Search

21/10/21 Briefing

The S&P 500 futures trade three points, or 0.1%, below fair value as the market consolidates recent gains after the S&P 500 and Dow Jones Industrial Average closed just below record highs yesterday. The benchmark index has risen for six straight sessions.

There's a ton of earnings news to review, and the results/guidance/reactions are a little all over the place. Tesla (TSLA 854.50, -11.30, -1.3%) and IBM (IBM 134.90, -7.00, -4.9%), which reported after yesterday's close, are two notable laggards in pre-market action.

Perhaps the real story isn't earnings, but the 10-yr yield trading higher by three basis points to 1.67% -- testing recent highs and exerting some valuation-oriented pressure on the mega-caps. The Vanguard Mega Cap Growth ETF (MGK 246.15, -1.11, -0.5%) is currently down 0.5%.

Tucked underneath the earnings news is the FDA approving COVID-19 booster shots from Johnson & Johnson (JNJ 164.25, +0.47, +0.3%) and Moderna (MRNA 335.89, +2.88, +0.9%) with the option for mixing and matching. JNJ and MRNA shares are up modestly.

On the data front, investors will receive weekly Initial Claims (Briefing.com consensus 303,000) and the Philadelphia Fed Index for October (Briefing.com consensus 24.5) at 8:30 a.m. ET, followed by Existing Home Sales for September (Briefing.com consensus 6.05 mln) and the Conference Board's Leading Economic Index for September (Briefing.com consensus 0.5%) at 10:00 a.m. ET.

The 2-yr yield is up two basis points to 0.40%. The U.S. Dollar Index is up 0.1% to 93.64. WTI crude futures are down 0.9% to $82.72/bbl.

In U.S. Corporate news:

  • Johnson & Johnson (JNJ 164.25, +0.47): +0.3% after the FDA approved COVID-19 booster shots from J&J and Moderna (MRNA 335.89, +2.88, +0.9%) with the option for mixing and matching.

  • Tesla (TSLA 854.50, -11.30): -1.3% despite beating EPS estimates.

  • IBM (IBM 134.90, -7.00): -4.9% after missing revenue estimates but beating EPS estimates.

  • AT&T (T 26.29, +0.38): +1.5% after beating EPS estimates on below-consensus revenue.

  • Dow Inc. (DOW 60.99, +1.10): +1.8% after beating top and bottom-line estimates.

  • CSX (CSX 35.85, +1.39): +4.0% after beating top and bottom-line estimates.

Reviewing overnight developments:

  • Equity indices in the Asia-Pacific region ended Thursday on a mostly lower note. Japan's Nikkei: -1.9% Hong Kong's Hang Seng: -0.5% China's Shanghai Composite: +0.2% India's Sensex: -0.6% South Korea's Kospi: -0.2% Australia's ASX All Ordinaries: UNCH.

  • In economic data:

  • South Korea's September PPI 0.2% m/m (last 0.5%); 7.5% yr/yr (last 7.4%)

  • Hong Kong's September Unemployment Rate 4.5% (last 4.7%)

  • Australia's Q3 NAB Quarterly Business Confidence -1 (last 18)

  • New Zealand's September Credit Card Spending -12.9% yr/yr (last -6.9%)


  • In news:

  • The latest pre-election polls from Japan suggest that LDP's ruling coalition will retain its majority after the lower house election on October 31.

  • Evergrande's planned $2.6 bln asset sale fell through as Saturday's expiration of a grace period on a missed bond payment nears.

  • New Zealand signed a 15-year free trade agreement with the U.K.



  • Major European indices trade in the red. STOXX Europe 600: -0.2% Germany's DAX: -0.1% U.K.'s FTSE 100: -0.5% France's CAC 40: -0.4% Italy's FTSE MIB: -0.3% Spain's IBEX 35: -0.7%.

  • In economic data:

  • U.K.'s September Public Sector Net Borrowing GBP21.01 bln (expected GBP14.75 bln; last GBP16.06 bln). October CBI Industrial Trends Orders 9 (expected 18; last 22)

  • France's October Business Survey 107 (expected 105; last 107)

  • Italy's August Industrial Sales 0.8% m/m (last 0.8%); 13.8% yr/yr (last 19.0%)


  • In news:

  • EU leaders are expected to discuss the region's energy crisis during a two-day summit that began in Brussels today.

