The S&P 500 futures are up 10 points and are trading 0.3% above fair value. The Nasdaq 100 futures are up 28 points and are trading 0.2% above fair value. The Dow Jones Industrial Average futures are up 61 points and are trading 0.2% above fair value.
Coming off last week's losses, the equity futures market indicates a modestly higher open. Some M&A news this morning and some bargain hunting pursuits after last week's large losses are helping to prop things up.
Still, there is likely some hesitation in play as market participants await the November Consumer Price Index tomorrow at 8:30 a.m. ET followed by the FOMC decision Wednesday.
In addition to the Fed's FOMC meeting, the European Central Bank and the Bank of England will announce policy decisions on Thursday.
According to Bloomberg, COVID cases are spreading rapidly through China, but the government is continuing to ease its zero-COVID policies.
Treasury yields are moving lower. The 2-yr note yield is down two basis points to 4.32% and the 10-yr note yield is down three basis point to 3.53%.
In corporate news:
Microsoft (MSFT 246.70, +1.28, +0.5%): announced a 10-year strategic partnership with the London Stock Exchange Group; MSFT will also purchase an approximately 4% equity stake in the London Stock Exchange Group
Coupa Software (COUP 78.54, +16.45, +26.5%): to be acquired by Thoma Bravo for $81/share, enterprise value of $8 billion (shares halted); beats by $0.05, beats on revs
Horizon Pharma (HZNP 111.88, +14.59, +15.0%): Amgen (AMGN) confirms it will acquire HZNP for $116.50/share in cash
Weber (WEBR 7.93, +1.43, +22.0%): to be taken private by BDT Capital Partners for $8.05/share; deal expected to close in 1H23
Gap (GPS 14.27, +0.37, +2.7%): upgraded to Buy form Neutral at Goldman Sachs
Box (BOX 29.28, +1.17, +4.2%): upgraded to Overweight from Neutral at JP Morgan
Rivian Automotive (RIVN 26.64, -0.65, -2.4%): pauses partnership discussions with Mercedes-Benz on electric van production in Europe
Spirit Airlines (SAVE 20.13, -0.11, -0.5%): offers 43% raise to pilots over two years, according to Reuters
Reviewing overnight developments:
Equity indices in the Asia-Pacific region began the week on a lower note with markets in China feeling pressure from property and bank names. Japan's Nikkei: -0.2%, Hong Kong's Hang Seng: -2.2%, China's Shanghai Composite: -0.9%, India's Sensex: -0.1%, South Korea's Kospi: -0.7%, Australia's ASX All Ordinaries: -0.5%.
In economic data:
China's November New Loans CNY1.21 trln (expected CNY1.35 trln; last CNY615.20 bln) and Total Social Financing CNY1,999 bln (expected CNY2,100 bln; last CNY907.9 bln)
Japan's November PPI 0.6% m/m (expected 0.5%; last 0.6%); 9.3% yr/yr (expected 8.9%; last 9.1%). Q4 BSI Manufacturing Conditions -3.6 (expected 2.3; last 1.7). November Machine Tool Orders -7.8% yr/yr (last -5.5%)
New Zealand's October Visitor Arrivals 6.8% m/m (last 16.6%)
In news:
Komatsu reported that excavator demand from China was down 11.3% yr/yr, representing the ninth consecutive decline.
Japan's largest industrial union will reportedly seek a 6.0% total salary increase during spring wage talks.
Major European indices trade near their flat lines while Spain's IBEX (-0.5%) underperforms. STOXX Europe 600: -0.5%, Germany's DAX: -0.4%, U.K.'s FTSE 100: -0.3%, France's CAC 40: -0.4%, Italy's FTSE MIB: -0.1%, Spain's IBEX 35: -0.5%.
In economic data:
U.K.'s October GDP 0.5% m/m (expected 0.4%; last -0.6%); 1.5% yr/yr (expected 1.4%; last 1.3%). October Industrial Production 0.0% m/m (expected 0.1%; last 0.2%); -2.4% yr/yr (expected -2.8%; last -3.1%). October Manufacturing Production 0.7% m/m (expected 0.1%; last 0.0%); -4.6% yr/yr (expected -5.4%; last -5.8%). October Construction Output 0.8% m/m (expected 0.1%; last 0.4%); 7.4% yr/yr (expected 6.5%; last 5.6%). October trade deficit GBP14.48 bln (expected deficit of GBP15.65 bln; last deficit of GBP15.66 bln)
In news:
British Finance Minister Hunt warned that his country's economy is expected to weaken before improving.
