15/12/21 Briefing

The S&P 500 futures trade 13 points, or 0.3%, above fair value on Fed-decision day. The S&P 500 enters the session down 1.7% over the past two sessions amid profit-taking interest and growth concerns.

The FOMC will release its policy statement along with projections for the economy and interest rates at 2:00 p.m. ET. Fed Chair Powell will follow up with a press conference at 2:30 p.m. ET. Expectations for the Fed to announce a more aggressive tapering plan have increased in light of hot inflation data and comments from Mr. Powell last week.

Before the Fed, investors will receive a large batch of economic data, starting with Retail Sales for November (Briefing.comconsensus 0.8%), Import and Export Prices for November, and the Empire State Manufacturing Survey for December (Briefing.comconsensus 25.0) at 8:30 a.m. ET.

Afterwards, the NAHB Housing Market Index for December and Business Inventories for October (Briefing.comconsensus 1.0%) will be released at 10:00 a.m. ET, followed by Net Long-Term TIC Flows for October at 4:00 p.m. ET.

In other developments, Eli Lilly (LLY 260.00, +10.62, +4.3%) provided upbeat guidance, while Lowe's (LOW 242.35, -10.11, -4.0%) provided underwhelming guidance. Congress passed the bill to raise the debt ceiling by $2.5 trillion, which will be enough to get the Treasury through early 2023.

U.S. Treasuries trade near their flat lines. The 2-yr yield is up one basis point to 0.67%, and the 10-yr yield is up one basis point to 1.45%. The U.S. Dollar Index is down 0.1% to 96.49. WTI crude futures are down 1.1%, or $0.78, to $69.95/bbl amid lingering demand concerns.

In U.S. Corporate news:

• Eli Lilly (LLY 260.00, +10.62): +4.3% after issuing upside guidance for FY21 and FY22.

• Lowe's (LOW 242.35, -10.11): -4.0% after reaffirming below-consensus revenue guidance for FY22 and issuing underwhelming guidance for FY23.

• Nucor (NUE 117.00, -1.42): -1.2% after issuing downside guidance for Q4.

• Booking Holdings (BKNG 2165.05, +40.12): +1.9% after the stock was upgraded to Overweight from Neutral at JP Morgan.

• CMC Materials (CCMC 180.05, +34.08): +23.4% after agreeing to be acquired by Entegris (ENTG 138.99, -4.23, -3.0%) for an enterprise value of roughly $6.5 billion in cash and stock.

Reviewing overnight developments:

• Equity indices in the Asia-Pacific region ended the midweek session on a mostly lower note. Japan's Nikkei: +0.1% Hong Kong's Hang Seng: -0.9% China's Shanghai Composite: -0.4% India's Sensex: -0.6% South Korea's Kospi: +0.1% Australia's ASX All Ordinaries: -0.8%.

  • In economic data:

    • China's November Retail Sales 3.9% yr/yr (expected 4.6%; last 4.9%), November Industrial Production 3.8% yr/yr (expected 3.6%; last 3.5%), November Fixed Asset Investment 5.2% yr/yr (expected 5.4%; last 6.1%), and November House Prices 3.0% yr/yr (last 3.4%)

    • South Korea's November trade surplus $3.06 bln (last surplus of $3.09 bln). November Imports 43.6% yr/yr (last 43.6%) and Exports 32.0% yr/yr (last 32.1%). November Unemployment Rate 3.1% (last 3.2%)

    • India's November trade deficit $22.91 bln (expected deficit of $23.15 bln; last deficit of $23.27 bln)

    • Australia's December Westpac Consumer Sentiment -1.0% (last 0.6%)

    • New Zealand's Q3 Current Account deficit 4.6% of GDP (expected 4.5% of GDP; last 3.3% of GDP)

    • Singapore's Q3 Unemployment Rate 2.6% (last 2.6%)

• In news:

  • Bank of Japan Governor Kuroda acknowledged that prices of domestic corporate goods are rising significantly and the BoJ conducted its third consecutive repurchase operation.

  • Reserve Bank of New Zealand Governor Orr said that house prices in New Zealand are above sustainable levels and vulnerable to a correction.

  • Japan's Prime Minister Kishida acknowledged that inflated construction data was used in GDP calculations.

  • Bank of Korea Governor Lee will hold his briefing on inflation tomorrow.