  • Barclays reported above-consensus results for Q3 while Unilever beat quarterly expectations and warned that it expects inflation to accelerate in 2022.

  • The Czech central bank is likely to raise rates in November after making a 75 bps rate hike in September.





U.S. equity futures:

  • S&P 500 Futures: -12 @ 4,524

  • DJIA Futures: -111 @ 35,499

  • Nasdaq 100 Futures: -53 @ 15,336

Overseas:

  • Europe: DAX -0.1%, FTSE -0.5%, CAC -0.4%

  • Asia: Nikkei -1.9%, Hang Seng -0.5%, Shanghai Composite +0.2%

Commodities:

  • Crude Oil -0.56 @ 82.86

  • Nat Gas -0.065 @ 5.105

  • Gold -5.65 @ 1779.25

  • Silver -0.253 @ 24.192

  • Copper -0.1122 @ 4.6223

U.S. Summary:

  • Earnings/Guidance (Full Earnings Calendar):

  • ABB Ltd (ABB) misses by $0.09, misses on revs; guides Q4 revs below consensus

  • Alaska Air (ALK) beats by $0.15, reports revs in-line

  • Allegion (ALLE) beats by $0.29, beats on revs; reaffirms FY21 EPS guidance, revs guidance

  • Ally Financial (ALLY) beats by $0.22, misses on revs; will acquire Fair Square Financial for $750 mln

  • American Airlines (AAL) beats by $0.04, reports revs in-line; guides Q4 revs below consensus

  • Anglo American (NGLOY) provides Q3 production update; sees FY21 iron production at low end of prior range

  • AT&T (T) beats by $0.07, misses on revs, phone net adds of 1,177,000

  • AutoNation (AN) beats by $0.92, beats on revs

  • Banc of California (BANC) beats by $0.14, beats on revs

  • Barclays PLC (BCS) beats by 2 pence; beats on revs

  • Blackstone (BX) beats by $0.36, beats on revs

  • Chart Industries (GTLS) misses by $0.03, misses on revs; guides FY21 EPS, revs below consensus; guides FY22 EPS, revs in-line

  • Cohen & Steers (CNS) beats by $0.08, beats on revs

  • Covenant Logistics (CVLG) beats by $0.06, beats on revs

  • Crocs (CROX) beats by $0.61, beats on revs; raises FY21 rev outlook; guides FY22 revs above consensus

  • Crown Castle (CCI) beats by $0.05, misses on revs; guides Q4 FFO below consensus, revs below consensus; guides FY22 FFO above consensus, revs below consensus, announces 11% increase to quarterly dividend

  • CSX (CSX) beats by $0.05, beats on revs

  • CVB Financial (CVBF) reports EPS in-line

  • Danaher (DHR) beats by $0.24, beats on revs, anticipates core revenue growth in low-to-mid teens percent range for Q4

  • Discover Financial Services (DFS) beats by $0.16, misses on revs

  • Dow (DOW) beats by $0.19, beats on revs

  • Equifax (EFX) beats by $0.12, beats on revs; guides Q4 EPS in-line, revs above consensus; raises FY21 EPS above consensus, revs above consensus

  • Euronet (EEFT) beats by $0.35, beats on revs

  • First American Financial (FAF) beats by $2.13, beats on revs

  • Globe Life (GL) misses by $0.11, misses on revs; guides FY21 EPS below consensus; guides FY22 EPS in-line

  • Graco (GGG) misses by $0.06, reports revs in-line

  • Herc Holdings (HRI) beats by $0.02, reports revs in-line

  • HP (HPQ) reaffirms FY21 EPS guidance; issues upside FY22 EPS guidance; raises annual dividends 29% to $1/share

  • IBM (IBM) beats by $0.01, misses on revs

  • Interpublic (IPG) beats by $0.15, beats on revs

  • IQVIA (IQV) beats by $0.05, beats on revs; guides Q4 EPS in-line, revs above consensus

  • Kaiser Alum (KALU) misses by $0.75, misses on revs, guides Q4 EBITDA below consensus; end market demand robust, but supply chain disruptions, labor constraints, higher input costs impacted results