French President Macron said that pension reform plans will be announced on January 10.
Microsoft acquired a stake in the London Stock Exchange. Fitch affirmed the U.K.'s AA- rating with a Negative outlook.
U.S. equity futures:
S&P 500 Futures: +12 @ 3,947
DJIA Futures: +65 @ 33,542
Nasdaq 100 Futures: +34 @ 11,597
Overseas:
Europe: DAX -0.4%, FTSE -0.3%, CAC -0.4%
Asia: Nikkei -0.2%, Hang Seng -2.2%, Shanghai Composite -0.9%
Commodities:
Crude Oil -0.16 @ 70.86
Nat Gas +0.669 @ 6.919
Gold -9.05 @ 1801.65
Silver -0.135 @ 23.582
Copper -0.0495 @ 3.829
Earnings/Guidance:
Coupa Software (COUP) beats by $0.05, beats on revs
Inotiv ( NOTV ▴ 3.65% ) sees FY22 below consensus; provides outlook on additional metrics
Pembina Pipeline ( PBA ▾ 2.33% ) issues FY23 guidance; provides business update
News:
China medical advisor says Omicron risks are same as flu, according to Bloomberg
Coronavirus spreading rapidly in China, according to Bloomberg
Congress will resume negotiations on government funding ahead of Friday's deadline. The two sides have differences over $26 billion in non-defense spending and IRS funding, according to the Wall Street Journal
Treasury Secretary Janet Yellen believes inflation will be lower in 2023. She said there is a risk of recession, but it's not necessary to bring inflation down, 60 Minutes
Investor withdraws from crypto exchanges hit record, according to Financial Times
UK rail unions will strike for four days this week, according to Financial Times
Air India could soon purchase 500 jets, according to Reuters
White House issues readout of President Biden's call with President Zelenskyy of Ukraine
AbbVie ( ABBV ▾ 1.77% ) Presents Data at the 64th American Society of Hematology (ASH) Annual Meeting for Investigational Navitoclax in Combination With Ruxolitinib for JAK Inhibitor-Nave Myelofibrosis Patients
AbbVie ( ABBV ▾ 1.77% ) Presents Data at the 64th American Society of Hematology (ASH) Annual Meeting Evaluating Epcoritamab (DuoBody-CD3xCD20) Across B-Cell Lymphomas
Adaptive Biotechnologies ( ADPT ▾ 6.67% ) Highlights New Data Showcasing the Clinical Utility of clonoSEQ MRD Testing in Patients with Blood Cancers at the 64th ASH Annual Meeting
Adicet Bio ( ACET ▾ 13.13% ) Reports Positive Data from Ongoing ADI-001 Phase 1 Trial in Patients with Relapsed or Refractory Aggressive B-Cell Non-Hodgkin's Lymphoma
Affimed ( AFMD ▾ 0.49% ) Reports Topline Data from AFM13 Monotherapy Phase 2 REDIRECT Study in Patients with Relapsed or Refractory Peripheral T Cell Lymphoma
Affimed ( AFMD ▾ 0.49% ) Reports Topline Data from AFM13 Monotherapy Phase 2 REDIRECT Study in Patients with Relapsed or Refractory Peripheral T Cell Lymphoma
Agios ( AGIO ▾ 1.85% ) Presents Updated PYRUKYND (mitapivat) Long-term Extension Data Demonstrating Sustained Clinical Benefits in Adults with Pyruvate Kinase (PK) Deficiency at 64th ASH Annual Meeting and Exposition
Agios ( AGIO ▾ 1.85% ) Presents Updated PYRUKYND (mitapivat) Data Highlighting Long-term Safety Profile and Durable Improvement in Hemoglobin and Markers of Hemolysis and Ineffective Erythropoiesis in Non-transfusion-dependent a- and -Thalassemia at 64th ASH Annual Meeting and Exposition
Alibaba ( BABA ▾ 3.01% ): Some institutions are selling shares of Alibaba and Tencent (TCEHY), according to the Wall Street Journal
AlloVir ( ALVR ▾ 5.66% ) Announces Positive Final Results in Phase 2 Posoleucel Multi-Virus Prevention Study In Oral Presentation at the 64th ASH Annual Meeting and Exposition
