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26/07/22 Briefing




The S&P 500 futures are down 12 points and are trading 0.4% below fair value. The Nasdaq 100 futures are down 42 points and are trading 0.5% below fair value. The Dow Jones Industrial Average futures are 109 down points and are trading 0.3% below fair value.

Futures for the major indices are weaker this morning following a flurry of earnings news since yesterday's close. The profit warning from Walmart (WMT 119.89, -12.13, -9.2%) seems to be taking precedence as a sentiment driver, as well as relatively lackluster guidance in general from other companies.

Today starts the two-day FOMC meeting. Market participants are expecting a 75 basis point rate hike Wednesday but continue to mull uncertainty about the Fed's guidance after that decision.

In other news, yesterday President Biden said he expects to speak with Chinese President Xi this week, but noted that no meeting is set up yet.

On a related note, The New York Times reports that the Biden administration has concerns that China could take some potential action in Taiwan in the next 18 months.

Treasury yields are on a decline ahead of the open. The 2-yr note yield is down five basis points to 2.98% while the 10-yr note yield is down six basis points to 2.75%.

In corporate news:

  • Walmart (WMT 119.89, -12.13, -9.2%): lowers profit outlook for Q2 (Jul) and FY23 (Jan); guides Q2 and FY23 revs above consensus, elevated by inflation; reiterates US comps, excluding fuel, of about +3% in 2H23; guides Q2 adjusted EPS below consensus; trims its FY23 adjusted EPS outlook

  • General Motors (GM 33.94, -0.58, -1.7%): misses by $0.18, beats on revs; reaffirms FY22 EPS and EBIT guidance

  • Coca-Cola (KO 62.99, +0.80, +1.3%): beats by $0.03, beats on revs; guides FY22 EPS in-line

  • 3M (MMM 142.11, +7.99, +6.0%): beats by $0.04, reports revs in-line; lowers outlook

  • McDonald's (MCD 250.25, -0.13, -0.1%): beats by $0.08, misses on revs

  • UPS (UPS 184.25, -3.66, -2.0%): beats by $0.13, reports revs in-line; reaffirms FY22 revs guidance, raises targeted share repurchases to $3 bln for 2022

  • F5 Networks (FFIV 166.07, +11.66, +7.6%): beats by $0.34, reports revs in-line; guides Q4 EPS above consensus, revs in-line; announces an additional $1 bln for its share repurchase program

  • Alibaba (BABA 105.03, +3.97, +3.9%): pursues primary listing on the Hong Kong Stock Exchange

  • Whirlpool (WHR 167.01, +2.36, +1.4%): beats by $0.65, misses on revs; guides FY22 EPS below consensus, revs below consensus

Reviewing overnight developments:

  • Equity indices in the Asia-Pacific region ended Tuesday on a mixed note. Japan's Nikkei: -0.2%, Hong Kong's Hang Seng: +1.7%, China's Shanghai Composite: +0.8%, India's Sensex: -0.9%, South Korea's Kospi: +0.4%, Australia's ASX All Ordinaries: +0.3%.

  • In economic data:

  • Japan's June Corporate Services Price Index 2.0% yr/yr, as expected (last 1.9%) and June BoJ Core CPI 1.6% yr/yr (last 1.5%)

  • South Korea's Q2 GDP 0.7% qtr/qtr (expected 0.4%; last 0.6%); 2.9% yr/yr (expected 2.5%; last 3.0%)

  • Singapore's June Industrial Production -8.5% m/m (expected -6.3%; last 9.2%); 2.2% yr/yr (expected 6.0%; last 10.4%)

  • In news:

  • Developer stocks in China outperformed after the recent announcement of a government real estate fund.

  • The Bank of Japan's policy minutes from the June meeting showed an agreement to support the Japanese economy, which is being pressured by rising commodity prices.

  • South Korea's finance minister expects inflation to peak in September or October.

  • Major European indices trade on a mostly lower note. STOXX Europe 600: -0.1%, Germany's DAX: -0.9%, U.K.'s FTSE 100: +0.6%, France's CAC 40: -0.5%, Italy's FTSE MIB: -0.9%, Spain's IBEX 35: -0.4%.

