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20/07/23 Briefing


The S&P 500 futures are down 6 points and are trading 0.1% below fair value. The Nasdaq 100 futures are down 90 points and are trading 0.5% below fair value. The Dow Jones Industrial Average futures are up 35 points and are trading 0.1% above fair value.

Stock futures are mixed as market participants digest a slate of mixed earnings news and continue to contend with concerns about the market being overbought and due for a pullback.

Following their massive gains to start the year, Tesla (TSLA) and Netflix (NLFX) sport sizable declines after their second quarter earnings reports, which is weighing on the broader market. The Dow Jones Industrial Average futures, meanwhile, outperform thanks to gains in Travelers (TRV) and Johnson & Johnson (JNJ) following their earnings results.

In central bank news, the People's Bank of China made no changes to its one-year and five-year loan prime rates.

Treasury yields are moving higher. The 2-yr note yield is up five basis points to 4.81% and the 10-yr note yield is up four basis points to 3.78%.

Market participants will receive the following economic data today:

  • 8:30 ET: Weekly Initial Claims (Briefing.com consensus 240,000; prior 237,000), Continuing Claims (prior 1.729 mln), and July Philadelphia Fed Survey (Briefing.com consensus -9.0; prior -13.7)

  • 10:00 ET: June Existing Home Sales (Briefing.com consensus 4.25 mln; prior 4.30 mln) and June Leading Indicators (Briefing.com consensus -0.6%; prior -0.7%)

  • 10:30 ET: Weekly natural gas inventories (prior +49 bcf)

In corporate news:

  • Tesla (TSLA 279.58, -11.68, -4.0%): beats by $0.11, beats on revs, GAAP gross margin of 18.2%, reaffirms FY23 guidance for deliveries of about 1.8 mln

  • Netflix (NFLX 447.83, -29.76, -6.2%): beats by $0.44, misses on revs; guides Q3 EPS above consensus, revs below consensus

  • United Airlines (UAL 56.26, +1.46, +2.7%): beats by $0.99, beats on revs; guides FY23 EPS above consensus

  • Johnson & Johnson (JNJ 161.00, +2.26, +1.4%): beats by $0.18, beats on revs; raises FY23 EPS above consensus, revs in-line

  • Anheuser-Busch InBev (BUD 58.82, +0.39, +0.7%): upgraded to Overweight from Equal-Weight at Morgan Stanley

  • Taiwan Semiconductor Manufacturing (TSM 99.50, -3.56, -3.5%): beats by $0.07; beats on revs; sees Q3 revs in-line with consensus

  • IBM 0.09% (IBM 134.27, -1.21, -0.9%): beats by $0.17, reports revs in-line; reaffirms FY23 revenue growth and free cash flow view

  • Travelers (TRV 173.16, +2.60, +1.5%): misses by $1.99, beats on revs

  • American Airlines (AAL 18.36, -0.24, -1.3%): beats by $0.33, beats on revs; guides Q3 EPS in-line; guides FY23 EPS in-line

  • D.R. Horton (DHI 132.75, +4.90, +3.8%): beats by $1.07, beats on revs; guides FY23 revs above consensus

  • Las Vegas Sands (LVS 58.20, -1.46, -2.5%): beats by $0.02, beats on revs; reinstates quarterly dividend at $0.20/share

  • Discover Financial Services (DFS 106.99, -14.86, -12.2%): misses by $0.13, reports revs in-line; in discussions with its regulators regarding card product misclassification; pauses share repurchases

  • Pool (POOL 345.80, -20.17, -5.5%): misses by $0.21, misses on revs; lowers FY23 EPS below consensus

Reviewing overnight developments:

  • Equity indices in the Asia-Pacific region ended Thursday on a mostly lower note. Japan's Nikkei: -1.3%, Hong Kong's Hang Seng: -0.2%, China's Shanghai Composite: -0.9%, India's Sensex: +0.7%, South Korea's Kospi: -0.3%, Australia's ASX All Ordinaries: +0.1%.