Assured Guaranty ( AGO ▾ 0.60% ): Puerto Rico HTA bankruptcy exit reduces Assured Guaranty's insured Puerto Rico exposure by $711 million
Beam Therapeutics ( BEAM ▾ 5.75% ) Presents First In Vivo Proof of Concept Preclinical Data on Multiplex Base Edited ESCAPE Platform for Non-Genotoxic Conditioning Regimen for Patients with Sickle Cell Disease Ahead of Autologous Transplant
Blackstone ( BX ▾ 0.72% ) warns of potential delays of new private equity fund amid investor withdrawals, according to Financial Times
Blueprint Medicines ( BPMC ▴ 0.98% ) reports clinical data highlighting leadership in developing targeted treatment options for patients with systemic mastocytosis
Bristol Myers Squibb ( BMY ▾ 1.33% ) Announces First Disclosures and New Data at ASH 2022, Demonstrating Commitment to Raising Standards in Treatment Through Broad Multiple Myeloma Portfolio
Centessa Pharmaceuticals ( CNTA 0.00% ) Announces Additional 18-Months of Continued Treatment Data from Open-Label Extension (OLE) of Phase 2a Study of SerpinPC for Hemophilia
CNX Resources ( CNX ▾ 0.57% ) provides update on Appalachia-Focused strategy
Cogent Biosciences ( COGT ▾ 1.16% ) Announces Positive Updated Clinical Data from Ongoing Phase 2 APEX Trial Evaluating Bezuclastinib in Patients with Advanced Systemic Mastocytosis
Credit Suisse ( CS ▴ 1.51% ) made a $140 mln loan to Greensill Capital based on suspicions invoices, according to Financial Times
CTI BioPharma ( CTIC ▾ 2.84% ) Presents New Anemia Benefit Data from Pacritinib Program at the 2022 American Society of Hematology Annual Meeting and Exposition
Eagle Pharma ( EGRX ▾ 2.30% ) reaches settlement agreement with Accord Healthcare related to BENDEKA
Equinor ( EQNR ▾ 1.06% ) announces that Phase 1 of Askeladd will bring 18 billion cubic metres of gas and two million cubic metres of condensate to the market via the Hammerfest LNG plant on Melkya
Fate Therapeutics ( FATE ▾ 1.15% ) Highlights iPSC-derived, Off-the-shelf CAR NK Cell Programs for Multiple Myeloma at 2022 ASH Annual Meeting
Fate Therapeutics ( FATE ▾ 1.15% ) Announces Clinical Safety and Activity Data of First-ever iPSC-derived CAR T-cell Therapy at 2022 ASH Annual Meeting
Genmab ( GMAB ▾ 0.74% ) Showcases Data From Robust Development Program Evaluating Epcoritamab (DuoBody-CD3xCD20) in Patients Across a Broad Range of B-Cell Lymphomas at the 64th Annual ASH Meeting
Gilead Sciences ( GILD ▾ 1.68% ): Body of Evidence Grows From ZUMA-7 Study Supporting Initial Treatment With Kite's Yescarta CAR T-cell Therapy for Patients With Relapsed or Refractory Large B-cell Lymphoma
GlaxoSmithKline ( GSK ▾ 1.72% ): New data at ASH underscore the potential for durable, clinically important responses with momelotinib for myelofibrosis patients
Graphite Bio ( GRPH ▾ 2.65% ) Presents Preclinical Data for Novel Sequencing Method Used to Determine Gene Editing Outcomes at 64th ASH Annual Meeting
Helmerich & Payne ( HP ▾ 3.29% ) increased the maximum number of shares authorized to be repurchased in calendar year 2023 to five million common shares
IDEAYA Biosciences ( IDYA ▾ 1.75% ) announces submission of IND Application to the U.S. FDA for PARG development candidate IDE161
IGM Biosciences ( IGMS ▾ 7.05% ) Presents Data from T cell Engager Portfolio for Hematologic Malignancies at 2022 American Society of Hematology Annual Meeting
ImmunoGen ( IMGN ▾ 0.96% ) Presents Findings from Expansion Cohorts in Phase 1b/2 Study of Pivekimab Sunirine with Vidaza and Venclexta in Acute Myeloid Leukemia at ASH
Incyte's ( INCY ▾ 2.10% ) Novel Mutant CALR Antibody Unveiled at ASH 2022 Plenary Scientific Session
