Америка сегодня. Пособия по безработице. Индекс цен на Экспорт / Импорт.

Equity indices in the Asia-Pacific region ended Thursday on a mostly lower note while Japan's Nikkei (+0.3%) bucked the trend thanks to an overnight retreat in the yen. The Japanese currency remains lower by 0.2% against the dollar at 114.56 after hitting 114.94 in early morning action. Participants received a solid dose of economic news, which showed a mixed inflation picture in China, as February producer prices increased a hotter-than-expected 7.8% year-over-year (expected 7.7%) while CPI increased 0.8% year-over-year (expected 1.7%; last 2.5%). Also of note, press reports from China indicate the non-performing loan ratio may climb to 1.8% in 2017 from last year's 1.7%.

• In economic data:
  • China's February PPI +7.8% year-over-year (consensus 7.7%; last 6.9%). February CPI -0.2% month-over-month (expected 0.6%; last 1.0%); +0.8% year-over-year (expected 1.7%; last 2.5%). M2 Money Stock +11.1% year-over-year (consensus 11.4%; last 11.3%) and February New Loans CNY1.17 trillion (expected CNY920 billion; last CNY2.03 trillion)
  • Japan's January Overtime Pay +0.2% year-over-year (last -1.9%) and Average Cash Earnings +0.5% year-over-year (consensus 0.3%; last 0.5%). Machine Tool Orders +9.1% year-over-year (last 3.5%)

---Equity Markets---

• Japan's Nikkei added 0.3%, snapping a four-session skid. SUMCO led the way with a 5.1% surge. Exporters like Yokohama Rubber, Olympus, Suzuki Motor, and Bridgestone also outperformed amid yen weakness, rising between 2.1% and 3.8%. On the downside, Toshiba tumbled 7.1% amid concerns the company will book a larger than feared loss for its U.S. nuclear operations. The stock was also pressured by speculation that the company's Q3 earnings report will be delayed even more.
• Hong Kong's Hang Seng fell 1.2%, returning to levels from early February. Just about every index component ended lower with energy-related names like China Petrol & Chemical, China Shenhua Energy, PetroChina, and China Resources Power losing between 2.0% and 3.4%.
• China's Shanghai Composite lost 0.7%. China Railway Hi-tech Industry, Lingyun Industrial, COSCO Shipping Specialized Carriers, Huaxin Cement, and Offshore Oil Engineering lost between 3.7% and 4.2%.
• India's Sensex added 0.1%, remaining inside a narrow range that has held for nearly a month. Maruti Suzuki gained 1.7% while financials like SBI, AXIS Bank, and HDFC Bank added between 0.3% and 1.3%. ICICI Bank lost 0.5% while Dr Reddy's Labs was the weakest performer, falling 5.0%.

---FX---

• USDJPY +0.3% to 114.65
• USDCNY UNCH at 6.9102
• USDINR -0.1% to 66.777

• Northwell Health's Feinstein Institute for Medical Research and United Therapeutics Corporation (UTHR) announced a strategic partnership focused on the application of bioelectronic medicine and cell therapy to cardiology, hypertension and post-transplant tolerance induction.
• Cellcom Israel Ltd. (CEL) announced that following previous reports regarding a 3G and 4G network sharing and 2G hosting services agreement with Electra Consumer Products Ltd., or Electra, to be adopted by Golan Telecom Ltd., or Golan Telecom, upon and subject to Golan Telecom's share capital being purchased by Electra, both the Network Sharing Agreement and the Share Purchase Agreement were approved by the Israeli Antitrust commissioner. The agreements further require the approval of the Israeli Ministry of Communications.
• Leidos (LDOS) announced it was awarded an indefinite-delivery/indefinite-quantity (IDIQ) contract from the U.S. Air Force to provide research and development for electromagnetic systems. This cost-plus-fixed-fee IDIQ contract has a five-year base period of performance with a total contract value of $38 million that includes an initial cost-plus-fixed-fee task order for $11 million. Work will primarily be performed at Kirtland Air Force Base, N.M. for the Air Force Research Laboratory.