  • In economic data:

  • U.K.'s June CBI Distributive Trades Survey -4 (last -5)

  • Spain's June PPI 43.2% yr/yr (last 43.6%)

  • In news:

  • Germany's economy ministry denied speculation about the third level of a gas emergency being triggered by the recent reduction of supply from Russia.

  • The EU's energy ministers agreed to voluntary gas demand cuts with several exceptions.

  • Consumers in the U.K. have reportedly reoriented their spending toward less expensive stores.


U.S. equity futures:

  • S&P 500 Futures: -12 @ 3,955

  • DJIA Futures: -102 @ 31,887

  • Nasdaq 100 Futures: -41 @ 12,287

Overseas:

  • Europe: DAX -0.9%, FTSE +0.6%, CAC -0.5%

  • Asia: Nikkei -0.2%, Hang Seng +1.7%, Shanghai Composite +0.8%

Commodities:

  • Crude Oil +1.88 @ 98.58

  • Nat Gas  +0.337 @ 8.908

  • Gold -3.65 @ 1715.45

  • Silver +0.044  @ 18.372

  • Copper +0.0765 @ 3.4310

U.S. Summary:

  • Earnings/Guidance:

  • 3M (MMM) beats by $0.04, reports revs in-line; lowers outlook

  • AGNC Investment (AGNC) reports Q2 (Jun) results, misses on revs

  • Albany Intl (AIN) beats by $0.24, beats on revs; guides FY22 EPS above consensus, revs above consensus

  • Albertsons (ACI) beats by $0.08, beats on revs; raises FY23 EPS and identical sales guidance

  • Alexandria RE (ARE) beats by $0.05, beats on revs

  • Allegiant Travel (ALGT) guides Q2 revs below consensus

  • American Campus Communities (ACC) beats by $0.01, misses on revs; due to pending transaction with Blackstone (BX), co is no longer providing FY22 outlook

  • Archer-Daniels (ADM) beats by $0.43, beats on revs

  • Armstrong World Industries (AWI) misses by $0.07, beats on revs; guides FY22 EPS above consensus, revs in-line

  • Avient (AVNT) beats by $0.06, reports revs in-line; guides Q3 EPS below consensus; reaffirms FY22 EPS guidance

  • Bank of N.T. Butterfield & Son (NTB) beats by $0.08

  • Brandywine Realty (BDN) beats by $0.01, reports revs in-line; narrows FY22 FFO guidance

  • Brown & Brown (BRO) beats by $0.02, beats on revs

  • Cadence Bank (CADE) beats by $0.07, net interest income increased 4.2%

  • Calix Networks (CALX) beats by $0.03, beats on revs; guides Q3 EPS in-line, revs above consensus

  • Cathay Bancorp (CATY) beats by $0.01, net interest income before provision for credit losses increased 18.4%

  • Celestica (CLS) beats by $0.02, beats on revs; guides Q3 EPS in-line, revs in-line; guides FY22 EPS in-line, revs above consensus

  • Centene (CNC) beats by $0.18, beats on revs; raises FY22 EPS in-line, revs in-line

  • Coca-Cola (KO) beats by $0.03, beats on revs; guides FY22 EPS in-line

  • Commvault Systems (CVLT) beats by $0.01, beats on revs

  • Corning (GLW) beats by $0.01, reports revs in-line; guides Q3 EPS below consensus, revs below consensus; guides FY22 EPS below consensus, revs below consensus

  • Crane (CR) beats by $0.08, beats on revs; reaffirms FY22 EPS guidance

  • Encore Wire (WIRE) beats two analyst estimate by $5.57, beats on revs

  • F5 Networks (FFIV) beats by $0.34, reports revs in-line; guides Q4 EPS above consensus, revs in-line; announces an additional $1 bln for its share repurchase program

  • Fiserv (FISV) beats by $0.01, beats on revs; guides FY22 EPS above consensus, raises FY22 organic sales guidance to +9-11%