  • KeyCorp (KEY) beats by $0.08, beats on revs

  • Kinder Morgan (KMI) misses by $0.02, beats on revs; announces 3% dividend increase

  • Lam Research (LRCX) beats by $0.16, reports revs in-line; guides Q2 EPS in-line, revs in-line

  • Landstar System (LSTR) beats by $0.05, beats on revs; guides Q4 EPS above consensus, revs above consensus

  • Las Vegas Sands (LVS) misses by $0.19, misses on revs

  • Lindsay Corp (LNN) misses by $0.27, beats on revs

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

  • Old Second Bancorp Inc (OSBC) beats by $0.01

  • OneMain Holdings (OMF) reports Q3 (Sep) results, beats on revs; says it expects to maintain dividend

  • Pacific Premier (PPBI) beats by $0.13, beats on revs

  • Petrobras Brasileiro (PBR) announces the average production of oil, LGN and natural gas reached 2.83 MMboed, 1.2% above 2Q21

  • Pool (POOL) beats by $0.67, beats on revs; raises FY21 EPS above consensus

  • PPG Industries (PPG) beats by $0.10, beats on revs; guides FY21 adjusted EPS below consensus

  • Precision Drilling (PDS) misses by CAD 0.96, misses on revs

  • Qualtrics (XM) beats by $0.03, beats on revs; guides Q4 EPS in-line, revs above consensus; guides FY21 EPS above consensus, revs above consensus

  • Quest Diagnostics (DGX) beats by $0.90, beats on revs; raises FY21 EPS above consensus, revs above consensus

  • Rexford Industrial Realty (REXR) beats by $0.04, beats on revs; guides FY21 FFO above consensus

  • RLI Corp (RLI) beats by $0.04, beats on revs

  • Rogers Comms (RCI) reports EPS in-line, revs in-line

  • Sallie Mae (SLM) beats by $0.09, private education loan originations up 10% yr/yr, approves $250 mln increase to share repurchase program and increases quarterly dividend

  • Sandy Spring Banc (SASR) beats by $0.03, reports revs in-line

  • SAP SE (SAP) beats by 0.40; beats on revs; raises outlook

  • SEI Investments (SEIC) beats by $0.02, reports revs in-line

  • SL Green Realty (SLG) beats by $0.20, beats on revs; guides FY21 FFO in-line

  • Snap-On (SNA) beats by $0.18, beats on revs

  • Sonoco Products (SON) beats by $0.02, beats on revs; guides Q4 EPS below consensus; guides FY21 EPS in-line

  • Southwest Air (LUV) beats by $0.04, beats on revs

  • Sterling Bancorp (STL) misses by $0.01, misses on revs

  • TechnipFMC (FTI) misses by $0.07, misses on revs

  • Tenet Healthcare (THC) beats by $0.90, beats on revs; guides Q4 EPS below consensus, revs in-line

  • Tesla (TSLA) beats by $0.25, reports revs in-line, automotive gross margin up 281 bps, reiterates expectation to achieve 50% average annual growth in deliveries over multi-year horizon

  • Texas Capital (TCBI) misses by $0.33, misses on revs

  • Tractor Supply (TSCO) beats by $0.29, beats on revs; raises FY21 EPS above consensus, revs above consensus

  • Trinity Industries (TRN) beats by $0.11, beats on revs

  • TRI Pointe Homes (TPH) beats by $0.28, beats on revs

  • UFP Industries (UFPI) beats by $0.40, beats on revs; increases dividend 33%

  • Umpqua Holdings (UMPQ) beats by $0.05, reports revs in-line

  • Unilever PLC (UL) provides Q3 trading update; underlying sales increased 2.5%

  • Valero Energy (VLO) beats by $0.27, beats on revs

  • Valmont (VMI) beats by $0.10, reports revs in-line; raises low end of FY21 guidance

  • Webster Financial (WBS) misses by $0.04, beats on revs


  • General News:

  • The Biden administration is ready to drop plans to raise corporate and individual tax rates following opposition from Senator Kyrsten Sinema (D-AZ). The administration is considering revenue alternatives such as increasing multinational taxes, new wealth taxes on billionaires, and tax on stock buybacks, according to the New York Times

