remains sticky even though headline inflation has started to decline. A British government review will recommend a reduction in semiconductor imports from Taiwan and long-term financial support for the industry. Security officers at London's Heathrow Airport will strike between May 4th and May 10th, followed by another strike between May 25thand 27th.

• In economic data:

  • Eurozone's February trade surplus EUR4.6 bln (expected deficit of EUR22.3 bln; last deficit of EUR30.6 bln)

  • Germany's March PPI -2.6% m/m (expected -0.5%; last -0.3%); 7.5% yr/yr (expected 9.8%; last 15.8%)

  • France's April Business Survey 101 (expected 103; last 104)

  • Spain's February trade deficit EUR2.46 bln (expected deficit of EUR4.40 bln; last deficit of EUR3.96 bln)

---Equity Markets---

• STOXX Europe 600: -0.4%

• Germany's DAX: -0.7%

• U.K.'s FTSE 100: -0.1%

• France's CAC 40: -0.3%

• Italy's FTSE MIB: -1.0%

• Spain's IBEX 35: -0.5%

---FX---

• EUR/USD: +0.1% to 1.0972

• GBP/USD: +0.1% to 1.2444

• USD/CHF: -0.3% to 0.8942