  • General Electric (GE) beats by $0.36, beats on revs

  • General Motors (GM) misses by $0.18, beats on revs; reaffirms FY22 EPS and EBIT guidance

  • Graphic Packaging (GPK) beats by $0.09, beats on revs

  • Grupo Aeroportuario del Pacifico (PAC) beats on top and bottom lines

  • HealthStream beats by $0.05, misses on revs; reaffirms FY22 revs in-line

  • Heartland Financial (HTLF) beats by $0.10, beats on revs

  • Helix Energy (HLX) misses on top and bottom lines

  • Hexcel (HXL) beats by $0.03, reports revs in-line; reaffirms FY22 EPS guidance, revs guidance

  • Hubbell (HUBB) beats by $0.38, beats on revs; guides FY22 EPS above consensus

  • Independent Bank Group (IBTX) beats by $0.02, net interest income increased 5%

  • Iridium Communications (IRDM) beats by $0.04, beats on revs; Raises 2022 service revenue growth and OEBITDA guidance

  • IVERIC bio (ISEE) misses by $0.11

  • Kaiser Alum (KALU) misses by $0.81, beats on revs

  • Kimberly-Clark (KMB) beats by $0.03, beats on revs; reaffirms FY22 EPS guidance but expects to be at the lower end of the range, reaffirms FY22 revs guidance; raises FY22 organic sales growth forecast

  • Liberty Energy (LBRT) reports Q2 (Jun) results, beats on revs; guides Q3 revs above consensus

  • Logitech Int'l SA (LOGI) beats by $0.01, misses on revs; lowers FY23 revs below consensus

  • McDonald's (MCD) beats by $0.08, misses on revs

  • Medpace (MEDP) beats by $0.07, beats on revs; guides FY22 EPS above two analyst estimate, revs above consensus

  • Moody's (MCO) misses by $0.11, misses on revs; lowers FY22 EPS and revenue guidance

  • MSCI (MSCI) beats by $0.11, misses on revs, slightly lowers 2022 free cash flow guidance

  • NeoPhotonics (NPTN) beats by $0.10, beats on revs

  • NXP Semi (NXPI) beats by $0.10, beats on revs; guides Q3 revs above consensus

  • Packaging Corp (PKG) beats by $0.38, beats on revs

  • Pentair (PNR) beats by $0.02, beats on revs; guides Q3 EPS in-line, revs below consensus; lowers FY22 EPS and revenue guidance

  • PetMed Express (PETS) reports EPS miss, slight beat on revs

  • PGT Inc. (PGTI) beats by $0.22, beats on revs; raises FY22 revenue and adjusted EBITDA guidance

  • Polaris Industries (PII) beats by $0.30, misses on revs; guides FY22 EPS above consensus, revs above consensus

  • PotlatchDeltic (PCH) beats by $0.08, beats on revs; announced merger with CatchMark Timber Trust (CTT) on May 31

  • PulteGroup (PHM) beats by $0.10, misses on revs

  • Range Resources (RRC) beats by $0.06, beats on revs; provides 2022 guidance, targeting flat holding production

  • Raytheon Technologies (RTX) beats by $0.05, misses on revs; reaffirms FY22 EPS guidance, revs guidance

  • RenaissanceRe (RNR) beats by $0.41, beats on top line

  • Sensata Tech (ST) reports EPS in-line, beats on revs; guides Q3 EPS below consensus, revs below consensus; guides FY22 EPS below consensus, revs below consensus

  • Shutterstock (SSTK) misses by $0.12, misses on revs; reaffirms FY22 EPS guidance, revs guidance

  • Simpson Manufacturing (SSD) beats by $0.15, beats on revs

  • Sun Communities (SUI) beats on top and bottom lines; sees Q3 FFO above consensus; sees FY22 FFO in-line

  • The Aaron's Company (AAN) beats by $0.17, reports revs in-line; guides FY22 EPS below consensus, revs below consensus

  • TransUnion (TRU) beats by $0.01, misses on revs; guides Q3 EPS below consensus, revs below consensus; guides FY22 EPS below consensus, revs below consensus

