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Writer's pictureSimon Charles Hooper

11/08/22 Briefing




The S&P 500 futures are up 16 points and are trading 0.4% above fair value. The Nasdaq 100 futures are up 47 points and are 0.2% above fair value. The Dow Jones Industrial Average futures are up 142 points and are trading 0.6% above fair value.

Futures for the major indices are indicating a higher open driven by carryover momentum from yesterday's CPI-fueled rally. The S&P 500 closing above the 4,200 level is also helping sentiment this morning in addition to  Disney's (DIS) favorable quarterly results.

San Francisco Fed President Daly (not an FOMC voter) said she's in favor of slower rate hikes (i.e. 50 basis points) but believes it's too early to declare victory on inflation, according to FT.

Also, the Biden administration is thinking about postponing plans to remove tariffs on some Chinese imports following the recent events involving Taiwan, according to Reuters

National average gasoline prices fell below $4.00/gal, according to Reuters

On a related note, the IEA raised its oil demand forecast for 2022, which is helping to contribute to higher oil prices this morning. WTI crude oil futures are up 1.1% to $92.93/bbl. 

The 2-yr note yield is down four basis points to 3.14% while the 10-yr note yield is down four basis points to 2.75%.

In corporate news:

  • Walt Disney (DIS 122.19, +9.76, +8.68%): beats by $0.10, beats on revs; Disney+ subscriptions increased 31% to 152.1 mln, operating loss in DTC segment increased by $800 mln; will launch ad-supported Disney+ subscription in U.S. on Dec. 8; company also ups prices for no-ads options

  • Cardinal Health (CAH 60.28, -2.47, -3.94%): misses by $0.13, beats on revs; narrows FY22 guidance

  • Six Flags (SIX 22.52, -3.29, -12.75%):  misses by $0.50, misses on revs

  • Dillard's (DDS 294.99, +46.43 ,+18.68%): beats by $6.42, beats on revs; comparable store sales flat

  • Lowe's (LOW 198.51, -2.92, -1.45%): downgraded to Neutral from Buy at Citigroup

  • Sonos (SONO 18.81, -3.96, -17.39%): misses by $0.02, misses on revs; lowers FY22 revs below consensus; CFO stepping down for another opportunity

  • Bumble Inc. (BMBL 31.41, -3.08, -8.93%): misses by $0.13, reports revs in-line; guides Q3 revs below consensus; guides FY22 revs below consensus

  • AppLovin (APP 37.43, -3.03, -7.49%): misses by $0.20, misses on revs; lowers FY22 revs guidance below consensus

  • Dutch Bros (BROS 45.75, +1.74, +3.95%): misses by $0.02, beats on revs, comps -3.3%; reaffirms FY22 revs and comps guidance

Reviewing overnight developments:

  • Equity indices in the Asia-Pacific region ended Thursday on a higher note while Japan's Nikkei was closed for Mountain Day. Japan's Nikkei: CLOSED, Hong Kong's Hang Seng: +2.4%, China's Shanghai Composite: +1.6%, India's Sensex: +0.9%, South Korea's Kospi: +1.7%, Australia's ASX All Ordinaries: +1.2%.

    • In economic data:

      • Singapore's Q2 GDP -1.0% qtr/qtr (expected 0.0%; last 0.8%); 4.4% yr/yr (expected 4.8%; last 3.8%)

      • Australia's MI Inflation Expectations 5.9% (last 6.3%)

      • New Zealand's June External Migration & Visitors 83.5% yr/yr (last 26.3%)

    • In news:

      • The White House is reportedly postponing its plan to remove some tariffs on imports from China.

      • The approval rating of Japan's Prime Minister Kishida rose after the cabinet reshuffle.

      • Honda Motor raised its operating profit guidance and said that it expects the chip shortage to continue through the end of the fiscal year. South Korea's exports through the first ten days of August were up 23.2% yr/yr while chip exports were down 5.1%.