Incyte's ( INCY ▾ 2.10% ) Novel Mutant CALR Antibody Unveiled at ASH 2022 Plenary Scientific Session
JetBlue Airways ( JBLU 0.00% ) discloses that it and Mr. Robin Hayes, the Company's Chief Executive Officer, executed an amendment to Mr. Hayes' employment agreement, extending his term of employment for an additional two years, through September 1, 2025. The remaining terms of Mr. Hayes' employment agreement are unchanged
Karyopharm ( KPTI ▴ 2.40% ) Announces Presentation of Updated Phase 1 Selinexor Data in Patients with Treatment-Nave Myelofibrosis at ASH 2022
Kymera Therapeutics ( KYM R) Presents Preclinical Data Demonstrating Activity of KT-253, a Selective Heterobifunctional MDM2 Degrader, in Acute Myeloid Leukemia at the American Society of Hematology Annual Meeting
Kura Oncology ( KURA ▾ 0.72% ) Presents Updated Clinical Data from KOMET-001 Trial of Menin Inhibitor Ziftomenib at American Society of Hematology Annual Meeting
LAVA Therapeutics ( LVTX ▴ 5.07% ) Announces Updated Data from the Phase 1/2a Clinical Trial of LAVA-051 at the 64th American Society of Hematology (ASH) Annual Meeting and Exposition
Lazard ( LAZ ▾ 0.08% ) reported that its preliminary assets under management ('AUM') as of November 30, 2022 totaled approximately $221.0 billion
Microsoft ( MSFT ▾ 0.80% ): London Stock Exchange (LDNXF) and MSFT announced a 10-year strategic partnership with the London Stock Exchange Group; MSFT will also purchase an approximately 4% equity stake in LDNXF
Monolithic Power ( MPW ▾ 1.75% R) announced that MPS and Vanguard International Semiconductor Corporation have entered into a foundry agreement to produce power semiconductors
MorphoSys ( MOR 0.00% ) announced results from analyses of the ongoing MANIFEST study, an open-label Phase 2 clinical trial of pelabresib, an investigational BET inhibitor, in patients with myelofibrosis, a type of bone marrow cancer with limited treatment options; also announced final safety and efficacy results from firstMIND
Noah Holdings ( NOAH ▾ 0.68% ) recently received a civil judgment from the Bozhou Intermediate People's Court of Anhui Province
Ocular Therapeutix ( OCUL ▾ 5.43% ): Titan Pharmaceuticals (TTNP) announces licensing agreement with Ocular Therapeutix
Pfizer ( PFE ▾ 0.12% ) Presents Updated Favorable Elranatamab Data from Pivotal Phase 2 MagnetisMM-3 Trial
Poseida Therapeutics ( PSTX ▾ 0.87% ) Presents Preclinical Data from P-FVIII-101 Gene Therapy for Hemophilia A at the 64th ASH Annual Meeting & Exposition
PriceSmart ( PSMT ▾ 0.81% ) appoints Robert Price as interim CEO, effective when current CEO Sherry Bahrambeygu retires on February 3, 2023
Regeneron Pharma ( REGN ▾ 2.01% ): Pivotal Odronextamab (CD20xCD3) Phase 2 Data in Patients with Relapsed/Refractory Diffuse Large B-cell Lymphoma Debut at ASH
Rivian Automotive ( RIVN ▾ 4.51% ) pauses partnership discussions with Mercedes-Benz on electric van production in Europe
Roche Hldg ( RHHBY ): Genentech Presents New and Updated Data for Polivy in Previously Untreated Diffuse Large B-Cell Lymphoma at ASH 2022
Roche Hldg ( RHHBY ): Interim Data From Phase III Study Presented at ASH 2022 Show Hemlibra (emicizumab-kxwh) Achieved Meaningful Bleed Control in Infants From Birth40.51
Sana Biotechnology ( SANA ▾ 6.77% ) Highlights Hypoimmune Allogeneic CAR T Cell Programs and in vivo Technology Platform with Six Presentations at 2022 ASH Annual Meeting
Sangamo Therapeutics ( SGMO ▾ 1.15% ) presented updated preliminary proof-of-concept clinical data from the Phase 1/2 PRECIZN-1 study of BIVV003
