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26/01/22 Briefing

The S&P 500 futures trade 66 points, or 1.5%, above fair value as buyers follow through on yesterday's rebound effort in front of the FOMC policy decision this afternoon. Corporate news, including earnings, have provided an added measure of support.

The FOMC policy statement will be released at 2:00 p.m. ET, and Fed Chair Powell will host a press conference at 2:30 p.m. ET. No change to policy is expected, but the Fed is expected to signal an intention to conclude asset purchases and begin hiking rates in March to rein in inflation.

There is hope that Fed Chair Powell will sound less hawkish than feared regarding the path of rate hikes this year, as well as any commentary on plans for reducing the balance sheet.

In corporate news, most companies since yesterday's close topped EPS estimates, including Microsoft (MSFT 299.00, +10.51, +3.6%), Texas Instruments (TXN 181.75, +7.79, +4.5%), and AT&T (T 26.93, +0.45, +1.7%). Apple (AAPL 163.14, +3.36, +2.1%) is up nicely amid a report from Bloomberg indicating that the iPhone was the top-selling smartphone in China in Q4 of 2021 for the first time since 2015.

Separately, Ukraine continues to downplay concerns of a Russian attack, urging everyone to "stay calm," although the U.S. is warning that an attack could be imminent, according to The New York Times. The market is receiving mixed signals on this front and will continue to monitor the situation.

The Treasury market is seeing modest selling pressure amid the positive bias in the futures market. The 2-yr yield is up two basis points to 1.04%, and the 10-yr yield is up one basis point to 1.79%. The U.S. Dollar Index is up 0.1% to 96.06. WTI crude futures are up 0.9% to $96.39/bbl.

On the data front, investors will receive the Advance International Trade in Goods, Retail Inventories, and Wholesale Inventories reports for December at 8:30 a.m. ET, followed by New Home Sales for December (Briefing.comconsensus 765,000) at 10:00 a.m. ET.

In U.S. Corporate news:

  • Microsoft (MSFT 299.00, +10.51): +3.6% after beating top and bottom-line estimates and guiding fiscal Q3 revenue above consensus.

  • Apple (AAPL 163.14, +3.36): +2.1% amid a report from Bloomberg indicating that the iPhone was the top selling smartphone in China in Q4 of 2021 for the first time since 2015.

  • Texas Instruments (TXN 181.75, +7.79): +4.5% after beating top and bottom-line estimates and guiding Q1 EPS and revenue above consensus.

  • AT&T (T 26.93, +0.45): +1.7% after beating EPS estimates, although the company guided FY22 EPS and revenue below consensus.

  • Boeing (BA 203.15, -0.95): -0.5% after missing top and bottom-line estimates.

Reviewing overnight developments:

  • Equity indices in the Asia-Pacific region ended the midweek session on a mixed note while markets in Australia and India were closed for holidays. Japan's Nikkei: -0.4% Hong Kong's Hang Seng: +0.2% China's Shanghai Composite: +0.7% India's Sensex: CLOSED South Korea's Kospi: -0.4% Australia's ASX All Ordinaries: CLOSED.

  • In economic data:

  • Japan's December Leading Index 1.7% m/m (last 1.5%) and Coincident Indicator 3.0% m/m (expected 3.8%; last 1.1%). November Corporate Services Price Index 1.1% yr/yr (expected 1.0%; last 1.1%)

  • South Korea's January Consumer Confidence 104.4 (last 103.8)

  • Singapore's December Industrial Production 4.3% m/m (expected 0.9%; last 1.8%); 15.6% yr/yr (expected 12.0%; last 14.1%)


  • In news:

  • The Bank of Japan expects that CPI will briefly rise to 1.5% in the first half of the year.

  • Caixin reported that China Minsheng Bank has lent tens of billions of yuan to Chinese property developers.

  • Samsung is expected to report its Q4 results tomorrow.



  • Major European indices trade on a sharply higher note, extending yesterday's bounce from recent losses. STOXX Europe 600: +2.1% Germany's DAX: +2.3% U.K.'s FTSE 100: +1.7% France's CAC 40: +2.3% Italy's FTSE MIB: +1.8% Spain's IBEX 35: +2.3%.