  • Major European indices trade in mixed fashion. STOXX Europe 600: UNCH, Germany's DAX: UNCH, U.K.'s FTSE 100: -0.4%, France's CAC 40: -0.2%, Italy's FTSE MIB: +0.4%, Spain's IBEX 35: +0.6%.

    • In economic data:

      • There was no noteworthy data

    • In news:

      • Bank of England Chief Economist Pill said that wages in the U.K. are growing too fast at this time.

      • Siemens reported a Q3 loss and lowered its guidance for the year.

      • London's Heathrow expects that 16 mln passengers will pass through the airport in Q3.

      • German Chancellor Scholz claimed that military aid for Ukraine will continue.

U.S. equity futures:

  • S&P 500 Futures: +15 @ 4,226

  • DJIA Futures: +149 @ 33,458

  • Nasdaq 100 Futures: +49 @ 13,427

Overseas:

  • Europe: DAX UNCH, FTSE -0.4%, CAC -0.2%

  • Asia: Nikkei CLOSED, Hang Seng +2.4%, Shanghai Composite +1.6%

Commodities:

  • Crude Oil +1.04 @ 92.97

  • Nat Gas  +0.218 @ 8.420

  • Gold -3.45 @ 1810.25

  • Silver -0.177  @ 20.565

  • Copper +0.0445 @ 3.6940

U.S. Summary:

  • Earnings/Guidance:

    • ACV Auctions (ACVA) beats by $0.05, beats on revs; guides Q3 revs below consensus; guides FY22 revs below consensus

    • a.k.a. Brands (AKA) misses by $0.01, reports revs in-line; guides Q3 revs below consensus; lowers FY22 revs below consensus

    • Alpha and Omega Semi (AOSL) beats by $0.09, beats on revs; guides Q1 revs in-line

    • Applied Industrial (AIT) beats by $0.36, beats on revs; guides FY23 EPS above consensus, revs above consensus

    • AppLovin (APP) misses by $0.55, misses on revs; lowers FY22 revs guidance below consensus

    • Avnet (AVT) beats by $0.08, beats on revs; guides SepQ EPS in-line, revs in-line

    • Brookfield Asset Mgmt (BAM) beats by $0.15

    • Bumble Inc. (BMBL) misses by $0.13, reports revs in-line; guides Q3 revs below consensus; guides FY22 revs below consensus

    • CACI Intl (CACI) misses by $0.01, reports revs in-line; guides FY23 EPS below consensus, revs in-line

    • Canada Goose (GOOS) beats by $0.06, beats on revs; guides Q2 EPS below consensus, revs in-line; guides FY23 EPS in-line, revs in-line

    • Cardinal Health (CAH) misses by $0.13, beats on revs; narrows FY22 guidance

    • Cellebrite DI (CLBT) misses by $0.03, misses on revs; guides FY22 revs below consensus

    • Coupang (CPNG) beats by $0.06, misses on revs

    • Cyxtera Technologies (CYXT) misses by $0.08, reports revs in-line; reaffirms FY22 revs guidance

    • Deutsche Telekom (DTEGY) reports Q2 results; revs rise 6% yr/yr; raises outlook

    • DHT (DHT) beats by $0.12, beats on revs

    • Dillard's (DDS) beats by $6.42, beats on revs; comparable store sales flat

    • Docebo (DCBO) beats by $0.12, misses on revs

    • Dutch Bros (BROS) misses by $0.02, beats on revs, comps -3.3%; reaffirms FY22 revs and comps guidance

    • Enersys (ENS) reports EPS in-line, revs in-line; guides SepQ EPS below consensus

    • Enovix (ENVX) beats by $0.04, beats on revs; issues inline FY22 revenue guidance