Schrdinger ( SDGR ▴ 0.37% ) Presents New Preclinical Data Supporting Advancement of CDC7 Inhibitor Development Candidate, SGR-2921, at American Society of Hematology 2022 Annual Meeting
Science Applications ( SAIC ▾ 2.14% ) awarded $350 mln U.S. Navy contract
Spirit Airlines ( SAVE ▴ 0.30% ) offers 43% raise to pilots over two years, according to Reuters
Stellantis ( STLA ▾ 2.70% ) aiming to stop operations at Illinois assembly plant to control costs, according to the Wall Street Journal
Sutro Biopharma ( STRO ▾ 5.20% ) Announces Presentation of STRO-002 Data from the Compassionate Use Program in Pediatric Patients with Relapsed/Refractory CBF/GLIS AML at ASH 2022
Syndax ( SNDX ▾ 2.04% ) Announces Positive Updated Data from Phase 1 Portion of AUGMENT-101 Trial of Revumenib in Patients with Acute Leukemias During Oral Presentations at 64th ASH Annual Meeting
Syros ( SYRS ▴ 4.39% ) Presents Safety Lead-in Data from SELECT-AML-1 Trial Evaluating Tamibarotene in Combination with Venetoclax and Azacitidine and Announces Plans to Initiate Randomized Portion of Phase 2 Trial
TC Energy ( TRP ▾ 0.84% ) actively responding to oil incident
TechTarget ( TTGT ▴ 0.05% ) announces restructuring plan, eliminating approximately 60 positions, or 5% of its workforce; expects to substantially complete plan by end of 1Q23
Thomson Reuters ( TRI ▾ 0.14% ) and Blackstone (BX) sign definitive agreement to sell shares of London Stock Exchange Group plc to Microsoft (MSFT)
TotalEnergies SE ( TTE ▾ 1.56% ) mobilizes to explore block 9 in 2023
Toyota ( TM ▴ 0.75% ) aiming to outline adjustments to its EV plan, according to Reuters
Vertex ( VRTX ▾ 2.83% ) and CRISPR Therapeutics to Present at the American Society of Hematology (ASH) Annual Meeting and Exposition
WisdomTree ( WT ▴ 0.76% ) reports November metrics; Record global AUM over $80 billion
M&A:
Albertsons Companies ( ACI ▾ 0.88% ) Issues Statement Regarding the Denial of a Request for Preliminary Injunction by the Attorney General of the State of Washington and Extension of the Temporary Restraining Order on its Special Dividend Payment
Americas Technology Acquisition Corp ( ATA 0.00% ) terminates business combination agreement with Rally Communitas Corp. by mutual agreement
Boston Scientific ( BSX ▾ 0.19% ) announces strategic investment to acquire majority stake of Acotec Scientific Holdings
Coupa Software ( COUP ▾ 2.53% ) to be acquired by Thoma Bravo for $81/share, enterprise value of $8 billion
H&E Equipment Services ( HEES ▾ 1.45% ) signs definitive agreement to sell Komatsu Earthmoving Distributorship
Horizon Pharma ( HZNP ▴ 0.39% ) no longer in merger discussions with Sanofi (SNY)
Horizon Pharma ( HZNP ▴ 0.39% ): Amgen (AMGN) confirms it will acquire HZNP for $116.50/share in cash
Imago BioSciences ( IMGO ▴ 0.14% ): Merck (MRK) begins tender offer to acquire Imago BioSciences
Ryan Specialty Group ( RYAN ▾ 0.46% acquires Griffin Underwriting Services
Weber ( WEBR ▾ 0.31% ) to be taken private by BDT Capital Partners for $8.05/share; deal expected to close in 1H23
Syndicate:
Axon ( AXON ▾ 1.81% ) discloses it issued and sold $690 million aggregate principal amount of its 0.50% Convertible Senior Notes due 2027
Chesapeake Energy ( CHK ▴ 0.65% ) announces new senior secured reserve-based revolving credit facility
Murphy USA ( MUSA ▾ 0.89% ) files mixed securities shelf offering
Ooma ( OOMA ▾ 0.90% ) files $100 mln mixed securities shelf offering
IPOs:
Expect to Price:
No IPOs expected.