• Kratos Defense & Security Solutions (KTOS) announced that its Unmanned Systems Division recently received a $5.6 mln contract award from a U.S. Government Agency for High Performance Unmanned Aerial Target Drone Systems. Kratos is a leading provider of high performance jet powered unmanned aerial drone systems, vehicles and aircraft for tactical and weapon systems exercise. Under the contract award, the Unmanned Aerial Drone Systems will be produced in a secure Kratos manufacturing facility. Due to customer related and other considerations, no additional information will be provided related to this contract award.
• Constant Contact, an Endurance International Group (EIGI) company, announced the launch of its email marketing services in India. Constant Contact aims to support this market fully and help small businesses in India build successful, lasting customer relationships.
• The Tata Motors Group (TTM) global wholesales in February 2017, including Jaguar Land Rover, were at 103,064 nos., higher by 3%, over February 2016. Cumulative wholesales for the fiscal were 1,025,301 nos., higher by 9%, over FY15-16.
• Galena Biopharma (GALE) announced it has engaged Canaccord Genuity, Inc. as its financial advisor to assist in the previously announced strategic alternative review process. Additionally, the co disclosed that it will issue its financial results for the fourth quarter and year-end 2016.

The cautious sentiment that has defined the week thus far continues this morning as equity futures point to a lower open for Thursday's session. The S&P 500 futures trade three points below fair value.

Crude oil headlined Wednesday's action, plunging 5.3%, after the latest inventory report from the Energy Information Administration (EIA) showed a huge build of 8.2 million barrels (consensus +2.0 million). The bearish sentiment has carried over into Thursday morning with the energy component trading 2.3% lower at $49.13/bbl.

U.S. Treasuries trade relatively flat this morning after giving up some ground yesterday following the hotter than expected ADP National Employment Report for February (298,000 vs 188,000 est.), which provided further justification for the anticipated March rate hike. The benchmark 10-yr yield is unchanged at 2.56%.

Also of note, the European Central Bank just released its latest policy directive, leaving rates unchanged, as was widely expected. ECB President Draghi will hold a call at 8:30 ET.

On the data front, investors will receive February Export/Import Prices and Initial Claims (Briefing.com consensus 240,000) at 8:30 ET.

In U.S. corporate news:

• Tailored Brands (TLRD 16.83, -6.54): -28.0% after missing top and bottom line estimates in addition to issuing downbeat guidance. The company, which owns Men's Wearhouse and Jos. A. Bank, also noted that it is in negotiations to restructure its Macy's (M 31.88, +0.11) tuxedo agreement, which hasn't ramped.
• Staples (SPLS 8.79, -0.17): -1.9% after reporting worse than expected revenues.
• Signet Jewelers (SIG 63.00, -1.40): -2.2% after issuing disappointing guidance. 
• Camping World Holdings (CWH 33.86, -1.63): -4.6% after missing revenue estimates. 

Reviewing overnight developments:

• Equity indices in the Asia-Pacific region ended Thursday on a mostly lower note while Japan's Nikkei bucked the trend thanks to an overnight retreat in the yen. Japan's Nikkei +0.3%, Hong Kong's Hang Seng -1.2%, China's Shanghai Composite -0.7%, India's Sensex +0.1%.
  • In economic data:
    • China's February PPI +7.8% year-over-year (consensus 7.7%; last 6.9%). February CPI -0.2% month-over-month (expected 0.6%; last 1.0%); +0.8% year-over-year (expected 1.7%; last 2.5%). M2 Money Stock +11.1% year-over-year (consensus 11.4%; last 11.3%) and February New Loans CNY1.17 trillion (expected CNY920 billion; last CNY2.03 trillion)
    • Japan's January Overtime Pay +0.2% year-over-year (last -1.9%) and Average Cash Earnings +0.5% year-over-year (consensus 0.3%; last 0.5%). Machine Tool Orders +9.1% year-over-year (last 3.5%)
  • In news:
    • Participants received a solid dose of economic news, which showed a mixed inflation picture in China.
    • Also of note, press reports from China indicate the non-performing loan ratio may climb to 1.8% in 2017 from last year's 1.7%.