    • Fortuna Silver Mines (FSM) misses by $0.06; beats on revs

    • Franco-Nevada (FNV) beats by $0.04, reports revs in-line

    • Golar LNG (GLNG) reports Q2 results; misses on revs

    • Hanesbrands (HBI) misses by $0.03, misses on revs; guides Q3 EPS below consensus, revs below consensus; guides FY22 EPS below consensus, revs below consensus

    • Himax Tech (HIMX) beats by $0.02, misses on revs; guides Q3 revs below consensus 

    • Holley Inc. (HLLY) reports Q2 (Jun) results, revs in-line; guides FY22 revs in-line

    • Kelly Services (KELYA) misses by $0.07, reports revs in-line

    • Manulife Financial (MFC) beats by $0.02, reports Asset Mngt net inflows of $1.7 bln

    • Marqeta (MQ) beats by $0.03, beats on revs; guides Q3 revs in-line

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

    • N-able (NABL) beats by $0.02, reports revs in-line; guides Q3 revs below consensus; guides FY22 revs below consensus

    • National Vision (EYE) beats by $0.14, beats on revs; lowers FY22 EPS, revenue, adjusted comparable store sales guidance

    • Pan Am Silver (PASS) misses by $0.17, misses on revs

    • Primo Water (PRMW) beats by $0.04, beats on revs; guides Q3 revs above consensus; guides FY22 revs above consensus

    • Privia Health (PRVA) beats by $0.03; beats on revs

    • Red Robin Gourmet (RRGB) misses by $0.59, misses on revs

    • Siemens AG (SIEGY) reports Q3 results; revs rise 17.9 bln; continues to expect 6-8% growth in comparable revenue

    • Six Flags (SIX) misses by $0.50, misses on revs

    • Solo Brands (DTC) beats by $0.11, beats on revs; sees FY22 revenue below consensus

    • Sonos (SONO) misses by $0.02, misses on revs; lowers FY22 revs below consensus; CFO stepping down for another opportunity

    • STAAR Surgical (STAA) beats by $0.19, beats on revs

    • SunOpta (STKL) beats by $0.03, beats on revs; raises FY22 revs above consensus

    • Super Group (SGHC) beats by $0.50, misses on revs

    • Traeger (COOK) reports EPS in-line, misses on revs; cuts FY22 revs guidance

    • US Foods (USFD) misses by $0.01, beats on revs; reaffirms FY22 EPS guidance

    • Utz Brands (UTZ) beats by $0.01, beats on revs; increases FY22 revenue, adjusted EBITDA guidance

    • Vacasa (VCSA) beats by $0.20, beats on revs; guides Q3 revs in-line; guides FY22 revs above consensus; continues to expect Adjusted EBITDA profitability for FY23

    • VIZIO (VZIO) beats by $0.04, reports revs in-line

    • WalkMe Ltd. (WKME) beats by $0.04, reports revs in-line; guides Q3 revs below consensus; guides FY22 revs below consensus

    • Walt Disney (DIS) beats by $0.10, beats on revs; Disney+ subscriptions increased 31% to 152.1 mln, operating loss in DTC segment increased by $800 mln

    • Warby Parker (WRBY) beats by $0.01, reports revs in-line; guides FY22 revs below consensus

  • General News:

    • San Francisco Fed President Mary Daly in interview says it is too early to "declare victory" regarding inflation, but she supports slower rate hikes, according to Financial Times

    • President Biden is reconsidering idea to remove some China tariffs after events in Taiwan. Mr. Biden now wants to keep tariff levels unchanged, according to Reuters

    • US gas price average drops below $4/gallon, NBC News

    • IEA raises oil demand forecast for 2022

    • FTC aiming to issue new rules today to expand online privacy, according to the Wall Street Journal

    • AllianceBernstein (AB) announces that preliminary assets under management increased to $689 bln during July 2022 from $647 bln at the end of June

    • Apple (AAPL) inked agreement with Futuro Studios to add original content to its Podcasts app, according to Bloomberg

    • argenx (ARGX): EC grants marketing authorization for VYVGART (efgartigimod alfa-fcab)