  • Medicare and Medicaid expansion likely to remain in reconciliation bill along with one additional year of child tax credit. Free community college and main climate program will likely be eliminated, according to PBS

  • Evergrande's plan to sell its property services division collapses, according to Financial Times

  • China might intervene to lower increasing coal prices, according to Reuters

  • Democrats are concerned the party may lose control of House in 2022 amid several retirements within their party, according to the New York Times

  • President Biden considering plan to give seniors $800 debit card to spend on dental care, according to the Washington Post

  • Amazon (AMZN) employee group in New York wants vote on unionization, according to the Wall Street Journal

  • BioNTech (BNTX) and Pfizer (PFE) announces topline results from a Phase 3 randomized, controlled trial evaluating the efficacy and safety of a 30-g booster dose of the Pfizer-BioNTech COVID-19 Vaccine in more than 10,000 individuals 16 years of age and older

  • Bristol-Myers (BMY) receives European Commission approval for Opdivo in combination with fluoropyrimidine- and platinum-based combination chemotherapy for patients with HER2-negative advanced or metastatic gastric, gastroesophageal junction, or esophageal adenocarcinoma whose tumors express PD-L1 with a combined positive score = 5

  • Canadian Nat'l Rail (CNI): Activist investor Elliot Management has a big stake in the company, according to the Wall Street Journal

  • Carlyle Group (CG) is mulling split of Sequa Corp and is considering options for its Precoat Metals unit, according to Bloomberg

  • GlaxoSmithKline (GSK) receives unanimous vote from CDC to recommend Shingrix for immunocompromised adults aged 19 and up

  • GoHealth (GOCO) announces search for new CFO; current CFO Travis Matthiesen to transition to role of Chief Transformation Officer

  • Homology Medicines (FIXX) presents preclinical data spanning clinical-stage gene therapy program

  • Intellia Therapeutics (NTLA) receives orphan drug designation from the FDA for NTLA-2001 for the treatment of ATTR amyloidosis

  • Jack In The Box (JACK) to open 47 new restaurants in Q4

  • Johnson & Johnson (JNJ): FDA approves booster dose for JNJ and Moderna (MRNA) vaccines, and allows for mixing and matching

  • Magellan Midstream (MMP) approves additional $750 mln equity repurchase authorization and increases quarterly cash distribution to $1.0375/unit from $1.0275/unit

  • MYR Group (MYRG) announces that CSI Electrical Contractors, an MYR Group subsidiary, has executed a contract with a renewable energy developer for a large scale solar project located in California

  • Navient (NAVI) receives approval to transfer Department of Education servicing contract to Maximus (MMS)

  • PDS Biotechnology (PDSB) announces temporary suspension of recruitment in Phase 2 trial evaluating PDS0101-based combination

  • Pfizer (PFE): CDC advisory committee votes to recommend routine use of PREVNAR 20 in adults

  • Piedmont Lithium (PLL) announces an updated global Mineral Resource estimate for the Company's flagship Carolina Lithium Project in North Carolina, USA

  • Regeneron Pharma (REGN) and Sanofi (SNY) announce expanded FDA approval of Dupixent to include children aged 6-11 years old with moderate-to-severe asthma

  • Sio Gene Therapies (SIOX) Announces Positive Interim Safety and Biomarker Data from Ongoing Phase 1/2 Clinical Study of AXO-AAV-GM1 Gene Therapy in GM1 Gangliosidosis

  • Zai Lab (ZLAB) announces "positive" topline results from a randomized, double-blind, placebo-controlled Phase 1b proof-of-concept and first-in-human study to evaluate the safety, pharmacokinetics, and efficacy of a topical formulation of ZL-1102 in adults with mild-to-moderate chronic plaque psoriasis


  • M&A:

  • Allison Transmission (ALSN) announces strategic equity investment in Jing-Jin Electric Technologies

  • Business First Bancshares (BFST) jointly announces the signing of a definitive agreement under which Business First will acquire Texas Citizens and its wholly owned bank subsidiary, Texas Citizens Bank, National Association

  • Equinox is in discussions to merge with Ares Acquisition (AAC) and go public, according to Bloomberg

  • KnowBe4 (KNBE) has entered into a material definitive agreement to acquire SecurityAdvisor for an estimated total purchase consideration of ~$80 mln