  • In economic data:

  • France's January Consumer Confidence 99 (expected 98; last 100)

  • Italy's December non-EU trade surplus EUR4.74 bln (last surplus of EUR4.22 bln)

  • Swiss January ZEW Expectations 9.5 (last -10.8)


  • In news:

  • The Italian parliament will continue voting for president after yesterday's second round failed to produce a winner.

  • British Prime Minister Johnson is resisting renewed calls to resign after the publishing of a report that details several parties that the government held during the coronavirus lockdown.



U.S. equity futures:

  • S&P 500 Futures: +56 @ 4,412

  • DJIA Futures: +320 @ 34,618

  • Nasdaq 100 Futures: +266 @ 14,414

Overseas:

  • Europe: DAX +2.3%, FTSE +1.7%, CAC +2.3%

  • Asia: Nikkei -0.4%, Hang Seng +0.2%, Shanghai Composite +0.7%

Commodities:

  • Crude Oil +0.79 @ 86.39

  • Nat Gas +0.233 @ 4.127

  • Gold -6.00 @ 1846.50

  • Silver +0.052 @ 23.948

  • Copper +0.0627 @ 4.5125

U.S. Summary:

  • Earnings/Guidance (Full Earnings Calendar):

  • Abbott Labs (ABT) beats by $0.11, beats on revs; guides Q1 EPS above consensus; guides FY22 EPS roughly in-line

  • Agilysys (AGYS) beats by $0.04, misses on revs; expects FY 22 revs to be at low end of guidance

  • Anthem (ANTM) beats by $0.02, misses on revs; sees FY22 EPS greater than $28.25

  • AT&T (T) beats by $0.02, reports revs in-line; guides FY22 EPS below consensus, revs below consensus

  • Automatic Data (ADP) beats by $0.02, beats on revs; guides FY22EPS above consensus at midpoint, revs above consensus

  • Boeing (BA) misses by $7.50, misses on revs; results include a $285 mln charge in Q4; expects further delays in 787 deliveries; co increases 787 abnormal cost est to $2 bln from $1 bln

  • Boston Properties (BXP) beats by $0.02, reports revs in-line; guides Q1 FFO below consensus; guides FY22FFO in-line

  • Cadence Bank (CADE) beats by $0.20; raises common stock dividend

  • Canadian Nat'l Rail (CNI) beats by CAD 0.18, beats on revs; guides FY22EPS above consensus

  • Capital One (COF) beats by $0.22, beats on revs

  • Corning (GLW) beats by $0.02, beats on revs; guides Q1 EPS above consensus, revs above consensus; guides FY22revs above consensus

  • F5 Networks (FFIV) beats by $0.11, beats on revs; guides Q2 revs below consensus; guides FY22revs below consensus

  • First Bancorp (FBP) beats by $0.03

  • First Commonwealth (FCF) beats by $0.05, reports revs in-line

  • Flagstar Bancorp (FBC) misses by $0.05

  • Forward Air (FWRD) provides update on Q4 performance

  • General Dynamics (GD) beats by $0.02, misses on revs

  • Harmony Gold (HMY) reports South African operations' half-year results in line with guidance

  • Hawaiian Holdings (HA) beats by $0.32, reports revs in-line; guides Q1 revs below consensus

  • Hess (HES) beats by $0.12, beats on revs

  • Kimberly-Clark (KMB) beats by $0.05, beats on revs; guides FY22EPS below consensus, revs below consensus, increases dividend by 1.8%

  • MarketAxess (MKTX) misses by $0.06, reports revs in-line; increases quarterly dividend to $0.70/share from $0.66/share, approves $150 mln share repurchase program

  • Marten Transport (MRTN) beats by $0.04, beats on revs

  • Microsoft (MSFT) beats by $0.16, beats on revs; Azure growth of 46% yr/yr vs 50% growth in SepQ, provides MarQ guidance on the call, guides revs above consensus

  • Monro Muffler (MNRO) misses by $0.03, reports revs in-line; Q3 comps +13.8%; not providing FY22outlook at this time

  • NASDAQ (NDAQ) beats by $0.15, beats on revs

  • Navient (NAVI) misses by $0.09, misses on revs

  • New York Community (NYCB) reports EPS in-line, revs in-line

  • NextGen Healthcare (NXGN) beats by $0.03, beats on revs; guides FY22EPS above consensus, revs above consensus

  • Oshkosh (OSK) misses by $0.65, beats on revs; guides FY22EPS in-line, revs in-line