• Major European indices trade in mixed fashion with Spain's IBEX (-0.7%) showing relative weakness. STOXX Europe 600: +0.4% Germany's DAX: +0.3% U.K.'s FTSE 100: -0.2% France's CAC 40: +0.6% Italy's FTSE MIB: +0.4% Spain's IBEX 35: -0.7%.

  • In economic data:

    • U.K.'s November CPI 0.7% m/m (expected 0.4%; last 1.1%); 5.1% yr/yr (expected 4.7%; last 4.2%). November Core CPI 0.5% m/m (expected 0.3%; last 0.7%); 4.0% yr/yr (expected 3.7%; last 3.4%). November Input PPI 1.0% m/m (expected 0.5%; last 1.6%) and Output PPI 0.9% m/m (expected 0.8%; last 1.5%)

    • Germany's November WPI 1.3% m/m (last 1.6%); 16.6% yr/yr (last 15.2%)

    • France's November CPI 0.4% m/m, as expected (last 0.4%); 2.8% yr/yr, as expected (last 2.6%)

    • Italy's November CPI 0.6% m/m (expected 0.7%; last 0.7%); 3.7% yr/yr (expected 3.8%; last 3.8%)

    • Spain's November CPI 0.3% m/m (expected 0.4%; last 1.8%); 5.5% yr/yr (expected 5.6%; last 5.4%)

• In news:

  • The U.K.'s CPI was above target for the fourth consecutive month ahead of Thursday's Bank of England policy meeting.

  • France raised its 2021 domestic growth forecast to 6.7% from 6.25%.

  • The European Central Bank continues projecting that inflation will be back below 2.0% in 2023.

  • Italy's Prime Minister Draghi said that more funds will be spent to offset higher household energy bills.

U.S. equity futures:

• S&P 500 Futures: +2 @ 4,637

• DJIA Futures: -14 @ 35,531

• Nasdaq 100 Futures: -7 @ 15,908

Overseas:

• Europe: DAX +0.3%, FTSE -0.2%, CAC +0.6%

• Asia: Nikkei +0.1%, Hang Seng -0.9%, Shanghai Composite -0.4%
  

Commodities:

• Crude Oil -0.79 @ 69.94

• Nat Gas +0.163 @ 3.910

• Gold -1.50 @ 1770.80

• Silver -0.072 @ 21.852

• Copper -0.0593 @ 4.1982

U.S. Summary:

• Earnings/Guidance (Full Earnings Calendar):

  • ABM Industries (ABM) beats by $0.04, beats on revs; guides FY22 EPS in-line

  • Boxed (BOXD) provides Q3 operating metrics, revenue rose 20% yr/yr to $49.0 mln

  • Brinks (BCO) reaffirms FY21 revenue revenue guidance and provides longer term guidance

  • CleanSpark (CLSK) misses by $0.16; beats on revs

  • Cohu (COHU) updates mid-term financial target models to annual revenue of $1.0 bln and non-GAAP EPS of $4.00

  • Eli Lilly (LLY) provides better than expected outlook in investor presentation

  • Lennox Int'l (LII) reaffirms FY21 EPS guidance; sees FY22 guidance in line

  • Lowe's (LOW) reaffirms FY22 revenue guidance; sees FY23 EPS/rev guidance in line

  • Nucor (NUE) sees Q4 EPS below consensus

  • REV Group (REVG) misses by $0.02, misses on revs; guides FY22 revs below consensus

  • SkillSoft (SKIL) reports Q3 results, adjusted revenue up 6% yr/yr to $179 mln, raises FY22 adjusted revenue and bookings guidance

  • SMART Global (SGH) reaffirms NovQ prior guidance

• General News:

  • Fed is expected to announce faster tapering this afternoonamid inflation concerns, according to Bloomberg

  • Senate votes to increase debt ceiling by $2.5 trillion, according to CNBC

  • President Biden and Senator Joe Manchin (D-WV) are "deadlocked" regarding Build Back Better Act talks over disagreements of length of programs. Vote will likely need to be delayed until 2022, according to Axios

  • US to add eight additional China companies to blacklist, according to Financial Times

  • The Biden administration is considering new sanctions against China's SMIC, according to Bloomberg

  • Economists feel housing demand will be strong for years because millennials now represent half of all home purchases, according to the Wall Street Journal

  • AbbVie (ABBV) receives FDA approval for RINVOQ

  • Alcoa (AA) de-risks certain US pension plans through additional annuity contracts