  • Oak Street Health (OSH) has acquired RubiconMD; financial terms not disclosed

  • OneWater Marine (ONEW) to acquire T-H Marine for approx. $185 mln

  • Pebblebrook Hotel Trust (PEB) announces that it acquired the 19-room Avalon Bed & Breakfast and 12-room Duval Gardens, both in Key West, Florida, for $20.0 mln

  • Stantec (STN) has entered into share purchase agreements to acquire the North America and Asia Pacific engineering and consulting groups of Cardno Limited

  • TriState Capital Holdings (TSC) to be acquired by Raymond James in cash and stock deal worth $1.1 bln

  • Uniti Group (UNIT): Zayo Group is seeking to acquire UNIT and its primary client, Windstream Holdings II LLC, according to Wall Street Journal


  • Syndicate:

  • ADMA Biologics (ADMA) announces public offering of common stock; amount not indicated

  • Crinetics Pharmaceuticals (CRNX) intends to offer and sell shares of its common stock in an underwritten public offering; amount not indicated

  • dLocal Limited (DLO) prices secondary offering of 17.0 mln shares of common stock at $52.25 per share

  • HighPeak Energy (HPK) prices offering of 2.2 mln shares of common stock at $10.00 per share

  • Shapeways (SHPW) files for 35,504,051 share common stock offering

  • TaskUs (TASK) prices secondary offering of 10 mln shares of common stock at $63.50 per share

  • Valens Semiconductor (VLN) files for 21.58 mln ordinary share offering by selling shareholders


  • IPOs:

  • Expected to Price:

  • Aris Water Solutions (NYSE: ARIS): The environmental infrastructure and solutions company that helps customers reduce their water and carbon footprints is expected to price its 17.7 M share IPO between $16-18.


  • Priced to Trade:

  • Enfusion (NYSE: ENFN): The SaaS provider focused on transforming the investment management industry priced its 18.75 M share IPO at $17, the high end of the $15-$17 price range.

  • P10, Inc. (NYSE: PX): The multi-asset class private market solutions provider in the alternative asset management industry priced its 20.0 M share IPO at $12, below the $14-$16 expected range.

  • Portillo's (Nasdaq: PTLO): The restaurant chain serving iconic Chicago street food through multichannel restaurants priced its 20.3 M share IPO at $20, the high end of the $17-$20 expected range.

  • Runway Growth Finance (Nasdaq: RWAY): The specialty finance company focused on providing senior secured loans to high growth-potential companies priced its 6.85 M share IPO at $14.60, the low end of the $14.60-$15.50 expected range.

  • The Vita Coco Company (Nasdaq: COCO): The creator of plant-based functional hydration platform, which pioneered packaged coconut water in 2004, priced its 11.5 M share IPO at $15, below the $18-$21 expected range.

  • Ventyx (Nasdaq: VYTX): The clinical-stage biopharmaceutical advancing new therapies for millions of patients living with inflammatory diseases and autoimmune disorders priced its 9.47 M share IPO at $16, the midpoint of the $15-$17 expected price range.



Gapping Up/Down

  • Gapping up:

  • TSC +27%, SIOX +13%, XM +7%, MYRG +4.2%, HPQ +4.2%, THC +3.6%, UNIT +3.2%, CRNX +3%, ONEW +3%, UL +3%, CSX +2.8%, MRNA +1.8%, SAP +1.8%, EFX +1.2%, CNI +0.9%, FR +0.8%, DLO +0.6%, LSTR +0.6%, BANC +0.6%


  • Gapping down:

  • FTI -7.3%, ADMA -7.2%, CVLG -6.9%, KALU -6.6%, ABB -5.8%, IBM -4.8%, GGG -4.1%, UMPQ -3.1%, LRCX -3.1%, KNBE -2.7%, GL -2.5%, TCBI -2.4%, PPG -2.4%, DFS -2.3%, RJF -1.9%, KMI -1.9%, LVS -1.9%, DHR -1.6%, SLM -1.5%, ZLAB -1.3%, SLG -1.3%, BCS -1.3%, TSLA -1%, HLX -0.9%, GOCO -0.7%, DOW -0.7%