  • Prosperity Bancshares (PB) beats by $0.01

  • RenaissanceRe (RNR) beats by $0.35, beats on revs

  • Renasant (RNST) beats by $0.04, beats on revs

  • Rollins (ROL) misses by $0.01, beats on revs

  • RPC (RES) beats by $0.03, beats on revs

  • Scientific Games (SGMS) reports certain preliminary estimated results of SG Lottery for the quarter ended December 31, 2021

  • Silgan Holdings (SLGN) beats by $0.06, beats on revs; guides Q1 EPS below consensus; guides FY22EPS above consensus

  • Stifel Financial (SF) beats by $0.34, beats on revs; to increase dividend 100% in 1Q22

  • Stride (LRN) beats by $0.18, beats on revs; guides MarQ revs above consensus; guides FY22revs above consensus

  • TE Connectivity (TEL) beats by $0.15, beats on revs; guides Q2 EPS in-line, revs in-line

  • Texas Instruments (TXN) beats by $0.37, beats on revs; guides Q1 EPS above consensus, revs above consensus

  • Trustmark (TRMK) misses by $0.07, misses on revs

  • UMB Financial Corporation (UMBF) misses by $0.24, reports revs in-line

  • Veritex Holdings (VBTX) beats by $0.12, beats on revs; declares quarterly dividend

  • WesBanco Inc (WSBC) beats by $0.12, net interest margin down 34 bps yr/yr


  • General News:

  • Ukraine continues to downplay concerns of Russian attack, urging everyone to "stay calm." US warning that attack could be imminent, according to the New York Times

  • OSHA confirms it is withdrawing the vaccination and testing mandate for businesses with 100 or more employees following Supreme Court decision to block the mandate

  • OPEC+ still planning modest production increase, according to Bloomberg

  • House Speaker Nancy Pelosi (D-CA) says she will run for another term in Congress

  • Activision Blizzard (ATVI) will release at least the next three games of Call of Duty on Sony PlayStation, according to Bloomberg

  • Activision (ATVI) is against staff forming a union, according to Bloomberg

  • Amazon (AMZN) ends influence campaign to attract talent, according to Financial Times

  • Apple (AAPL) iPhone was the top selling smartphone in China in Q4 of 2021 for the first time since 2015, according to Bloomberg

  • Arqit Quantum (ARQQ) selected by Department for Digital, Culture, Media and Sport for 5G project

  • Baidu's (BIDU) JIDU arm raises $400 mln; Mass-produced models to be launched in 2023

  • Canadian Nat'l Rail (CNI) approves new C$5 bln normal course issuer bid; increases 2022 dividend by 19%; appoints Tracy Robinson as CEO, effective February 28; announces resolution agreement with TCI

  • Clean Energy Fuels (CLNE) outlines certain plans for RNG, hydrogen network ahead of 'RNG Day'

  • DoorDash (DASH) names Netflix exec to its board

  • Energous' (WATT) 1W WattUp PowerBridge transmitter received regulatory approval from the Innovation, Science and Economic Development Canada

  • Energy Transfer (ET) increases quarterly cash distribution to $0.175/unit from $0.1525/unit

  • Five Point Holdings (FPH) CFO Erik Higgins to resign

  • Ford Motor (F) and General Motors (GM) CEOs will meet with President Biden tomorrow to discuss Build Back Better, according to CBS News

  • Fortuna (FSM) drills 20.2 g/t gold over 18.2 meters at the Sgula gold Project, Cte d'Ivoire

  • Gatos Silver (GATO) Provides Update on Mineral Resources and Reserves at Cerro Los Gatos and 2022 Performance Guidance

  • Gilead Sciences (GILD) receives Partial Clinical Hold from FDA for studies evaluating Magrolimab in combination with Azacitidine

  • Global Ship Lease (GSL) provides update on recent chartering and refinancing activity

  • Gores Guggenheim (GGPI): Polestar receives over 4,000 reservations in South Korea for Polestar 2 in one week

  • Immunocore (IMCR) announces approval from the United States Food and Drug Administration of KIMMTRAK for the treatment of HLA-A02:01-positive adult patients with unresectable or metastatic uveal melanoma

  • Incyte (INCY) withdraws NDA for parsaclisib; confirms opt-out of development of MCLA-145

  • Li-Cycle (LICY) announces that it has formed a joint venture with ECO STOR AS and Morrow Batteries AS