  • Apellis Pharmaceuticals (APLS) and Sobi receive EU approval of Aspaveli

  • atai Life Sciences N.V. (ATAI) announced that Apeiron Investment Group, the family office of its Founder and Chairman, has decided to voluntarily extend its lock-up for all of its pre-IPO common shares for another 24 months

  • Atea Pharmaceuticals (AVIR) introduces updated program for AT-527 in COVID-19; to close out Phase 3 MORNINGSKY trial

  • Aurora Cannabis (ACB) and 22nd Century Group (XXII) announce IP license agreement with Cronos Group (CRON)

  • BeiGene (BGNE) receives authorization in UK for BRUKINSA

  • BeyondSpring (BYSI) announces new data highlighting the mechanism of action of plinabulin in the prevention of chemotherapy-induced neutropenia

  • Canaan (CAN) secured purchase order of 30,000 Bitcoin mining machines

  • Capital One (COF) reports November card metrics

  • Cerence (CRNC) promotes Dr. Stefan Ortmanns to Chief Executive Officer and Director

  • Conn's (CONN) announces authorization of $150 million share repurchase program

  • Cummins (CMI) authorizes share repurchase up to $2 bln in shares of common stock upon completion of its 2019 $2 bln share repurchase program

  • Digital World Acquisition Corp (DWAC): Trump Media & Technology Group enters into technology and cloud services agreement with Rumble

  • Eli Lilly (LLY): mirikizumab met the primary endpoint of clinical remission and all key secondary endpoints at one year in Phase 3 maintenance study for patients with active ulcerative colitis

  • Eos Energy (EOSE) names Randall B. Gonzales CFO, effective January 11, 2022

  • Equity Commonwealth (EQC) authorizes an additional $150 mln for share repurchases through December 31, 2022

  • Fortune Brands Home & Security (FBHS) increases quarterly dividend 7.7% to $0.28/share

  • Genesco (GCO) signs three-year licensing agreement with ETONIC

  • GrowGeneration (GRWG) announces retirement of COO Tony Sullivan, effective immediately

  • Incyte (INCY) announces FDA acceptance and Priority Review of sNDA for ruxolitinib cream 1.5% for treatment of vitiligo

  • Intelligent Systems (INS) is changing its name to CoreCard Corporation, anticipates using new ticker "CCRD" on Dec. 29, 2021

  • JPMorgan Chase (JPM) reports November card metrics

  • KBR (KBR) awarded eight prime contracts on GSA's ASTRO program

  • KULR Technology (KULR) received three-year multi-million dollar deployment order for its Passive Propagation Resistant solution suite from Volta Energy Products, a subsidiary of Viridi Parente

  • Laureate Education (LAUR) raises existing share repurchase program to $600 mln up from $500 mln previously

  • Medtronic (MDT) receives FDA warning letter for its Diabetes Business headquarters

  • Merck (MRK): European Commission approves Merck's VAXNEUVANCE for individuals 18 years of age and older

  • MFA Financial (MFA) increases quarterly cash dividend to $0.11/share from $0.10/share

  • Motorola Solutions (MSI) CEO adopted a stock trading plan in accordance with Rule 10b5-1

  • Myriad Genetics (MYGN) promotes Nicole Lambert to COO

  • Nikola Corp (NKLA) tweets that pre-series BEV trucks came off-the-line at the NikolaCoolidgeFacility

  • Northern Oil & Gas (NOG) announced a long-term base dividend growth plan with base dividend growth plan ~20% avg growth per quarter) through 2023

  • Nuvation Bio (NUVB): FDA grants Fast Track designation to NUV-422 for treatment of patients with high-grade gliomas

  • Ocugen (OCGN) reports new data suggest COVAXIN (BBV152) vaccine candidate generates robust immune memory to COVID-19 and variants of concern for at least six months after vaccination

  • Oppenheimer Holdings (OPY) declares special cash dividend of $1.00/share

  • Pangea Logistics Solutions (PANL) announces the passing of CEO and founder Ed Coll

  • Pfizer (PFE) announces FDA approval of XELJANZ for treatment of active ankylosing spondylitis

  • Raytheon Technologies (RTX) awarded $270 mln Navy contract

  • REE Automotive (REE) forms strategic agreement with Hitachi America to accelerate the adoption of EVs

  • Sanofi (SNY) and GSK reports preliminary booster data for their COVID-19 vaccine candidate