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

  • UpgradesAramark (ARMK) upgraded to Buy from Hold at Berenberg; tgt raised to $40

  • Carnival (CCL) upgraded to Hold from Sell at Berenberg; tgt $22.50

  • Coterra Energy (CTRA) upgraded to Overweight from Neutral at Piper Sandler; tgt raised to $26

  • Denny's (DENN) upgraded to Buy from Hold at Truist; tgt $18

  • Prologis (PLD) upgraded to Conviction Buy from Buy at Goldman; tgt raised to $180


  • Downgrades:

  • Avaya Holdings (AVYA) downgraded to Equal Weight from Overweight at Barclays; tgt $20

  • Canadian Nat'l Rail (CNI) downgraded to Sector Perform from Outperform at RBC Capital Mkts

  • Fiverr (FVRR) downgraded to Sector Perform from Outperform at RBC Capital Mkts; tgt lowered to $195

  • Krispy Kreme, Inc. (DNUT) downgraded to Hold from Buy at HSBC Securities; tgt $14

  • Lam Research (LRCX) downgraded to Hold from Buy at Summit Insights

  • LivePerson (LPSN) downgraded to Underweight from Overweight at Barclays; tgt lowered to $50

  • Resolute Forest Products (RFP) downgraded to Neutral from Sector Outperform at CIBC; tgt $15

  • TCR2 Therapeutics (TCRR) downgraded to Mkt Perform from Outperform at SVB Leerink; tgt lowered to $8

  • Wintrust Fin (WTFC) downgraded to Neutral from Buy at Janney

  • Wix.com (WIX) downgraded to Sector Perform from Outperform at RBC Capital Mkts; tgt lowered to $210


  • Others:

  • 8x8 (EGHT) initiated with an Equal Weight at Barclays; tgt $25

  • Audiocodes (AUDC) initiated with an Underweight at Barclays; tgt $32

  • Bandwidth (BAND) initiated with an Overweight at Barclays; tgt $160

  • Cellebrite DI (CLBT) initiated with a Buy at Citigroup; tgt $15

  • ESS Inc. (GWH) initiated with an Overweight at Piper Sandler; tgt $30

  • Everbridge (EVBG) initiated with an Overweight at Barclays; tgt $185

  • EverCommerce (EVCM) initiated with an Equal Weight at Barclays; tgt $21

  • Five9 (FIVN) assumed with an Overweight at Barclays; tgt $215

  • Hertz Global (HTZZ) initiated with a Buy at Odeon

  • HubSpot (HUBS) initiated with an Equal Weight at Barclays; tgt $800

  • Jasper Therapeutics (JSPR) initiated with an Outperform at William Blair

  • RingCentral (RNG) initiated with an Overweight at Barclays; tgt $350

  • Similarweb (SMWB) assumed with an Equal Weight at Barclays; tgt $22

  • Vonage (VG) initiated with an Overweight at Barclays; tgt $20

  • Zendesk (ZEN) initiated with an Overweight at Barclays; tgt $170

  • Zeta Global Holdings (ZETA) assumed with an Overweight at Barclays; tgt $12

  • Zoom Video (ZM) initiated with an Equal Weight at Barclays; tgt $270


Upcoming Events:

  • Econ Data:

  • 08:30 ET: Initial Claims for Oct. 16 (Briefing.com Consensus 303K; Prior 293K)

  • 08:30 ET: Continuing Claims for Oct 9 (Briefing.com Consensus NA; Prior 2.593M)

  • 08:30 ET: Philadelphia Fed Index for Oct (Briefing.com Consensus 24.5; Prior 30.7)

  • 10:00 ET: Existing Home Sales for Sep (Briefing.com Consensus 6.05M; Prior 5.88M)

  • 10:00 ET: Leading Indicators for Sep (Briefing.com Consensus 0.5%; Prior 0.9%)

  • 10:30 ET: EIA Natural Gas Inventories for Oct 16 (Briefing.com Consensus NA; Prior +81 bcf)


  • Earnings

  • Monday (Oct 18)

  • Morning: ACI PHG STT

  • Afternoon: ELS FNB HXL STLD ZION


  • Tuesday (Oct 19)