    • Axon (AXON) names Sonos CFO Brittany Bagley as its next CFO

    • Bausch Health (BHC) to appeal XIFAXAN patent decision to U.S. Court of Appeals for the Federal Circuit

    • Cardinal Health (CAH) announced Mike Kaufmann will step down as CEO, names current CFO Jason Hollar as replacement

    • ChannelAdvisor (ECOM) announces integration with Shopee, an e-commerce platform in Southeast Asia and Taiwan; Shopee is owned by Sea Ltd (SE)

    • Coinbase Global (COIN) being investigated over staking programs, according to Bloomberg

    • Coinbase (COIN) user lawsuits will be allowed to proceed, according to Bloomberg

    • Deciphera Pharma (DCPH): Journal of Clinical Oncology has published results from INTRIGUE Phase 3 study of QINLOCK in patients with advanced gastrointestinal stromal tumor previously treated with imatinib

    • Enovix (ENVX) has been awarded a follow-on contract to build and test custom cells for use within U.S. Army soldiers' central power source, called the Conformal Wearable Battery

    • Evelo Biosciences (EVLO) announces the succession plan for Simba Gill, Ph.D., to transition from his roles as Chief Executive Officer and President to the role of Chair of the Board of Directors and return to Flagship Pioneering to help launch, grow, and guide bioplatform companies

    • Ginkgo Bioworks (DNA): Synlogic (SYBX) announced a new drug candidate for the treatment of gout developed in partnership with Ginkgo Bioworks

    • Google (GOOG) aiming to introduce fiber internet in Arizona, Colorado, Idaho, Nebraska, and Nevada, according to Reuters

    • Haleon plc (HLN), Sanofi (SNY), and GSK (GSK) shares under pressure this morning amid concerns about litigation around recalled drug Zantac

    • Hyster-Yale (HY) announced that CFO Kenneth C. Schilling intends to retire effective December 31

    • Intl Game Tech. PLC (IGT) is expanding its sports betting leadership in Washington State via a multi-year contract with Nisqually Red Wind Casino

    • James Hardie (JHX) provides Chairperson succession plan

    • Landec (LNDC) rebrands as Lifecore Biomedical, names new CEO

    • Latham Group (SWIM) misses by $0.19, misses on revs; lowers FY22 revs below consensus

    • Lucira Health (LHDX) announced that Health Canada has granted Authorization under Interim Order for the emergency use and commercialization of the first and only at-home test for COVID & Flu

    • Manning & Napier Advisors (MN) reported preliminary AUM as of July 31, 2022 of $19.3 billion, compared with $18.5 billion at June 30, 2022

    • Microsoft (MSFT) ticks lower on report it is laying off hundreds of contracted recruiters and talent acquisition staff, according to Business Insider

    • Molina Healthcare (MOH) announces that its Mississippi health plan subsidiary has been notified by the Mississippi Division of Medicaid of its intent to award a Medicaid Coordinated Care Contract for its Mississippi Coordinated Access Program and Mississippi Children's Health Insurance Program pursuant to the Request for Qualifications issued by DOM on December 10, 2021

    • Natera (NTRA) filed a pre-submission to the FDA for its Panorama non-invasive prenatal test as part of the Q-Sub process

    • NL Industries (NL) announces special dividend of $0.35/sh

    • Rani Therapeutics announces topline results from Phase 1 clinical study of RT-102

    • Roche Hldg (RHHBY) receives FDA approval for VENTANA MMR RxDx Panel

    • Sonos (SONO) names Chief Legal Officer Eddie Lazarus as CFO; Brittany Bagley, the Co's CFO, is stepping down to pursue another professional opportunity

    • Twitter (TWTR): Elon Musk wants to question Twitter (TWTR) employees who count bots, according to Reuters

    • Walgreens (WBA): Judge ruled that Walgreens contributed to opioid crisis in San Francisco, according to the Wall Street Journal