  • Scientific Games (SGMS) awarded five-year contract for its digital second-chance drawing platform and services by the Connecticut Lottery Corporation

  • Tesla (TSLA): A taxi company suspends Tesla fleet, according to Electrek

  • Toro (TTC) raises quarterly dividend 14% to $0.30/share

  • Travere Therapeutics (TVTX) Announces Positive Topline Results from the Ongoing Phase 1/2 COMPOSE Study of Pegtibatinase in Classical Homocystinuria

  • UBS (UBS) aiming to close India global banking office, according to Bloomberg

  • Veracyte (VCYT) announces publication of data demonstrating clinical utility of Envisia Genomic Classifier
    

• M&A:

  • Accenture (ACN) to acquire AFD.TECH, an independent network services company specializing in network engineering, ops and services; Financial terms not being disclosed

  • Brown & Brown (BRO) announces acquisition of Rainmaker; terms not disclosed

  • CI Financial Corp (CIXX) to acquire Columbia Pacific Wealth Management and make strategic investment in Columbia Pacific Advisors

  • Entegris (ENTG) and CMC Materials (CCMP) announce a definitive merger agreement under which Entegris will acquire CMC Materials in a cash and stock transaction with an enterprise value of ~$6.5 bln

  • Flywire (FLYW) acquired UK-based software provider WPM; expects deal to be accretive to rev and growth in 2022

  • OneWater Marine (ONEW) has entered into a definitive agreement to acquire a majority interest, in Quality Boats

  • RR Donnelley & Sons (RRD) to be acquired by Chatham Asset Mgmt for $10.85/sh all in cash; terminates prior merger deal with Atlas

  • Rush Enterprises (RUSHA) acquires certain assets of Summit Truck Group for approximately $205 mln; acquisition expected to be immediately accretive to cash flow and earnings

• Syndicate:

  • BELLUS Health (BLU) prices offering of 25 mln shares of common stock at $8.00 per share

  • Coastal Financial (CCB) prices offering of 740,742 shares of its common stock at $40.50 per share

  • Legend Biotech (LEGN) announces public offering of $300.0 mln of ADSs

  • Leslie's (LESL) prices offering of 12,500,000 shares of common stock by certain non-management stockholders

  • LyondellBasell (LYB) files mixed securities shelf offering

  • Stock Yards Bancorp (SYBT) files mixed securities shelf offering

  • Unity Software (U) files for 3,468,362 share common stock offering by selling shareholder

• IPOs:

  • Expected to Price:

    • Samsara (NYSE: IOT): The developer of a connected operations cloud platform that consolidates data from IoT devices is expected to price its 35.0 M share IPO between $20-$23.

Gapping Up/Down

• Gapping up:

  • VIR +6%, XXII +6%, NILE +5.9%, CONN +4.8%, SKIL+4.4%, DWAC +4%, REE +2.7%, PANL +2.7%, INCY+2%, CAN +1.8%, LAZR +1.6%, KBR +1.3%, PFE+1.1%, AVIR +1%, RTX +0.7%, CMI +0.7%, LAUR+0.6%, SNY +0.6%

• Gapping down:

  • LEGN -6.8%, BGNE -6.6%, LESL -5.6%, BOXD -4.4%, RRD -2.8%, AA -1%, TTC -0.8%, SGH -0.5%

Analyst Research (see Upgrades/Downgradescalendarfor full list):

• Upgrades

  • AZEK (AZEK) upgraded to Overweight from Neutral at JP Morgan; tgt raised to $56

  • Booking Holdings (BKNG) upgraded to Overweight from Neutral at JP Morgan; tgt raised to $2690

  • Clarus Corporation (CLAR) upgraded to Outperform from Neutral at Exane BNP Paribas; tgt $33

  • Comerica (CMA) upgraded to Neutral from Underweight at JP Morgan; tgt $95

  • Compass Minerals (CMP) upgraded to Neutral from Sell at Goldman; tgt $51

  • Edwards Lifesciences (EW) upgraded to Buy from Neutral at Citigroup; tgt raised to $142

  • Endeavor Group (EDR) upgraded to Overweight from Equal-Weight at Morgan Stanley; tgt raised to $40

  • Fate Therapeutics (FATE) upgraded to Outperform from Neutral at Wedbush

  • Heritage Commerce Corp. (HTBK) upgraded to Buy from Neutral at DA Davidson; tgt $13.50