  • TrueBlue (TBI) beats by $0.28, reports revs in-line

  • UBS AG (UBS) reports Q2 (Jun) results, misses on revs

  • Unilever PLC (UL) beats by 0.07; beats on revs; raises sales outlook

  • Universal Health (UHS) beats by $0.11, beats on revs

  • UPS (UPS) beats by $0.13, reports revs in-line; reaffirms FY22 revs guidance, raises targeted share repurchases to $3 bln for 2022

  • Walmart (WMT) lowers profit outlook for Q2 (Jul) and FY23 (Jan); guides Q2 and FY23 revs above consensus, elevated by inflation; reiterates US comps, excluding fuel, of about +3% in 2H23; guides Q2 adjusted EPS below consensus; trims its FY23 adjusted EPS outlook

  • Watsco (WSO) misses by $0.14, reports revs in-line

  • Whirlpool (WHR) beats by $0.65, misses on revs; guides FY22 EPS below consensus, revs below consensus

  • WSFS Financial (WSFS) beats by $0.10, net interest income increased 11% from 1Q22

  • Xerox (XRX) misses by $0.11, beats on revs

  • General News:

  • The Biden administration is getting more concerned that China might move against Taiwan in the next 18 months, according to The New York Times

  • President Biden says he doesn't believe US will enter recession; expects to speak with Chinese President Xi this week

  • Senate delays vote on $52 billion semiconductor bill due to the weather. Procedural vote will now be today and final vote will now be tomorrow, according to The Hill

  • EU reaches political agreement on the Council Regulation on coordinated demand reduction measures for gas; "collective commitment to reduce by 15% is very significant and will help fill our storage ahead of winter"

  • 3M's (MMM) Aearo Technologies initiate chapter 11 proceedings to help resolve litigation related to Combat Arms Earplugs Version 2; MMM records $1.2 bln pretax charge, or about $1.66/share; also announces plans to spinoff health care biz

  • AAR (AIR) announces implementation of Airvolution digital repair cycle management tool with Textron Aviation Defense

  • AbbVie (ABBV) receives EC approval fro RINVOQ

  • Alibaba (BABA) pursues primary listing on the Hong Kong Stock Exchange

  • Alibaba (BABA) to scale back expansion plans, according to Financial Times

  • Amazon (AMZN) aiming to increase Prime cost in Europe by up to 43%, according to Reuters

  • Apogee Enterprises (APOG): CFO Nisheet Gupta to resign effective Aug. 1, 2022to pursue other opportunities; company appoints Mark Augdahl as interim CFO

  • BioNTech (BNTX) and Pfizer (PFE) filed a declaratory judgment complaint seeking a judgment that three of CureVac's (CVAC) U.S. patents are not infringed by COMIRNATY

  • BridgeBio Pharma (BBIO) Announces Positive Interim Results from a Phase 2 Trial of Infigratinib in Achondroplasia Demonstrating an Increase in Annualized Height Velocity of 1.52 cm/year in Children 5 Years of Age and Older, and Adds 5th Cohort to Trial

  • Cadence Design (CDNS) beats by $0.11, beats on revs; guides Q3 EPS above consensus, revs above consensus; guides FY22 EPS above consensus, revs above consensus

  • Caleres (CAL) announces Diane Sullivan plans to retire as CEO; President Jay Schmidt will become CEO on Jan. 15, 2023

  • NuVasive (NUVA) Clinical Study Validates NuVasive Porous Interbody Implant and Synthetic Bone Graft Substitute as Cost-effective Solution for Lateral Lumbar Interbody Fusions

  • Coinbase (COIN) will be subject of SEC investigation over cryptocurrency listings, according to Bloomberg

  • Faraday Future Intelligent Electric (FFIE) says it needs additional cash to commercially launch the FF 91, and is currently seeking to raise additional capital

  • Forma Therapeutics (FMTX) discloses resignation of CMO, Patrick Kelly, effective Aug. 3, 2022

  • Global Blood Therapeutics (GBT) receives Marketing Authorization for Oxbryta for use in Great Britain

  • Hercules Capital (HTGC) announces supplemental cash distribution of $0.15 per share