    • Walt Disney (DIS) will launch ad-supported Disney+ subscription in U.S. on Dec. 8; company also ups prices for no-ads options

  • M&A:

    • ABB Ltd (ABB) acquires Siemens (SIEGY) low voltage NEMA motor business

    • Blackstone (BX) aiming to purchase majority stake in CoreTrust (HCA), according to Bloomberg

    • Safehold (SAFE) and iStar (STAR) jointly confirm combination

    • TreeHouse Foods (THS): An investment company indirectly held by Investindustrial VII L.P. has signed a definitive agreement to acquire significant portions of the meal preparation business ; financial terms were not disclosed

    • UnitedHealthcare (UNH) acquisition of Change Healthcare (CHNG) questioned by DOJ over data concerns, according to Bloomberg

    • Wallbox (WBX) acquired COIL Inc, an U.S. EV charging installation service; terms not disclosed

  • Syndicate

    • Athenex (ATNX) commences offering of common stock and warrants

    • Bit Digital (BTBT) files for 20 mln ordinary share offering by selling shareholder

    • Broadstone Net Lease (BNL) prices offering of 13.0 mln shares of common stock at $21.35 per share

    • Cerevel Therapeutics (CERE) has commenced an underwritten public offering of $250.0 mln of shares of its common stock

    • EVgo Inc. (EVGO) files for $750 mln mixed securities shelf offering; also files for 200,747,717 share common stock offering by selling shareholders

    • Lightning eMotors (ZEV) files $250 mln mixed securities shelf offering

    • LSB Industries (LXU) prices offering of 13.5 mln shares of common stock at $13.00 per share by selling shareholders

    • Main Street Capital (MAIN) commences $50 mln common stock offering

    • OrthoPediatrics (KIDS) has commenced an underwritten public offering of its common stock and, in lieu of common stock to certain investors, pre-funded warrants to purchase shares of its common stock

    • Rani Therapeutics (RANI) files for common stock offering

    • Sovos Brands (SOVO) prices offering of 8.5 mln shares of common stock at $14.00 per share

    • Tenaya Therapeutics (TNYA) files for $300 mln mixed securities shelf offering

    • Verona Pharma (VRNA) prices offering of $12.4 mln shares of common stock at $10.50 per share

  • IPOs:

    • Expected to Price:

      • No IPOs expected.

Gapping Up/Down

  • Gapping up:

    • VCSA +22.4%, ENVX +21.1%, MTTR +14.1%, NOTV+11.9%, VZIO +11.1%, ACHR +8.7%, DIS +8.3%, CPNG +6.7%, AOSL +5.8%, GLNG +5.6%, STKL +3%, GPRK +2.9%, BROS +2.8%, COIN +2.7%, JHX +2.6%, DHT +1.9%, FNV +1.7%, BHC +1.6%, VCTR +1.5%, NL+1.1%, ECOM +1.1%, VRNA +1%

  • Gapping down:

    • ATNX -31.5%, SONO -20.1%, RRGB -18.3%, COOK-14%, CERE -9.5%, SIX -8.8%, APP -7.7%, BMBL-7.2%, AKA -6.3%, BNL -6.2%, MQ -5.4%, PAAS-5.4%, ENS -4.8%, MAIN -4.5%, AVT -3.7%, AXON-3.2%, LNDC -2.9%, KRG -2.8%, FSM -2.7%, KIDS-2.6%, LXU -2.5%, CACI -2.3%, DCPH -1%

 

Analyst Research (see Upgrades/Downgradescalendarfor full list):

  • Upgrades

    • AcuityAds Holdings (ATY) upgraded to Buy from Neutral at ROTH Capital; tgt $4

    • Boot Barn Holdings (BOOT) upgraded to Buy from Neutral at Seaport Research Partners; tgt $100