• Major European indices trade mostly lower while Spain's IBEX outperforms, extending to levels not seen since late 2015. UK's FTSE -0.8%, Germany's DAX -0.2%, France's CAC -0.3%, Spain's IBEX +0.4%.
  • Economic data was limited:
    • France's Q4 Nonfarm Payrolls +0.4% quarter-over-quarter, as expected (last 0.4%)
    • Swiss February Unemployment Rate held at 3.3%, as expected
  • In news:
    • The European Central Bank decided to leave interest rates unchanged, as expected. The euro is up 0.1% against the dollar at 1.0551.
    • Greek government spokesman Dimitris Tzanakopoulos said the government hopes to have a staff-level deal in time for the Eurogroup meeting on March 20.
    • Scottish First Minister Nicola Sturgeon pointed to the fall as a likely time for a second Scottish independence referendum; however, a decision to call a second vote has yet to be made.

• KBR, Inc. (KBR) announced that its Government Services business, KBRwyle, has been notified it was one of eleven awardees of a multi-award task order contract by the U.S. Air Force's Civil Engineer Center for engineering and construction services in support of U.S. military operations worldwide. Under the Worldwide Engineering & Construction (WE&C) contract, KBRwyle will have the opportunity to compete on task orders to provide a range of design, construction and engineering services for the U.S. Air Force. The contract has a five-year base period and three one-year options with a maximum ceiling value of $950 million.
• WellCare Health Plans (WCG) announced today that it expects the additional interest expense and the financing costs associated with the new 5.25% senior unsecured notes due 2025 net of the reduction in interest expense resulting from the anticipated use of proceeds therefrom to redeem and repay WellCare's outstanding indebtedness to be approximately ($0.16) per diluted share in 2017. These additional expenses do not require WellCare to change its previously issued 2017 guidance for adjusted earnings per share of $6.00 to $6.25 per diluted share. Additionally, in connection with the redemption and repurchase of its outstanding $900.0 million in principal amount of 5.75% notes due 2020, WellCare will incur a one-time loss on extinguishment of debt of approximately ($0.36) per diluted share related to the redemption premium, write-off of associated deferred financing costs and write-off of associated premiums paid on the 2020 notes. This one-time charge will be excluded from WellCare's adjusted earnings per diluted share.
• Currencycloud, the world's leading cross border payments platform today announced £20 million (US $25M) in Series D funding with a new investment from GV (formerly Google (GOOG) Ventures) and additional funding from the existing investors — Notion Capital, Sapphire Ventures, Rakuten FinTech Fund, and Anthemis. Total investment in the five-year-old company now stands at £44 million ($61 million).

Gapping up
In reaction to strong earnings/guidance:

• VVUS +24%, BETR +21.8%, ELF +21.1%, NWPX +11.3%, SMTC +10.8%, SHLD +6.8%, CMTL +4.7%
• ERJ +4.1%, PRTY +3.9%, GMS +3.8%, SKIS +3.3%, UNFI +3.1%, ERII +2.3%, CRIS +2%
• KEYW +1.9%, (ALSO KEYW Holding signs a definitive agreement to acquire Sotera Defense Solutions in an all-cash transaction valued at approx. $235 miln)
• IMOS +1.9%, BSTG +1.7%, INAP +0.9%

M&A news:

• CNQ +2% (purchases Canadian Sands Assets from MRO and Shell), . 

Other news:

• APRI +24.1% (completes sale of its ex-U.S. assets and rights related to Vitaros to Ferring International; co will retain its Vitaros rights in the U.S. and it remains on track to re-submit the Vitaros NDA to the FDA in the third quarter of 2017)
• OCRX +20% (rebounding after yesterday's decline)
• PXLW +3.9% (following late move higher)
• FOLD +3.9% ( commences the commercial launch of the precision medicine Galafold in Italy following the final publication of reimbursement guidelines by the Ministry of Health ), RAD +3.7% (rebounding after yesterday's decline)
• GNC +3.1% (Chief Innovation Officer disclosed purchase of 29500 shares worth approx $230K)
• KEYW +1.9% (KEYW Holding signs a definitive agreement to acquire Sotera Defense Solutions in an all-cash transaction valued at approx. $235 miln)
• AIG +1.9% (announced President and CEO Peter D. Hancock plans to resign)
• VRX +1% (launches an offering of $2.5 bln senior secured notes in 2 tranches )