  • Mattel (MAT) confirms license agreement with Disney (DIS) for Disney Princess and Disney Frozen franchises

  • Merus (MRUS) regains worldwide rights to MCLA-145 from Incyte (INCY)

  • Microsoft (MSFT): UK CMA secures changes to Xbox subscription practices following concerns about Microsoft's use of auto-renewing subscriptions for online gaming services

  • New Found Gold Corp. (NFGC) makes new discovery intercepting 28.20 g/t au over 4.50m at keats footwall zone, 145m below the keats main zone, reports first results using chrysos photonassaytm method

  • NRx Pharmaceuticals (NRXP) has received a first safety report from a Southwestern hospital where physicians have administered ZYESAMI to patients with COVID-19 respiratory failure

  • Palomar Holdings (PLMR) announces that its Board of Directors has approved a share repurchase program effective January 24, 2022

  • Progenity (PROG) announces new patent related to single-molecule detection assay platform

  • Quest Diagnostics (DGX) launches at-home COVID-19 rapid antigen test service with QuestDirect

  • Radware (RDWR) announces that it signed a multimillion-dollar deal expansion with a Tier-1 U.S. carrier

  • Robinhood Markets (HOOD) announces steps it is taking to avoid trading restrictions


  • M&A:

  • Brookfield Renewable Partners (BEP) announces the acquisition of clean power developer Urban Grid and its high-quality pipeline of projects comprising ~13,000 megawatts of utility-scale solar and 7,000 megawatts of energy storage capacity for $650 mln

  • Cazoo (CZOO) agrees to acquire digital car retailer brumbrum for 80 mln

  • Midland States Bancorp (MSBI) signs agreement to acquire deposits and loans associated with two FNBC Bank & Trust locations


  • Syndicate:

  • 8x8 (EGHT) files for 5,623,429 share common stock offering by selling shareholders

  • Agrify (AGFY) has entered into securities purchase agreements with an institutional investor and other accredited investors in a private placement transaction

  • eFFECTOR Therapeutics (EFTR) files for 8,133,926 share common stock offering by selling shareholder

  • Mainz Biomed B.V. (MYNZ) prices follow-on offering of 1.5 mln shares of stock at $15.00 per share

  • Sierra Oncology (SRRA) intends to offer and sell $100.0 mln of shares of its common stock in an underwritten public offering


  • IPOs:

  • Expected to Price:

  • Credo (Nasdaq: CRDO): The semiconductor company providing secure, high-speed connectivity solutions that deliver improved power and cost efficiency is expected to price its 25.0 M share IPO between $10-$12.



Gapping Up/Down

  • Gapping up:

  • JKS +14.5%, LRN +7%, PROG +5.2%, ET +5%, TXN+4.3%, ARQQ +3.9%, MSFT +3.9%, LICY +3.8%, MRTN +3.5%, F +3.1%, FCF +2.9%, SONY +2.6%, GM +2.3%, BIDU +2.3%, CADE +1.5%, GSL +1.2%, PLMR+1.1%, ATVI +1%


  • Gapping down:

  • MYNZ -21.8%, FFIV -14.2%, NAVI -11.7%, SRRA-6.2%, EFTR -4.1%, MRUS -3.3%, ANTM -2.5%, GILD-1.7%, SB -1.5%, QCRH -1.4%, TEL -1.4%, EGHT-1.1%, AGYS -0.6%, INCY -0.5%


Analyst Research (see Upgrades/Downgradescalendarfor full list):

  • Upgrades

  • Avis Budget (CAR) upgraded to Neutral from Underweight at JP Morgan; tgt $205

  • Capital City Bank (CCBG) upgraded to Outperform from Mkt Perform at Keefe Bruyette; tgt raised to $33

  • DraftKings (DKNG) upgraded to Overweight from Equal-Weight at Morgan Stanley; tgt $31

  • Intl Flavors (IFF) upgraded to Buy from Hold at Stifel; tgt raised to $160

  • J.B. Hunt Transport (JBHT) upgraded to Overweight from Equal Weight at Barclays; tgt raised to $235

  • Lumentum (LITE) upgraded to Overweight from Neutral at JP Morgan; tgt $110

  • Moderna (MRNA) upgraded to Hold from Sell at Deutsche Bank; tgt $175

  • Schlumberger (SLB) upgraded to Outperform from Neutral at Exane BNP Paribas; tgt $45