    • Cheniere Energy Partners (CQP) upgraded to Outperform from In-line at Evercore ISI; tgt raised to $55

    • Expensify (EXFY) upgraded to Buy from Hold at Loop Capital

    • First Solar (FSLR) upgraded to Overweight from Sector Weight at KeyBanc Capital Markets; tgt $145

    • Fiserv (FISV) upgraded to Outperform from In-line at Evercore ISI

    • Healthcare Realty (HR) upgraded to Outperform from Neutral at SMBC Nikko; tgt $30

    • Shopify (SHOP) upgraded to Overweight from Neutral at Atlantic Equities; tgt $46

    • Walt Disney (DIS) upgraded to Buy from Neutral at Guggenheim; tgt raised to $145

  • Downgrades:

    • Atlas Corp (ATCO) downgraded to Market Perform from Outperform at BMO Capital Markets; tgt lowered to $14.45

    • BBQ Holdings (BBQ) downgraded to Hold from Buy at Craig Hallum

    • Barings BDC (BBDC) downgraded to Outperform from Strong Buy at Raymond James; tgt lowered to $11.50

    • BuzzFeed (BZFD) downgraded to Underperform from Neutral at BofA Securities; tgt lowered to $2

    • Hyliion (HYLN) downgraded to Neutral from Overweight at Cantor Fitzgerald; tgt $5

    • Hyperfine (HYPR) downgraded to Equal Weight from Overweight at Wells Fargo; tgt lowered to $2.40

    • Life Time (LTH) downgraded to Underweight from Equal Weight at Wells Fargo; tgt lowered to $13

    • Lowe's (LOW) downgraded to Neutral from Buy at Citigroup; tgt lowered to $205

    • Marqeta (MQ) downgraded to Equal Weight from Overweight at Wells Fargo

    • Paysafe (PSFE) downgraded to Sector Perform from Outperform at RBC Capital Mkts; tgt lowered to $3

    • Paysafe (PSFE) downgraded to Underperform from Neutral at Credit Suisse; tgt lowered to $2

    • Professional Holding Corp (PFHD) downgraded to Mkt Perform from Outperform at Keefe Bruyette; tgt raised to $35.50

    • Rackspace Technology (RXT) downgraded to Sector Perform from Outperform at RBC Capital Mkts; tgt lowered to $7

    • Red Robin Gourmet (RRGB) downgraded to Hold from Buy at The Benchmark Company

    • Seer (SEER) downgraded to Neutral from Overweight at JP Morgan; tgt lowered to $12

    • TelevisaUnivision (TV) downgraded to Neutral from Outperform at Credit Suisse; tgt $8

    • Traeger (COOK) downgraded to Neutral from Outperform at Robert W. Baird; tgt lowered to $4

    • Traeger (COOK) downgraded to Mkt Perform from Outperform at William Blair

    • Trinseo (TSE) downgraded to Hold from Buy at Deutsche Bank; tgt lowered to $34

    • Upstart (UPST) downgraded to Underweight from Neutral at Atlantic Equities; tgt lowered to $22

    • Welltower (WELL) downgraded to Neutral from Outperform at SMBC Nikko; tgt $84

    • XP (XP) downgraded to Neutral from Overweight at JP Morgan; tgt $23

  • Others:

    • Canadian Natrl Res (CNQ) assumed with a Neutral at Credit Suisse

    • Cenovus Energy (CVE) assumed with an Outperform at Credit Suisse

    • Chevron (CVX) assumed with an Outperform at Credit Suisse; tgt $202

    • Exxon Mobil (XOM) assumed with an Outperform at Credit Suisse; tgt $125

    • Imperial Oil (IMO) assumed with a Neutral at Credit Suisse

    • Oyster Point Pharma (OYST) initiated with a Buy at Chardan Capital Markets; tgt $22

    • Suncor Energy (SU) assumed with an Outperform at Credit Suisse

    • Tempur Sealy Int'l (TPX) initiated with a Buy at Goldman; tgt $34

Upcoming Events:

  • Econ Data:

    • 08:30 ET: Initial Claims for August 6 (Briefing.comConsensus 263K; Prior 260K)

    • 08:30 ET: Continuing Claims for July 31 (Briefing.comConsensus NA; Prior 1416K)

    • 08:30 ET: PPI for July (Briefing.comConsensus 0.3%; Prior 1.1%)

    • 08:30 ET: Core PPI for July (Briefing.comConsensus 0.4%; Prior 0.4%)

    • 10:30 ET: EIA Natural Gas Inventories for August 6 (Briefing.comConsensus NA; Prior +41 bcf)

  • Earnings:

    • Monday (Aug 8)

      • Morning:  GOLD BNTX D ELAN ENR HSKA DINO MNDY PLTR RDWR RETA TGNA THS TSN VTRS

      • Afternoon: TXG ME DDD AAON ACAD ACCO ACM BIRD AEL AIG AZPN AVLR BLNK BCOR BWXT CBT CARG DM APPS DOCN EGIO EHTH ESE FGEN FRPT GBT GDRX GRPN HLIO HIMS HBM ICUI INSG IFF LMND LGND LPSN VAC DOOR MESA MRC NCMI NHI NWSA NE NVAX OKE OPRT PRDO PRAA PRI PRIM PFG PRA PUBM QLYS SWAV SDC SWCH TTWO SKT TASK TREX UPST VXRT VECO VLDR VSAT VVNT VRM WPRT YMAB

Asia & Europe detail:

Asia: Nikkei CLOSED, Hang Seng +2.4%, Shanghai Composite +1.6%

Equity indices in the Asia-Pacific region ended Thursday on a higher note while Japan's Nikkei was closed for Mountain Day. The White House is reportedly postponing its plan to remove some tariffs on imports from China. The approval rating of Japan's Prime Minister Kishida rose after the cabinet reshuffle. Honda Motor raised its operating profit guidance and said that it expects the chip shortage to continue through the end of the fiscal year. South Korea's exports through the first ten days of August were up 23.2% yr/yr while chip exports were down 5.1%.

  • In economic data:

    • Singapore's Q2 GDP -1.0% qtr/qtr (expected 0.0%; last 0.8%); 4.4% yr/yr (expected 4.8%; last 3.8%)

    • Australia's MI Inflation Expectations 5.9% (last 6.3%)

    • New Zealand's June External Migration & Visitors 83.5% yr/yr (last 26.3%)

---Equity Markets---

  • Japan's Nikkei: CLOSED

  • Hong Kong's Hang Seng: +2.4%

  • China's Shanghai Composite: +1.6%

  • India's Sensex: +0.9%

  • South Korea's Kospi: +1.7%

  • Australia's ASX All Ordinaries: +1.2%

---FX---

  • USD/JPY: -0.1% to 132.68

  • USD/CNH: +0.3% to 6.7388

  • USD/INR: +0.7% to 79.63

Europe: DAX UNCH, FTSE -0.4%, CAC -0.2%

Major European indices trade in mixed fashion. Bank of England Chief Economist Pill said that wages in the U.K. are growing too fast at this time. Siemens reported a Q3 loss and lowered its guidance for the year. London's Heathrow expects that 16 mln passengers will pass through the airport in Q3. German Chancellor Scholz claimed that military aid for Ukraine will continue.

  • There was no noteworthy data

---Equity Markets---

  • STOXX Europe 600: UNCH

  • Germany's DAX: UNCH

  • U.K.'s FTSE 100: -0.4%

  • France's CAC 40: -0.2%

  • Italy's FTSE MIB: +0.4%

  • Spain's IBEX 35: +0.6%

---FX---

  • EUR/USD: +0.3% to 1.0332

  • GBP/USD: -0.1% to 1.2202

  • USD/CHF: -0.1% to 0.9412


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