  • In economic data:

  • Japan's adjusted June trade deficit JPY550 bln (expected deficit of JPY900 bln; last deficit of JPY780 bln). June Imports -12.9% yr/yr (expected -11.3%; last -9.8%) and Exports 1.5% yr/yr (expected 2.2%; last 0.6%)

  • Australia's June Employment Change 32,600 (expected 15,000; last 76,600) and full employment change 39,300 (last 61,700). June Unemployment Rate 3.5% (expected 3.6%; last 3.5%) and June Participation Rate 66.8% (expected 66.9%; last 66.9%)

  • Hong Kong's June CPI 0.2% m/m (last -0.3%); 1.9% yr/yr, as expected (last 2.0%)


  • In news:

  • The People's Bank of China made no changes to its one-year and five-year loan prime rates. The central bank also announced an increase to the cross-border macro ratio, opening the door to increased overseas borrowing by Chinese companies.

  • China State Council repeated that it will work to "optimize conditions" for the private economy.

  • Australia reported better than expected employment figures for June, but ANZ maintained its view that the Reserve Bank of Australia is done raising rates.



  • Major European indices trade on a higher note with the U.K.'s FTSE (+0.6%) and Spain's IBEX (+0.6%) showing relative strength. STOXX Europe 600: +0.2%, Germany's DAX: +0.2%, U.K.'s FTSE 100: +0.6%, France's CAC 40: +0.4%, Italy's FTSE MIB: +0.2%, Spain's IBEX 35: +0.6%.

  • In economic data:

  • Eurozone's May Current Account surplus EUR9.1 bln (expected surplus of EUR2.5 bln; last surplus of EUR3.8 bln)

  • Germany's June PPI -0.3% m/m (expected -0.4%; last -1.4%); 0.1% yr/yr (expected 0.0%; last 1.0%)

  • France's July Business Survey 100, as expected (last 100)

  • Spain's May trade deficit EUR3.11 bln (expected deficit of EUR6.99 bln; last deficit of EUR4.38 bln)

  • Swiss June trade surplus CHF4.823 bln (expected surplus of CHF4.031 bln; last surplus of CHF5.442 bln)


  • In news:

  • European Central Bank policymaker Stournaras said that another 25-bps rate increase would be sufficient, and that excessive tightening could hurt the economy.

  • Bank of England policymaker Ramsden said that he sees a potential for increasing the pace of the central bank's balance sheet reduction.

  • EasyJet reported solid quarterly results and issued upbeat guidance due to strong booking trends.



U.S. equity futures:

  • S&P 500 Futures: -6 @ 4,560

  • DJIA Futures: +41 @ 35,102

  • Nasdaq 100 Futures: -86 @ 15,740

Overseas:

  • Europe: DAX +0.2%, FTSE +0.6%, CAC +0.4%

  • Asia: Nikkei -1.3%, Hang Seng -0.2%, Shanghai Composite -0.9%

Commodities:

  • Crude Oil +0.39 @ 75.68

  • Nat Gas +0.072 @ 2.675

  • Gold +3.65 @ 1984.45

  • Silver +0.020 @ 25.407

  • Copper +0.0687 @ 3.8827


Earnings/Guidance:

  • ABB Ltd ( ABBNY ) reports Q2 results

  • Abbott Labs ( ABT 0.31% ) beats by $0.03, beats on revs; reaffirms FY23 EPS guidance

  • Alcoa ( AA 0.57% ) beats by $0.14, reports revs in-line; leaves 2023 alumina and aluminum shipments unchanged

  • American Airlines ( AAL 0.00% ) beats by $0.33, beats on revs; guides Q3 EPS in-line; guides FY23 EPS in-line

  • Anglo American ( NGLOY ) reports Q2 trading statement; Coppoer production increased 56% yr/yr

  • Berkshire Hills Bancorp ( BHLB 3.06% ) misses by $0.02

  • BHP Group ( BHP 1.13% ) reports production in FY23 trading statement

  • Blackstone ( BX 1.21% ) beats by $0.01, beats on revs

  • Calix Networks ( CALX 0.59% ) beats by $0.05, beats on revs; guides Q3 EPS in-line, revs in-line