Gapping Up/Down
Gapping up:
GRCL +17.9%, HZNP +13.7%, BVH +6.8%, ALVR +5%, ARGX +4.8%, DTIL +3.4%, CNTA +3.1%, BEAM +2.1%, FATE +1.6%, BSX +1.2%, COGT +1.1%, OCUL +1.1%, CTIC +0.9%, REGN +0.7%, VRTX +0.6%, GMAB +0.5%, MSFT +0.5%
Gapping down:
ONCT -14%, ACET -13.7%, LVTX -9.5%, ABCM -6.7%, RIVN -4.8%, IDYA -4.2%, AMGN -3.1%, IGMS -2.7%, GRPH -2.7%, ACI -2.3%, AFMD -2%, ADPT -1.8%, IMGN -0.8%, SGMO -0.6%
Analyst Research (see Upgrades/Downgrades calendar for full list):
Upgrades
Becton Dickinson (BDX) upgraded to Neutral from Sell at Citigroup; tgt raised to $250
Best Buy (BBY) upgraded to Neutral from Sell at Goldman; tgt raised to $83
Box (BOX) upgraded to Overweight from Neutral at JP Morgan; tgt raised to $34
Crane (CR) upgraded to Overweight from Equal-Weight at Morgan Stanley; tgt raised to $129
Glaukos (GKOS) upgraded to Buy from Neutral at Citigroup; tgt $57
Downgrades:
Accenture (ACN) downgraded to Underweight from Neutral at Piper Sandler; tgt $268
Boyd Gaming (BYD) downgraded to Mkt Perform from Mkt Outperform at JMP Securities
Others:
Analog Devices (ADI) initiated with a Positive at Susquehanna; tgt $205
Upcoming Events:
Econ Data:
14:00 ET: Treasury Budget for Nov (Briefing.com Consensus NA; Prior -$87.8B)
Earnings:
Monday (Dec 12)
Afternoon: COUP FLNC ORCL
Tuesday (Dec 13)
Morning: CNM PLAB
Afternoon: ABM BRZE
Wednesday (Dec 14)
Morning: REVG WEBR
Afternoon: LEN NDSN TCOM
Thursday (Dec 15)
Morning: JBL
Friday (Dec 16)
Morning: ACN DRI WGO
Asia & Europe detail:
Asia: Nikkei -0.2%, Hang Seng -2.2%, Shanghai Composite -0.9%
Equity indices in the Asia-Pacific region began the week on a lower note with markets in China feeling pressure from property and bank names. Komatsu reported that excavator demand from China was down 11.3% yr/yr, representing the ninth consecutive decline. Japan's largest industrial union will reportedly seek a 6.0% total salary increase during spring wage talks.
In economic data:
China's November New Loans CNY1.21 trln (expected CNY1.35 trln; last CNY615.20 bln) and Total Social Financing CNY1,999 bln (expected CNY2,100 bln; last CNY907.9 bln)
Japan's November PPI 0.6% m/m (expected 0.5%; last 0.6%); 9.3% yr/yr (expected 8.9%; last 9.1%). Q4 BSI Manufacturing Conditions -3.6 (expected 2.3; last 1.7). November Machine Tool Orders -7.8% yr/yr (last -5.5%)
New Zealand's October Visitor Arrivals 6.8% m/m (last 16.6%)
---Equity Markets---
Japan's Nikkei: -0.2%
Hong Kong's Hang Seng: -2.2%
China's Shanghai Composite: -0.9%
India's Sensex: -0.1%
South Korea's Kospi: -0.7%
Australia's ASX All Ordinaries: -0.5%
---FX---
USD/JPY: +0.2% to 136.79
USD/CNH: +0.1% to 6.9770
USD/INR: +0.1% to 82.53
Europe: DAX -0.4%, FTSE -0.3%, CAC -0.4%
Major European indices trade near their flat lines while Spain's IBEX (-0.5%) underperforms. British Finance Minister Hunt warned that his country's economy is expected to weaken before improving. French President Macron said that pension reform plans will be announced on January 10. Microsoft acquired a stake in the London Stock Exchange. Fitch affirmed the U.K.'s AA- rating with a Negative outlook.
In economic data:
U.K.'s October GDP 0.5% m/m (expected 0.4%; last -0.6%); 1.5% yr/yr (expected 1.4%; last 1.3%). October Industrial Production 0.0% m/m (expected 0.1%; last 0.2%); -2.4% yr/yr (expected -2.8%; last -3.1%). October Manufacturing Production 0.7% m/m (expected 0.1%; last 0.0%); -4.6% yr/yr (expected -5.4%; last -5.8%). October Construction Output 0.8% m/m (expected 0.1%; last 0.4%); 7.4% yr/yr (expected 6.5%; last 5.6%). October trade deficit GBP14.48 bln (expected deficit of GBP15.65 bln; last deficit of GBP15.66 bln)
---Equity Markets---
STOXX Europe 600: -0.5%
Germany's DAX: -0.4%
U.K.'s FTSE 100: -0.3%
France's CAC 40: -0.4%
Italy's FTSE MIB: -0.1%
Spain's IBEX 35: -0.5%
---FX---
EUR/USD: +0.3% to 1.0567
GBP/USD: -0.1% to 1.2271
USD/CHF: -0.1% to 0.9320
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