  • Tenaris (TS) upgraded to Outperform from Neutral at Exane BNP Paribas


  • Downgrades:

  • Brookfield Asset Mgmt (BAM) downgraded to Neutral from Buy at Citigroup; tgt lowered to $61

  • C.H. Robinson (CHRW) downgraded to Equal Weight from Overweight at Barclays; tgt $108

  • Gatos Silver (GATO) downgraded to Underperform from Outperform at RBC Capital Mkts; tgt lowered to $4

  • Heartland Express (HTLD) downgraded to Underweight from Equal Weight at Barclays; tgt lowered to $15

  • Nielsen (NLSN) downgraded to Sell from Neutral at Goldman; tgt lowered to $17

  • Red Rock Resorts (RRR) downgraded to Neutral from Outperform at Macquarie; tgt lowered to $55

  • Verizon (VZ) downgraded to Neutral from Overweight at JP Morgan; tgt lowered to $56


  • Others:

  • Advanced Energy (AEIS) initiated with an Overweight at KeyBanc Capital Markets; tgt $105

  • Aflac (AFL) initiated with a Hold at Jefferies; tgt $60

  • American Equity Investment Life (AEL) initiated with a Hold at Jefferies; tgt $42

  • Ameriprise Financial (AMP) initiated with a Buy at Jefferies; tgt $355

  • Applied Materials (AMAT) initiated with a Sector Weight at KeyBanc Capital Markets

  • Brighthouse Financial (BHF) initiated with a Hold at Jefferies; tgt $52

  • CNO Financial (CNO) initiated with a Hold at Jefferies; tgt $25

  • Equitable Holdings (EQH) initiated with a Buy at Jefferies; tgt $44

  • Globe Life (GL) initiated with a Hold at Jefferies; tgt $106

  • Jackson Financial (JXN) initiated with a Buy at Jefferies; tgt $52

  • KLA Corporation (KLAC) initiated with an Overweight at KeyBanc Capital Markets; tgt $480

  • Lam Research (LRCX) initiated with a Sector Weight at KeyBanc Capital Markets

  • Lincoln National (LNC) initiated with a Buy at Jefferies; tgt $80

  • MetLife (MET) initiated with a Buy at Jefferies; tgt $74

  • MKS Instruments (MKSI) initiated with a Sector Weight at KeyBanc Capital Markets

  • Primerica (PRI) initiated with a Hold at Jefferies; tgt $160

  • Principal Fincl (PFG) initiated with an Underperform at Jefferies; tgt $62

  • Prudential (PRU) initiated with an Underperform at Jefferies; tgt $93

  • Reinsurance Group of America (RGA) initiated with a Buy at Jefferies; tgt $130

  • Teradyne (TER) initiated with an Overweight at KeyBanc Capital Markets; tgt $180

  • Unum Group (UNM) initiated with a Hold at Jefferies; tgt $27

  • Voya Financial (VOYA) initiated with a Hold at Jefferies; tgt $75


ZUpcoming Events:

  • Econ Data:

  • 07:00 ET: MBA Mortgage Applications Index for Jan. 22 (Briefing.comConsensus NA; Prior 2.3%)

  • 08:30 ET: Adv. Intl. Trade in Goods for Dec. (Briefing.comConsensus NA; Prior -$97.8 B)

  • 08:30 ET: Adv. Retail Inventories for Dec. (Briefing.comConsensus NA; Prior 2.0%)

  • 08:30 ET: Adv. Wholesale Inventories for Dec. (Briefing.comConsensus NA; Prior 1.2%)

  • 10:00 ET: New Home Sales for Dec. (Briefing.comConsensus 765K; Prior 744K)

  • 10:30 ET: EIA Crude Oil Inventories for Jan. 22 (Briefing.comConsensus NA; Prior +515K)

  • 14:00 ET: FOMC Rate Decision (Briefing.comConsensus 0.125%; Prior 0.125%)


  • Earnings:

  • Monday (Jan 24)

  • Morning: BOH CBU HAL PHG

  • Afternoon: BRO CR ELS HOPE IBM IBTX LOGI SSB STLD WSFS ZION


  • Tuesday (Jan 25)