  • Humacyte (HUMA) Preclinical Data on Small-Diameter Human Acellular Vessel in Coronary Artery Bypass Grafting Presented at American Heart Association Meeting

  • Hyliion (HYLN): Ruan has ordered 10 units of the company's Hypertruck ERX

  • Ionis Pharma (IONS): FDA accepts NDA and grants Priority Review of tofersen for rare form of ALS

  • iRhythm (IRTC) announces Brice Bobzien will join company as CFO on Aug. 8, 2022; Reyna Fernandez will join as President, Chief HR Officer on July 25, 2022

  • Meta (META) employees concerned about more job cuts, according to Business Insider

  • MyMD Pharmaceuticals (MYMD) announces further advancement of its fully funded Phase 2 clinical trial of lead drug candidate MYMD-1 as a therapy for delaying aging and expanding healthy lifespan

  • Orthofix (OFIX) announces the limited market release and first patient implant of the Virtuos Lyograft, a first-of-its-kind, shelf-stable and complete autograft substitute for spine and orthopedic procedures

  • Pear Therapeutics (PEAR) is restructuring operations, announces planned workforce reductions; to reduce overall headcount by about 25

  • Seagen (SGEN) and Astellas Announce Positive Topline Results For PADCEV (enfortumab vedotin-ejfv) with KEYTRUDA (pembrolizumab) as First-Line Treatment for Advanced Urothelial Cancer

  • Tabula Rasa HealthCare (TRHC) announces adoption of limited-duration stockholder rights plan

  • Wabtec (WAB) discloses cyber security incident

  • WWE (WWE): New investigations quickened retirement of Vince McMahon from WWE, according to the Wall Street Journal

  • M&A:

  • Abri SPAC I, Inc. (ASPA) announces termination of merger agreement with Apifiny Group; ASPA will seek an alternative business combination

  • Equifax (EFX) is expanding its global footprint in digital identity and fraud prevention with a definitive agreement to acquire Midigator; financial terms were not disclosed

  • Meta Platforms (META) considers whether to acquire AdHawk Microsystems, which has been working with Modelis & Co (MC), according to Bloomberg

  • Shell Midstream Partners (SHLX) and Shell USA reach merger agreement Shell USA will acquire SHL for $15.85/share for total value of approx. $1.96 bln

  • Tremor (TRMR) to acquire Amobee for $239 mln; sees accretive financial growth within first twelve months of completion

  • Waldencast Acquisition Corp. (WALD) shareholders approve business combination with Obagi Skincare and Milk Makeup

  • Walker & Dunlop (WD) acquires Avalon Real Estate Partners

  • Syndicate

  • Legend Biotech (LEGN) announces public offering of $250 mln in ADSs

  • Quest Diagnostics (DGX) files debt securities offering

  • Verve Therapeutics (VERV) closes upsized 9.58 mln offering; full exercise by underwriters of option to purchase additional shares

  • IPOs:

  • Expected to Price:

  • No IPOs expected.

Gapping Up/Down

  • Gapping up:

  • LBRT +11.4%, SHLX +8.9%, FFIV +7.6%, WIRE+6.5%, NTB +5%, AIN +5%, BDN +4.9%, BABA +4.3%, RRC +4.2%, CLS +4%, CALX +3.4%, SGEN +3.3%, UHS +3.2%, KREF +2.6%, BRO +2.3%, PCH +2.3%, WHR +2%, CDNS +2%, UL +1.8%, TBI +1.6%, IRTC+1.3%, ARE +1.1%, SSD +1%

  • Gapping down:

  • AAN -25.9%, ALGT -18.5%, BBIG -13%, PETS-10.6%, WMT -9.1%, UBS -7%, HXL -6.3%, WAB-5.4%, TGT -5.1%, LEGN -5%, KSS -4.4%, DLTR -4%, TJX -3.9%, ROST -3.8%, M -3.7%, AMZN -3.5%, DG-3.3%, JWN -3.2%, SUI -2.6%, AGNC -2.5%, VERV-2.3%, WALD -2.3%, DKL -2.2%, NXPI -2%, NKTX-1.8%, CNC -1.7%, BURL -1.5%, TRMR -1.3%, CONN-1.2%, GM -1.1%, UPS -1%, KALU -0.8%, LOGI -0.7%