  • Cohen & Steers ( CNS 1.60% ) misses by $0.02

  • Columbia Banking ( COLB 0.00% ) reports Q2 (Jun) results, misses on revs

  • Crown Castle ( CCI 2.66% ) beats by $0.03, reports revs in-line

  • Discover Financial Services ( DFS 0.12% ) misses by $0.13, reports revs in-line; pauses share repurchases

  • D.R. Horton ( DHI 0.02% ) beats by $1.07, beats on revs; guides FY23 revs above consensus

  • Endeavour Silver ( EXK 1.56% ) reports Q2 2023 production results; in-line with annual guidance

  • Equifax ( EFX 0.13% ) beats by $0.03, reports revs in-line; guides Q3 EPS below consensus, revs below consensus; guides FY23 EPS below consensus, revs in-line

  • Fifth Third ( FITB 0.00% ) misses by $0.01

  • First Industrial Realty ( FR 0.27% ) beats by $0.01, beats on revs; sees FY23 FFO in-line with consensus

  • First Majestic Silver ( AG 1.01% ) produces 6.3 million AgEq Oz in Q2

  • F.N.B. Corp ( FNB 2.34% ) beats by $0.01, reports revs in-line

  • Genmab ( GMAB 0.00% ) reports Q2 net sales of DARZALEX

  • Genuine Parts ( GPC 0.48% ) beats by $0.10, reports revs in-line; guides FY23 EPS above consensus, revs below consensus

  • IBM ( IBM 0.09% ) beats by $0.17, reports revs in-line; reaffirms FY23 revenue growth and free cash flow view

  • Johnson & Johnson ( JNJ 0.20% ) beats by $0.18, beats on revs; raises FY23 EPS above consensus, revs in-line

  • Kenvue ( KVUE 0.77% ) beats by $0.02, beats on revs

  • KeyCorp ( KEY 6.54% ) misses by $0.05, misses on revs

  • Kinder Morgan ( KMI 0.06% ) reports EPS in-line; reaffirms FY23 EPS guidance

  • Las Vegas Sands ( LVS 0.57% ) beats by $0.02, beats on revs; reinstates quarterly dividend at $0.20/share

  • Liberty Energy ( LBRT 2.05% ) misses by $0.03, misses on revs

  • Manpower ( MAN 1.81% ) misses by $0.04, reports revs in-line; guides Q3 EPS below consensus

  • MarketAxess ( MKTX 0.00% ) beats by $0.02, reports revs in-line

  • Marsh McLennan ( MMC 0.40% ) beats by $0.08, beats on revs

  • Marten Transport ( MRTN 0.00% ) misses by $0.01, misses on revs

  • National Bank ( NBHC 3.41% ) misses by $0.07, average total deposits increased by 14.2% annualized

  • Netflix ( NFLX 0.00% ) beats by $0.44, misses on revs; guides Q3 EPS above consensus, revs below consensus

  • Newmont Goldcorp ( NEM 0.44% ) misses by $0.08, misses on revs

  • Nokia ( NOK 1.55% ) reports in-line results; misses on revs

  • Philip Morris ( PM 0.43% ) International beats by $0.10, beats on revs; guides FY23 EPS below consensus

  • Pool ( POOL 0.00% ) misses by $0.21, misses on revs; lowers FY23 EPS below consensus

  • Rexford Industrial Realty ( REXR 1.75% ) reports FFO in-line, revs in-line; guides FY23 FFO below consensus

  • Select Medical ( SEM 0.00% ) guides Q2 earnings and revs ahead of consensus

  • SL Green Realty ( SLG 5.64% ) beats by $0.09, beats on revs

  • Snap-On ( SNA 0.26% ) beats by $0.31, reports revs in-line

  • Steel Dynamics ( STLD 0.00% ) beats by $0.03, misses on revs

  • Synovus ( SNV 1.54% ) reported Q2 adjusted EPS of $1.16 vs $1.15 FactSet consensus; revs +9% yr/yr to $567.8 mln vs. $570.0 mln FactSet consensus

  • Taiwan Semiconductor Manufacturing ( TSM 0.09% ) beats by $0.07; beats on revs; sees Q3 revs in-line with consensus