  • Host Hotels (HST) upgraded to Neutral from Sell at Goldman; tgt raised to $18

  • Huntsman (HUN) upgraded to Buy from Neutral at Goldman; tgt raised to $43

  • II-VI (IIVI) upgraded to Overweight from Equal-Weight at Morgan Stanley; tgt raised to $82

  • iRhythm (IRTC) upgraded to Buy from Neutral at Citigroup; tgt $120

  • KeyCorp (KEY) upgraded to Buy from Underperform at BofA Securities; tgt raised to $27

  • Masco (MAS) upgraded to Overweight from Equal Weight at Barclays; tgt raised to $83

• Downgrades:

  • Adagio Therapeutics (ADGI) downgraded to Hold from Buy at Stifel; tgt lowered to $9

  • Adagio Therapeutics (ADGI) downgraded to Neutral from Buy at Guggenheim

  • Albemarle (ALB) downgraded to Sell from Neutral at Goldman; tgt raised to $205

  • Comcast (CMCSA) downgraded to Neutral from Buy at Citigroup; tgt lowered to $53

  • Domino's Pizza (DPZ) downgraded to Underweight from Equal Weight at Barclays; tgt lowered to $495

  • EverQuote (EVER) downgraded to Underweight from Neutral at JP Morgan; tgt lowered to $13

  • Gaming and Leisure Properties (GLPI) downgraded to Sector Perform from Sector Outperform at Scotiabank

  • Haemonetics (HAE) downgraded to Neutral from Buy at Citigroup; tgt lowered to $59

  • Hologic (HOLX) downgraded to Neutral from Buy at Citigroup; tgt lowered to $78

  • Installed Building Products (IBP) downgraded to Neutral from Overweight at JP Morgan; tgt $166

  • Jack Henry (JKHY) downgraded to Mkt Perform from Outperform at Raymond James

  • Livent (LTHM) downgraded to Sell from Neutral at Goldman; tgt raised to $23

  • MediaAlpha (MAX) downgraded to Neutral from Overweight at JP Morgan; tgt $16

• Others:

  • Apollo Endosurgery (APEN) initiated with an Outperform at Cowen; tgt $13

  • Athira Pharma (ATHA) initiated with a Neutral at Goldman; tgt $16

  • CenterPoint (CNP) initiated with a Sector Perform at Scotiabank

  • eBay (EBAY) resumed with a Neutral at JP Morgan; tgt $70

  • Gemini Therapeutics (GMTX) initiated with a Buy at H.C. Wainwright; tgt $20

  • Genius Brands (GNUS) initiated with a Buy at Dawson James; tgt $5

  • Whole Earth Brands (FREE) initiated with an Outperform at Cowen; tgt $16

Upcoming Events:

• Econ Data:

  • 07:00 ET: MBA Mortgage Applications Index for Dec. 11 (Briefing.comConsensus NA; Prior 2.0%)

  • 08:30 ET: Retail Sales for Nov (Briefing.comConsensus 0.8%; Prior 1.7%)

  • 08:30 ET: Retail Sales ex-Auto for Nov (Briefing.comConsensus 0.9%; Prior 1.7%0

  • 08:30 ET: Import Price Index for Nov (Briefing.comConsensus NA; Prior 1.2%)

  • 08:30 ET: Import Price Index ex-oil for Nov (Briefing.comConsensus NA; Prior 0.4%)

  • 08:30 ET: Export Price Index for Nov (Briefing.comConsensus NA; Prior 1.5%)

  • 08:30 ET: Export Price Index ex-ag. for Nov (Briefing.comConsensus NA; Prior 1.5%)

  • 08:30 ET: Empire State Manufacturing for Dec (Briefing.comConsensus 25.0; Prior 30.9)

  • 10:00 ET: Business Inventories for Oct (Briefing.comConsensus 1.0%; Prior 0.7%)

  • 10:00 ET: NAHB Housing Market Index for Dec (Briefing.comConsensus 84.0; Prior 83.0)

  • 10:30 ET: EIA Crude Oil Inventories for Dec. 11 (Briefing.comConsensus NA; Prior 0.24M)

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

  • 16:00 ET: Net Long-Term TIC Flows for Oct (Briefing.comConsensus NA; Prior $26.3B)

• Earnings:

  • Wednesday (Dec 15)