 

Analyst Research (see Upgrades/Downgradescalendarfor full list):

  • Upgrades

  • Cheniere Energy Partners (CQP) upgraded to Hold from Underweight at US Capital Advisors; tgt $52

  • Yum China (YUMC) upgraded to Buy from Hold at CMB International

  • Downgrades:

  • American Eagle (AEO) downgraded to Underperform from Neutral at BofA Securities; tgt $8

  • Enbridge (ENB) downgraded to Hold from Overweight at US Capital Advisors

  • HomeTrust Bank (HTBI) downgraded to Neutral from Buy at Compass Point; tgt $25

  • Infrastructure and Energy Alternatives (IEA) downgraded to Hold from Buy at Stifel

  • Invitae (NVTA) downgraded to Market Perform from Outperform at Cowen; tgt lowered to $2.50

  • MicroStrategy (MSTR) downgraded to Underperform from Hold at Jefferies; tgt $180

  • MPLX LP (MPLX) downgraded to Hold from Overweight at US Capital Advisors

  • Paramount Global (PARA) downgraded to Sell from Buy at Goldman; tgt lowered to $20

  • Revolve Group (RVLV) downgraded to Underperform from Buy at BofA Securities; tgt $22

  • Roku (ROKU) downgraded to Underperform from Peer Perform at Wolfe Research; tgt $77

  • Traeger (COOK) downgraded to Neutral from Outperform at Credit Suisse; tgt lowered to $4

  • UBS AG (UBS) downgraded to Neutral from Buy at BofA Securities

  • Weber (WEBR) downgraded to Underweight from Equal Weight at Wells Fargo; tgt $4

  • Zendesk (ZEN) downgraded to Hold from Buy at Stifel

  • Zendesk (ZEN) downgraded to Mkt Perform from Mkt Outperform at JMP Securities

  • Zendesk (ZEN) downgraded to Mkt Perform from Outperform at William Blair

  • Zscaler (ZS) downgraded to Neutral from Buy at BTIG Research

  • Others:

  • Alvotech (ALVO) initiated with a Buy at Citigroup; tgt $12

  • Bausch + Lomb (BLCO) initiated with an Outperform at RBC Capital Mkts; tgt $22

  • Century Casinos (CNTY) initiated with a Mkt Outperform at JMP Securities; tgt $15

  • CleanSpark (CLSK) assumed with a Buy at H.C. Wainwright; tgt $6

  • Crocs (CROX) assumed with an Overweight at Piper Sandler; tgt lowered to $90

  • Howard Hughes (HHC) initiated with an Outperform at BMO Capital Markets; tgt $90

  • Keros Therapeutics (KROS) initiated with a Buy at BTIG Research; tgt $80

  • lululemon athletica (LULU) assumed with a Neutral at Piper Sandler; tgt $310

  • NIKE (NKE) assumed with a Neutral at Piper Sandler; tgt $115

  • On (ONON) initiated with an Overweight at Piper Sandler; tgt $28

  • Roku (ROKU) initiated with a Mkt Perform at Raymond James

  • Sight Sciences (SGHT) initiated with a Hold at Stifel; tgt $10

  • Teleperformance (TLPFY) initiated with an Outperform at RBC Capital Mkts

  • Under Armour (UAA) assumed with a Neutral at Piper Sandler; tgt $10

  • Veolia Environnement (VEOEY) resumed with an Underweight at JP Morgan

  • Vor Biopharma (VOR) initiated with an Outperform at Wedbush; tgt $18

  • Warner Bros. Discovery (WBD) resumed with a Buy at Goldman; tgt $22

  • Wolverine (WWW) assumed with an Overweight at Piper Sandler; tgt $30

Upcoming Events:

  • Econ Data:

  • 09:00 ET: FHFA Housing Price Index for May (Briefing.comConsensus NA; Prior 1.6%)