  • Tesla ( TSLA 0.00% ) beats by $0.11, beats on revs, GAAP gross margin of 18.2%, reaffirms FY23 guidance for deliveries of about 1.8 mln

  • Texas Capital ( TCBI 0.00% ) beats by $0.38

  • Travelers ( TRV 0.27% ) misses by $1.99, beats on revs

  • Truist ( TFC 3.13% ) reports Q2 (Jun) results, revs in-line

  • United Airlines ( UAL 0.00% ) beats by $0.99, beats on revs; guides FY23 EPS above consensus

  • Webster Financial ( WBS 2.78% ) beats by $0.03, misses on revs

  • Wintrust Fin ( WTFC 0.00% ) reports EPS in-line, revs in-line

  • WNS ( WNS 0.37% ) beats by $0.08, beats on revs; guides FY24 EPS in-line, revs in-line

  • Zions Bancorp ( ZION 0.00% ) beats by $0.03, beats on revs

News:

  • China mulling easing home buying restrictions to encourage more housing purchases, according to Bloomberg

  • US intelligence believes Russia could attack grain ships in Black Sea, according to Bloomberg

  • Fed will soon launch instant payment system, according to Reuters

  • Albemarle ( ALB 1.90% ) amends Marbl Lithium joint venture

  • Alnylam ( ALNY 0.00% ) announces publication of phase 1 study results for Zilebesiran in the New England Journal of Medicine

  • Armstrong World Industries ( AWI 1.20% ) increases share repurchase program by $500 million and extends the the program through December 31, 2026

  • Atour Lifestyle Hldgs. Ltd. ( ATAT 0.00% ) announced the appointment of Mr. Jianfeng Wu as Co-Chief Financial Officer of the Company, effective upon today

  • Axalta Coating Systems ( AXTA 0.51% ) appoints Carl Anderson as CFO, effective August 14

  • Biogen ( BIIB 0.00% ) and Eisai (ESAIY) present latest analysis of Lecanemab's effect on biomarker changes and subcutaneous dosing at The Alzheimer's Association International Conference (AAIC) 2023

  • GlaxoSmithKline ( GSK 1.12% ) grants LimmaTech Biologics License to develop and commercialize Shigella Vaccine

  • GXO Logistics ( GXO 1.01% ) has signed a multi-year agreement with HEINEKEN (HEINY)

  • Hamilton Lane ( HLNE 0.00% ) appoints Jeffrey Armbrister as CFO, Andrew Schardt as Vice Chairman

  • HUTCHMED ( HCM 0.00% ) receives Breakthrough Therapy Designation in China for Fruquintinib combination with Sintilimab for treatment of advanced endometrial cancer

  • KBR ( KBR 2.43% ) awarded a contract to provide mission-critical labor at three locations in the U.S. Central Command (CENTCOM) area of operations

  • Kelly Services ( KELYA 0.00% ) announces strategic restructuring actions; expects to incur a restructuring charge from these actions in the range of $7.5-$8.5 mln

  • Kenvue ( KVUE 0.77% ) initiates quarterly cash dividend; declared a dividend payable in the third quarter of 2023 of $0.20 per share on the Company's common stock

  • Lockheed Martin ( LMT 0.92% ) awarded $221 mln U.S. Army Other Transaction Authority agreement

  • Nanobiotix ( NBTX 0.00% ) announces first patient injected in new phase 1/2 study evaluating radiotherapy-activated NBTXR3 plus Anti-PD-1 for patients with advanced cancers

  • Nano Dimension ( NNDM 0.00% ) Expands on Intentions Regarding Stratasys (SSYS) Board Changes

  • Parsons ( PSN 0.67% ) announces that Texas Department of Transportation's Waco District selects company for highway expansion project

  • Parsons ( PSN 0.67% ) was selected by Naval Facility Engineering Systems Command Southwest to provide project performance assessment and programmatic risk management services for the Facility Engineering Command's construction program

  • Pfizer ( PFE 0.55% ) announces New England Journal of medicine publication on Group B Streptococcus (GBS) maternal vaccine candidate