  • Morning: BK CBSH DOV ERIC FITB FMBI HAL IRDM JNJ KSU MAN ONB PM PG SBNY SI SYF SNV TRV

  • Afternoon: CNI FULT HWC IBKR ISRG MRTN NBHC NFLX OMC LRN UAL UCBI WDFC WTFC


  • Wednesday (Oct 20)

  • Morning: ABT ANTM ASML BKR BIIB BOKF CP CFG CMA FHN FCFS KNX LAD MTB MKTX MSM NDAQ NEE NEP NTRS BPOP VZ WSO WGO

  • Afternoon: CNS CCI CSX CVBF DFS EFX EEFT FR GL GGG IBM KALU KMI LRCX LSTR LVS OMF PPG XM REXR RLI SLM SEIC SLG STL FTI THC TSLA TCBI UFPI UMPQ VMI


  • Thursday (Oct 21)

  • Morning: ABB ALK ALLE ALLY AAL T AN BANC BKU BX GTLS CROX DHR DOW EWBC FAF FCX GATX GPC HRI HOMB IPG IQV KEY LNN MMC NUE NVR PPBI POOL PDS DGX RCI SASR SNA SON LUV TSCO TPH TRN UNP VLO WBS

  • During Market Hours: WABC

  • Afternoon: ASB OZK BJRI SAM CSL CE CMG BOOM FFBC GBCI INTC MAT OLN PBCT PSMT RHI SNAP SIVB VICR WRB WAL WHR WSFS


  • Friday (Oct 22)

  • Morning: AIMC AXP ALV CLF FHB GNTX HCA HON RF ROP SLB STX SMPL VFC



Asia & Europe detail:

Asia: Nikkei -1.9%, Hang Seng -0.5%, Shanghai Composite +0.2%

Equity indices in the Asia-Pacific region ended Thursday on a mostly lower note. The latest pre-election polls from Japan suggest that LDP's ruling coalition will retain its majority after the lower house election on October 31. Evergrande's planned $2.6 bln asset sale fell through as Saturday's expiration of a grace period on a missed bond payment nears. New Zealand signed a 15-year free trade agreement with the U.K.

  • In economic data:

  • South Korea's September PPI 0.2% m/m (last 0.5%); 7.5% yr/yr (last 7.4%)

  • Hong Kong's September Unemployment Rate 4.5% (last 4.7%)

  • Australia's Q3 NAB Quarterly Business Confidence -1 (last 18)

  • New Zealand's September Credit Card Spending -12.9% yr/yr (last -6.9%)


---Equity Markets---

  • Japan's Nikkei: -1.9%

  • Hong Kong's Hang Seng: -0.5%

  • China's Shanghai Composite: +0.2%

  • India's Sensex: -0.6%

  • South Korea's Kospi: -0.2%

  • Australia's ASX All Ordinaries: UNCH

---FX---

  • USD/JPY: -0.3% to 114.00

  • USD/CNH: +0.1% to 6.3935

  • USD/INR: +0.1% to 74.82


Europe: DAX -0.1%, FTSE -0.5%, CAC -0.4%

Major European indices trade in the red. EU leaders are expected to discuss the region's energy crisis during a two-day summit that began in Brussels today. Barclays reported above-consensus results for Q3 while Unilever beat quarterly expectations and warned that it expects inflation to accelerate in 2022. The Czech central bank is likely to raise rates in November after making a 75 bps rate hike in September.

  • In economic data:

  • U.K.'s September Public Sector Net Borrowing GBP21.01 bln (expected GBP14.75 bln; last GBP16.06 bln). October CBI Industrial Trends Orders 9 (expected 18; last 22)

  • France's October Business Survey 107 (expected 105; last 107)

  • Italy's August Industrial Sales 0.8% m/m (last 0.8%); 13.8% yr/yr (last 19.0%)


---Equity Markets---

  • STOXX Europe 600: -0.2%

  • Germany's DAX: -0.1%

  • U.K.'s FTSE 100: -0.5%

  • France's CAC 40: -0.4%

  • Italy's FTSE MIB: -0.3%

  • Spain's IBEX 35: -0.7%

---FX---

  • EUR/USD: -0.1% to 1.1639

  • GBP/USD: -0.1% to 1.3808

  • USD/CHF: UNCH at 0.9186


1 view0 comments

Recent Posts

See All