  • 09:00 ET: S&P Case-Shiller Home Price Index for May (Briefing.comConsensus 20.8%; Prior 21.2%)

  • 10:00 ET: Consumer Confidence for July (Briefing.comConsensus 96.4; Prior 98.7)

  • 10:00 ET: New Home Sales for June (Briefing.comConsensus 670K; Prior 696K)

  • Earnings:

  • Monday (Jul 25)

  • Morning:  BOH CBU DORM LKFN NEM PHG RPM SBSI SQSP

  • Afternoon: AGNC ARE ACC NTB BDN BRO CADE CDNS CALX CATY CLS CR WIRE FFIV HSTM HTLF HXL IBTX KALU LBRT LOGI MEDP NXPI PKG PCH RRC RNR SSD TBI UHS WHR WSFS

  • Tuesday (Jul 26)

  • Morning: MMM ACI ADM ARCC AWI AVNT CNC KO CVLT GLW CTS ECL FISV FELE GE GM GPK HUBB IRDM KMB MCD MCO MSCI NEOG NVR ONB PCAR PNR PGTI PII PHM RTX ST SSTK TRU UBS UPS WSO XRX

  • Afternoon:  AGYS GOOG AMP ABCB ASH AGR AXTA AXS BXP BYD CNI CHX CMG CB CSGP EGP ENPH EQR ESS FCF FIBK FE FCPT HA HIW HPP IEX JNPR LXFR MANH MTDR MSFT MDLZ NAVI NXGN NEX PGRE PEB RNST ROIC SILK SKX SYK TENB TER TXN AAN TNET TRMK UDR UMBF V WSBC WH ZION

Asia & Europe detail:

Asia: Nikkei -0.2%, Hang Seng +1.7%, Shanghai Composite +0.8%

Equity indices in the Asia-Pacific region ended Tuesday on a mixed note. Developer stocks in China outperformed after the recent announcement of a government real estate fund. The Bank of Japan's policy minutes from the June meeting showed an agreement to support the Japanese economy, which is being pressured by rising commodity prices. South Korea's finance minister expects inflation to peak in September or October.

  • In economic data:

  • Japan's June Corporate Services Price Index 2.0% yr/yr, as expected (last 1.9%) and June BoJ Core CPI 1.6% yr/yr (last 1.5%)

  • South Korea's Q2 GDP 0.7% qtr/qtr (expected 0.4%; last 0.6%); 2.9% yr/yr (expected 2.5%; last 3.0%)

  • Singapore's June Industrial Production -8.5% m/m (expected -6.3%; last 9.2%); 2.2% yr/yr (expected 6.0%; last 10.4%)

---Equity Markets---

  • Japan's Nikkei: -0.2%

  • Hong Kong's Hang Seng: +1.7%

  • China's Shanghai Composite: +0.8%

  • India's Sensex: -0.9%

  • South Korea's Kospi: +0.4%

  • Australia's ASX All Ordinaries: +0.3%

---FX---

  • USD/JPY: UNCH at 136.61

  • USD/CNH: +0.2% to 6.7611

  • USD/INR: +0.1% to 79.78

Europe: DAX -0.9%, FTSE +0.6%, CAC -0.5%

Major European indices trade on a mostly lower note. Germany's economy ministry denied speculation about the third level of a gas emergency being triggered by the recent reduction of supply from Russia. The EU's energy ministers agreed to voluntary gas demand cuts with several exceptions. Consumers in the U.K. have reportedly reoriented their spending toward less expensive stores.

  • In economic data:

  • U.K.'s June CBI Distributive Trades Survey -4 (last -5)

  • Spain's June PPI 43.2% yr/yr (last 43.6%)

---Equity Markets---

  • STOXX Europe 600: -0.1%

  • Germany's DAX: -0.9%

  • U.K.'s FTSE 100: +0.6%

  • France's CAC 40: -0.5%

  • Italy's FTSE MIB: -0.9%

  • Spain's IBEX 35: -0.4%

---FX---

  • EUR/USD: -0.8% to 1.0141

  • GBP/USD: -0.5% to 1.1987

  • USD/CHF: +0.1% to 0.9649


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