Analyst comments:

• HIMX +3.1% (upgraded to Buy at Mizuho)
• .XOG +2.1% (upgraded to Buy from Neutral at Citigroup)
• ERIC +2% (upgraded to Buy at Goldman)
• TEF +1% (upgraded to Buy from Hold at Deutsche Bank)

Gapping down
In reaction to disappointing earnings/guidance:

• TLRD -27.9%, HZN -23.6%, RATE -13.2%, SPPI -12.4%, NSYS -12.1%, (thinly traded)
• CGNT -11.8%, CSTM -6.7%, VNET -6.5%, WATT -6.3%, PLUG -5.7%, PME -5.3%, PCOM -4.6%
• HEAR -4.3%, SPLS -3.9%, TVIA -3.8%, (also TerraVia, Bunge (BG), and BioMar Group expand their distribution agreement for AlgaPrime DHA; 'making the product commercially available at scale to salmon farmers and other participants in the aquaculture industry')
• RUN -3.6%, FGP -3.4%, FCEL -3.3%, SFS -2.8%, TNDM -2.3%, (also files $57.5 mln share common stock offering)
• COKE -2%, FMSA -1.8%, XXII -1.1%, SHLO -1.1%

Select metals/mining stocks trading lower:

• SBGL -3.4%, VALE -2.5%, AU -2.5%, FCX -2.2%, BBL -2.1%, BHP -2.1%, X -2%, CLF -1.8%, RIO -1.6%, HMY -1.4%, GFI -1.3%, AA -0.8%

Select oil/gas related names showing early weakness:

• FRO -3.8%, SM -3.8%, WLL -3%, NE -2.6%, ESV -2.6%, RDS.A -2.2%, DVN -2%, PBR -1.9%, RIG -1.5%, CHK -1.4%, TOT -1.1%

Other news:

• NSPR -23.9% (filed a Notice of Effectiveness for a Form S-1)
• BCRX -4.3% (to sell $45 mln of its common stock in an underwritten public offering)
• PLNT -3.9% (commences 15 mln common stock offering by selling stockholders)
• AAL -1.1% (reported Q1 traffic)
• PATK -0.8% (prices 1.35 mln shares of common stock at $73.00 per share), .

Analyst comments:

• GES -2.3% (downgraded to Underperform from Neutral at Mizuho)
• BIIB -2% (initiated with a Sell at UBS)

The S&P 500 futures trade two points below fair value.

Just in, import prices excluding oil rose 0.3% in February after ticking down 0.1% in January (revised from -0.2%). Export prices excluding agriculture increased 0.3% in February after rising 0.2% in January (revised from +0.1%).

Separately, the latest weekly initial jobless claims count totaled 243,000 while the Briefing.com consensus expected a reading of 240,000. Today's tally was above the unrevised prior week count of 223,000. As for continuing claims, they declined to 2.058 million from the revised count of 2.064 million (from 2.066 million). 

Gapping up
In reaction to strong earnings/guidance:

• VVUS +24%, BETR +21.8%, ELF +21.1%, NWPX +11.3%, SMTC +10.8%, SHLD +6.8%, CMTL +4.7%
• ERJ +4.1%, PRTY +3.9%, GMS +3.8%, SKIS +3.3%, UNFI +3.1%, ERII +2.3%, CRIS +2%
• KEYW +1.9%, (ALSO KEYW Holding signs a definitive agreement to acquire Sotera Defense Solutions in an all-cash transaction valued at approx. $235 miln)
• IMOS +1.9%, BSTG +1.7%, INAP +0.9%

M&A news:

• CNQ +2% (purchases Canadian Sands Assets from MRO and Shell), . 