  • Southwest Gas ( SWX 1.39% ): Julie Williams steps down as COO to new role with company

  • TSMC ( TSM 0.09% ) delays Arizona plant start until 2025 amid labor issues, according to Nikkei

  • XPO, Inc. ( XPO 5.37% ) appoints Kyle Wismans as CFO, effective August 11

M&A:

  • Catalent ( CTLT 1.16% ): Elliott aiming to purchase significant stake in Catalent, according to the Wall Street Journal

  • Dell ( DELL 0.87% ) signs agreement to acquire Moogsoft

  • Grab ( GRAB 0.00% ) signs agreement to acquire Trans-Cab through its GrabRentals arm

  • Heritage-Crystal Clean ( HCCI 0.00% ) to be acquired by J.F. Lehman & Company for $1.2 billion

  • Liberty Global ( LBTYA 0.00% ) acquires 93.23% of Telenet Group and will reopen its offer on Aug 24

Syndicate:

  • FedEx ( FDX 0.65% ) files mixed shelf securities offering

  • Hallador Energy files for 5,262,635 share common stock offering by selling shareholders; files for $150 mln mixed securities shelf offering

  • VSE Corp ( VSEC 0.00% ) commences common stock offering

  • Wallbox ( WBX 1.57% ) files for 18,832,432 share common stock offering by selling shareholders

IPOs:

  • Expected to Price:

  • No IPOs expected.


Gapping Up/Downul>

  • Gapping up:

  • NBTX 0.00% +8.2%, HCCI +7.2%, ELS +4.7%, ZION +4.6%, HCM +4.1%, SEM +3.9%, CALX +3.1%, UAL +2.9%, SFIX +2.6%, AWI +2.6%, WNS +2.5%, PSN +2.3%, BHP +2.3%, REXR +1.5%, LBTYA +1.2%


  • Gapping down:

  • DFS 0.12% -13%, VSEC -6.5%, BANR -6.5%, NFLX -6.1%, EFX -5.3%, NBHC -5.3%, LBRT -5.1%, CCI -5.1%, LVS -3.9%, SLG -3.5%, TSLA -3%, TFC -3%, ROKU -2.2%, OFLX -2.2%, MRTN -2.1%, TSM -2%, AXTA -1.8%, FR -1.2%, COLB -1.1%, SWX -1%, CNS -1%, WBD -0.9%, PARA -0.9%, IBM -0.9%


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

  • Upgrades

  • Anheuser-Busch InBev (BUD) upgraded to Overweight from Equal-Weight at Morgan Stanley; tgt raised to $68.50

  • Prologis (PLD) upgraded to Outperform from Neutral at Exane BNP Paribas; tgt $141

  • XP (XP) upgraded to Neutral from Underperform at Credit Suisse; tgt raised to $26


  • Downgrades:

  • Avis Budget (CAR) downgraded to Hold from Buy at Deutsche Bank; tgt $263

  • Carvana (CVNA) downgraded to Underperform from Sector Perform at RBC Capital Mkts; tgt raised to $30

  • Diageo plc (DEO) downgraded to Underweight from Equal-Weight at Morgan Stanley; tgt lowered to $155

  • Owens Corning (OC) downgraded to Hold from Buy at The Benchmark Company


  • Others:

  • Acumen Pharmaceuticals (ABOS) resumed with a Buy at BofA Securities; tgt raised to $14

  • Allegheny Tech (ATI) initiated with a Buy at Northcoast; tgt $54

  • Arista Networks (ANET) initiated with an Outperform at Exane BNP Paribas; tgt $210

  • Cisco (CSCO) initiated with an Underperform at Exane BNP Paribas; tgt $45

  • Freshworks (FRSH) initiated with a Buy at UBS; tgt $21

  • Juniper Networks (JNPR) initiated with a Neutral at Exane BNP Paribas; tgt $31

  • Karuna Therapeutics (KRTX) initiated with an Overweight at Morgan Stanley; tgt $280

  • Kosmos Energy (KOS) initiated with a Buy at Redburn; tgt $9


Econ Data:

  • 08:30 ET: Initial Claims for July 15 (Briefing.com Consensus 240K; Prior 237K)

  • 08:30 ET: Continuing Claims for July 8 (Briefing.com Consensus NA; Prior 1729K)

  • 08:30 ET: Philadelphia Fed Index for July (Briefing.com Consensus -9.0; Prior -13.7)

  • 10:00 ET: Existing Home Sales for June (Briefing.com Consensus 4.25M; Prior 4.30M)

  • 10:00 ET: Leading Indicators for June (Briefing.com Consensus -0.6%; Prior -0.7%)

  • 10:30 ET: EIA Natural Gas Inventories for July 15 (Briefing.com Consensus NA; Prior +49 bcf)

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 -1.3%, Hang Seng -0.2%, Shanghai Composite -0.9%

Equity indices in the Asia-Pacific region ended Thursday on a mostly lower note. The People's Bank of China made no changes to its one-year and five-year loan prime rates. The central bank also announced an increase to the cross-border macro ratio, opening the door to increased overseas borrowing by Chinese companies. China State Council repeated that it will work to "optimize conditions" for the private economy. Australia reported better than expected employment figures for June, but ANZ maintained its view that the Reserve Bank of Australia is done raising rates.

  • In economic data:

  • Japan's adjusted June trade deficit JPY550 bln (expected deficit of JPY900 bln; last deficit of JPY780 bln). June Imports -12.9% yr/yr (expected -11.3%; last -9.8%) and Exports 1.5% yr/yr (expected 2.2%; last 0.6%)

  • Australia's June Employment Change 32,600 (expected 15,000; last 76,600) and full employment change 39,300 (last 61,700). June Unemployment Rate 3.5% (expected 3.6%; last 3.5%) and June Participation Rate 66.8% (expected 66.9%; last 66.9%)

  • Hong Kong's June CPI 0.2% m/m (last -0.3%); 1.9% yr/yr, as expected (last 2.0%)


---Equity Markets---

  • Japan's Nikkei: -1.3%

  • Hong Kong's Hang Seng: -0.2%

  • China's Shanghai Composite: -0.9%

  • India's Sensex: +0.7%

  • South Korea's Kospi: -0.3%

  • Australia's ASX All Ordinaries: +0.1%

---FX---

  • USD/JPY: -0.1% to 139.49

  • USD/CNH: -0.8% to 7.1701

  • USD/INR: -0.1% to 81.94

Europe: DAX +0.2%, FTSE +0.6%, CAC +0.4%

Major European indices trade on a higher note with the U.K.'s FTSE (+0.6%) and Spain's IBEX (+0.6%) showing relative strength. European Central Bank policymaker Stournaras said that another 25-bps rate increase would be sufficient, and that excessive tightening could hurt the economy. Bank of England policymaker Ramsden said that he sees a potential for increasing the pace of the central bank's balance sheet reduction. EasyJet reported solid quarterly results and issued upbeat guidance due to strong booking trends.

  • In economic data:

  • Eurozone's May Current Account surplus EUR9.1 bln (expected surplus of EUR2.5 bln; last surplus of EUR3.8 bln)

  • Germany's June PPI -0.3% m/m (expected -0.4%; last -1.4%); 0.1% yr/yr (expected 0.0%; last 1.0%)

  • France's July Business Survey 100, as expected (last 100)

  • Spain's May trade deficit EUR3.11 bln (expected deficit of EUR6.99 bln; last deficit of EUR4.38 bln)

  • Swiss June trade surplus CHF4.823 bln (expected surplus of CHF4.031 bln; last surplus of CHF5.442 bln)


---Equity Markets---

  • STOXX Europe 600: +0.2%

  • Germany's DAX: +0.2%

  • U.K.'s FTSE 100: +0.6%

  • France's CAC 40: +0.4%

  • Italy's FTSE MIB: +0.2%

  • Spain's IBEX 35: +0.6%

---FX---

  • EUR/USD: UNCH at 1.1202

  • GBP/USD: -0.3% to 1.2895

  • USD/CHF: UNCH at 0.8567

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