    • Morning: ABM REVG TTC

    • Afternoon: HEI LEN NDSN TCOM

• Thursday (Dec 16)

  • Morning: ACN ADBE JBL WOR

  • Afternoon: FDX NX SCS

• Friday (Dec 17)

  • Morning: DRI WGO

Asia & Europe detail:

Asia: Nikkei +0.1%, Hang Seng -0.9%, Shanghai Composite -0.4%

Equity indices in the Asia-Pacific region ended the midweek session on a mostly lower note. Bank of Japan Governor Kuroda acknowledged that prices of domestic corporate goods are rising significantly and the BoJ conducted its third consecutive repurchase operation. Reserve Bank of New Zealand Governor Orr said that house prices in New Zealand are above sustainable levels and vulnerable to a correction. Japan's Prime Minister Kishida acknowledged that inflated construction data was used in GDP calculations. Bank of Korea Governor Lee will hold his briefing on inflation tomorrow.

• In economic data:

  • China's November Retail Sales 3.9% yr/yr (expected 4.6%; last 4.9%), November Industrial Production 3.8% yr/yr (expected 3.6%; last 3.5%), November Fixed Asset Investment 5.2% yr/yr (expected 5.4%; last 6.1%), and November House Prices 3.0% yr/yr (last 3.4%)

  • South Korea's November trade surplus $3.06 bln (last surplus of $3.09 bln). November Imports 43.6% yr/yr (last 43.6%) and Exports 32.0% yr/yr (last 32.1%). November Unemployment Rate 3.1% (last 3.2%)

  • India's November trade deficit $22.91 bln (expected deficit of $23.15 bln; last deficit of $23.27 bln)

  • Australia's December Westpac Consumer Sentiment -1.0% (last 0.6%)

  • New Zealand's Q3 Current Account deficit 4.6% of GDP (expected 4.5% of GDP; last 3.3% of GDP)

  • Singapore's Q3 Unemployment Rate 2.6% (last 2.6%)

---Equity Markets---

• Japan's Nikkei: +0.1%

• Hong Kong's Hang Seng: -0.9%

• China's Shanghai Composite: -0.4%

• India's Sensex: -0.6%

• South Korea's Kospi: +0.1%

• Australia's ASX All Ordinaries: -0.8%

---FX---

• USD/JPY: +0.1% to 113.80

• USD/CNH: UNCH at 6.3702

• USD/INR: +0.4% to 76.32

Europe: DAX +0.3%, FTSE -0.2%, CAC +0.6%

Major European indices trade in mixed fashion with Spain's IBEX (-0.7%) showing relative weakness. The U.K.'s CPI was above target for the fourth consecutive month ahead of Thursday's Bank of England policy meeting. France raised its 2021 domestic growth forecast to 6.7% from 6.25%. The European Central Bank continues projecting that inflation will be back below 2.0% in 2023. Italy's Prime Minister Draghi said that more funds will be spent to offset higher household energy bills.

• In economic data:

  • U.K.'s November CPI 0.7% m/m (expected 0.4%; last 1.1%); 5.1% yr/yr (expected 4.7%; last 4.2%). November Core CPI 0.5% m/m (expected 0.3%; last 0.7%); 4.0% yr/yr (expected 3.7%; last 3.4%). November Input PPI 1.0% m/m (expected 0.5%; last 1.6%) and Output PPI 0.9% m/m (expected 0.8%; last 1.5%)

  • Germany's November WPI 1.3% m/m (last 1.6%); 16.6% yr/yr (last 15.2%)

  • France's November CPI 0.4% m/m, as expected (last 0.4%); 2.8% yr/yr, as expected (last 2.6%)

  • Italy's November CPI 0.6% m/m (expected 0.7%; last 0.7%); 3.7% yr/yr (expected 3.8%; last 3.8%)

  • Spain's November CPI 0.3% m/m (expected 0.4%; last 1.8%); 5.5% yr/yr (expected 5.6%; last 5.4%)

---Equity Markets---

• STOXX Europe 600: +0.4%

• Germany's DAX: +0.3%

• U.K.'s FTSE 100: -0.2%

• France's CAC 40: +0.6%

• Italy's FTSE MIB: +0.4%

• Spain's IBEX 35: -0.7%

---FX---

• EUR/USD: +0.1% to 1.1274

• GBP/USD: +0.2% to 1.3256

• USD/CHF: +0.1% to 0.9243