Other news:

• APRI +24.1% (completes sale of its ex-U.S. assets and rights related to Vitaros to Ferring International; co will retain its Vitaros rights in the U.S. and it remains on track to re-submit the Vitaros NDA to the FDA in the third quarter of 2017)
• OCRX +20% (rebounding after yesterday's decline)
• PXLW +3.9% (following late move higher)
• FOLD +3.9% ( commences the commercial launch of the precision medicine Galafold in Italy following the final publication of reimbursement guidelines by the Ministry of Health ), RAD +3.7% (rebounding after yesterday's decline)
• GNC +3.1% (Chief Innovation Officer disclosed purchase of 29500 shares worth approx $230K)
• KEYW +1.9% (KEYW Holding signs a definitive agreement to acquire Sotera Defense Solutions in an all-cash transaction valued at approx. $235 miln)
• AIG +1.9% (announced President and CEO Peter D. Hancock plans to resign)
• VRX +1% (launches an offering of $2.5 bln senior secured notes in 2 tranches )

Analyst comments:

• HIMX +3.1% (upgraded to Buy at Mizuho)
• XOG +2.1% (upgraded to Buy from Neutral at Citigroup)
• ERIC +2% (upgraded to Buy at Goldman)
• TEF +1% (upgraded to Buy from Hold at Deutsche Bank)

Gapping down
In reaction to disappointing earnings/guidance:

• TLRD -27.9%, HZN -23.6%, RATE -13.2%, SPPI -12.4%, NSYS -12.1%, (thinly traded)
• CGNT -11.8%, CSTM -6.7%, VNET -6.5%, WATT -6.3%, PLUG -5.7%, PME -5.3%, PCOM -4.6%
• HEAR -4.3%, SPLS -3.9%, TVIA -3.8%, (also TerraVia, Bunge (BG), and BioMar Group expand their distribution agreement for AlgaPrime DHA; 'making the product commercially available at scale to salmon farmers and other participants in the aquaculture industry')
• RUN -3.6%, FGP -3.4%, FCEL -3.3%, SFS -2.8%, TNDM -2.3%, (also files $57.5 mln share common stock offering)
• COKE -2%, FMSA -1.8%, XXII -1.1%, SHLO -1.1%

Select metals/mining stocks trading lower:

• SBGL -3.4%, VALE -2.5%, AU -2.5%, FCX -2.2%, BBL -2.1%, BHP -2.1%, X -2%, CLF -1.8%, RIO -1.6%, HMY -1.4%, GFI -1.3%, AA -0.8%

Select oil/gas related names showing early weakness:

• FRO -3.8%, SM -3.8%, WLL -3%, NE -2.6%, ESV -2.6%, RDS.A -2.2%, DVN -2%, PBR -1.9%, RIG -1.5%, CHK -1.4%, TOT -1.1%

Other news:

• NSPR -23.9% (filed a Notice of Effectiveness for a Form S-1)
• BCRX -4.3% (to sell $45 mln of its common stock in an underwritten public offering)
• PLNT -3.9% (commences 15 mln common stock offering by selling stockholders)
• AAL -1.1% (reported Q1 traffic)
• PATK -0.8% (prices 1.35 mln shares of common stock at $73.00 per share), .

Analyst comments:

• GES -2.3% (downgraded to Underperform from Neutral at Mizuho)
• BIIB -2% (initiated with a Sell at UBS)

Filings:

• Century Aluminum (CENX) files to withdraw Registration Statement on Form S-3 originally filed on March 7, 2016
• CIBC (CM) filed for $10 bln mixed securities shelf offering
• Editas Medicine (EDIT) files for 800k share common stock offering by the selling stockholders
• Fluidigm (FLDM) files for $125 mln mixed securities shelf offering
• Tandem Diabetes Care (TNDM) files $57.5 mln share common stock offering

Offerings:

• BioCryst Pharma (BCRX) to sell $45 mln of common stock in an underwritten public offering
• Planet Fitness (PLNT) commences 15 mln common stock offering by selling stockholders
• Sinclair Broadcast (SBGI) commences an underwritten public offering of 12.0 million primary shares of Class A common stock
• TG Therapeutics (TGTX) to offer and sell shares of its common stock in an underwritten public offering

Pricings:

• CEL-SCI Corp (CVM 0.11) announces $1.5 mln direct offering; co will issue approx. 15 mln shares of common stock at $0.10/share, Concurrently in a private placement, the Company will issue warrants to purchase up to 15 million shares of its common stock
• Equinix (EQIX 363.43) prices offerings of 5,277,778 shares of common stock at $360.00 per share and $1.25 bln in of its 5.375% Senior Notes due 2027
• Patrick Industries (PATK 75.20) prices 1.35 mln shares of common stock at $73.00 per share

The S&P 500 futures trade in line with fair value.