  • Morning: MMM AXP ADM AUB BANC CVLT ERIC GATX GE IVZ JNJ LKFN LMT NEE NEP PCAR PII RTX UMC VZ XRX

  • Afternoon: AGYS BXP CADE CNI COF FFIV FCF HA MRTN MSFT NAVI NXGN RNR RNST SLGN LRN TXN TRMK UMBF VBTX WSBC


  • Wednesday (Jan 26)

  • Morning: ABT APH ANTM T ADP BA GLW FBP FBC FCX GD HES KMB KNX MKTX MNRO NDAQ NYCB NSC OSK PGR PB ROL RES SF TEL

  • Afternoon: AMP AZPN AVT AXS CACI CALX CLS CNS CNMD CCI CVBF DRE EW FLEX HXL INTC ISBC LRCX LSTR LVS LC LEVI MTH CASH MEOH MKSI PKG PLXS PTC XM RJF RLI SLM STX SEIC NOW SIMO SLG TER TSLA URI VRTX WHR WOLF XLNX


  • Thursday (Jan 27)

  • Morning: FLWS AOS ALK ADS MO AIT BLL BX BC CNX CMCO CMCSA CFR DHR DOV DOW EXP EWBC EXTR HCA IP JBLU KEX MTSI HZO MMC MA MKC MCD MSCI MUR NTCT NOC NUE OSIS BPOP ROK RCI SAP SHW SFNC LUV STM TROW TDY TXT TSCO VLO VLY XEL

  • Afternoon: ABCB AAPL AJG TEAM AX BZH BOOT CP CATY CE EMN ETD FICO FHI FFBC FIBK GBCI HTH JNPR KLAC MITK MDLZ NATI OLN RMD RHI HOOD SYK X V WRB WAL WDC


  • Friday (Jan 28)

  • Morning: ALV BMI BAH CAT CHTR CVX CHD CL GNTX LYB MOG.A PSX PFS SBSI SYF VFC WY WETF




Asia & Europe detail:

Asia: Nikkei -0.4%, Hang Seng +0.2%, Shanghai Composite +0.7%

Equity indices in the Asia-Pacific region ended the midweek session on a mixed note while markets in Australia and India were closed for holidays. The Bank of Japan expects that CPI will briefly rise to 1.5% in the first half of the year. Caixin reported that China Minsheng Bank has lent tens of billions of yuan to Chinese property developers. Samsung is expected to report its Q4 results tomorrow.

  • In economic data:

  • Japan's December Leading Index 1.7% m/m (last 1.5%) and Coincident Indicator 3.0% m/m (expected 3.8%; last 1.1%). November Corporate Services Price Index 1.1% yr/yr (expected 1.0%; last 1.1%)

  • South Korea's January Consumer Confidence 104.4 (last 103.8)

  • Singapore's December Industrial Production 4.3% m/m (expected 0.9%; last 1.8%); 15.6% yr/yr (expected 12.0%; last 14.1%)


---Equity Markets---

  • Japan's Nikkei: -0.4%

  • Hong Kong's Hang Seng: +0.2%

  • China's Shanghai Composite: +0.7%

  • India's Sensex: CLOSED

  • South Korea's Kospi: -0.4%

  • Australia's ASX All Ordinaries: CLOSED

---FX---

  • USD/JPY: +0.3% to 114.15

  • USD/CNH: -0.1% to 6.3246

  • USD/INR: +0.1% to 74.84

Europe: DAX +2.3%, FTSE +1.7%, CAC +2.3%

Major European indices trade on a sharply higher note, extending yesterday's bounce from recent losses. The Italian parliament will continue voting for president after yesterday's second round failed to produce a winner. British Prime Minister Johnson is resisting renewed calls to resign after the publishing of a report that details several parties that the government held during the coronavirus lockdown.

  • In economic data:

  • France's January Consumer Confidence 99 (expected 98; last 100)

  • Italy's December non-EU trade surplus EUR4.74 bln (last surplus of EUR4.22 bln)

  • Swiss January ZEW Expectations 9.5 (last -10.8)


---Equity Markets---

  • STOXX Europe 600: +2.1%

  • Germany's DAX: +2.3%

  • U.K.'s FTSE 100: +1.7%

  • France's CAC 40: +2.3%

  • Italy's FTSE MIB: +1.8%

  • Spain's IBEX 35: +2.3%

---FX---

  • EUR/USD: -0.2% to 1.1275

  • GBP/USD: +0.1% to 1.3514

  • USD/CHF: +0.2% to 0.9199


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