Equity indices in the Asia-Pacific region ended Thursday on a mostly lower note while Japan's Nikkei (+0.3%) bucked the trend thanks to an overnight retreat in the yen. The Japanese currency remains lower by 0.3% against the dollar at 114.65 after hitting 114.94 in early morning action. Participants received a solid dose of economic news, which showed a mixed inflation picture in China, as February producer prices increased a hotter-than-expected 7.8% year-over-year (expected 7.7%) while CPI increased 0.8% year-over-year (expected 1.7%; last 2.5%). Also of note, press reports from China indicate the non-performing loan ratio may climb to 1.8% in 2017 from last year's 1.7%.

• In economic data:
  • China's February PPI +7.8% year-over-year (consensus 7.7%; last 6.9%). February CPI -0.2% month-over-month (expected 0.6%; last 1.0%); +0.8% year-over-year (expected 1.7%; last 2.5%). M2 Money Stock +11.1% year-over-year (consensus 11.4%; last 11.3%) and February New Loans CNY1.17 trillion (expected CNY920 billion; last CNY2.03 trillion)
  • Japan's January Overtime Pay +0.2% year-over-year (last -1.9%) and Average Cash Earnings +0.5% year-over-year (consensus 0.3%; last 0.5%). Machine Tool Orders +9.1% year-over-year (last 3.5%)

---Equity Markets---

• Japan's Nikkei added 0.3%, snapping a four-session skid. SUMCO led the way with a 5.1% surge. Exporters like Yokohama Rubber, Olympus, Suzuki Motor, and Bridgestone also outperformed amid yen weakness, rising between 2.1% and 3.8%. On the downside, Toshiba tumbled 7.1% amid concerns the company will book a larger than feared loss for its U.S. nuclear operations. The stock was also pressured by speculation that the company's Q3 earnings report will be delayed even more.
• Hong Kong's Hang Seng fell 1.2%, returning to levels from early February. Just about every index component ended lower with energy-related names like China Petrol & Chemical, China Shenhua Energy, PetroChina, and China Resources Power losing between 2.0% and 3.4%.
• China's Shanghai Composite lost 0.7%. China Railway Hi-tech Industry, Lingyun Industrial, COSCO Shipping Specialized Carriers, Huaxin Cement, and Offshore Oil Engineering lost between 3.7% and 4.2%.
• India's Sensex added 0.1%, remaining inside a narrow range that has held for nearly a month. Maruti Suzuki gained 1.7% while financials like SBI, AXIS Bank, and HDFC Bank added between 0.3% and 1.3%. ICICI Bank lost 0.5% while Dr Reddy's Labs was the weakest performer, falling 5.0%.

Major European indices trade mostly lower while Spain's IBEX (+0.8%) outperforms, extending to levels not seen since late 2015. The European Central Bank released its latest policy directive earlier this morning, leaving rates unchanged, as was widely expected. The euro is up 0.2% against the dollar at 1.0564. Elsewhere, Greek government spokesman Dimitris Tzanakopoulos said the government hopes to have a staff-level deal in time for the Eurogroup meeting on March 20. Also of note, Scottish First Minister Nicola Sturgeon pointed to the fall as a likely time for a second Scottish independence referendum; however, a decision to call a second vote has yet to be made.

• Economic data was limited:
  • France's Q4 Nonfarm Payrolls +0.4% quarter-over-quarter, as expected (last 0.4%)
  • Swiss February Unemployment Rate held at 3.3%, as expected

---Equity Markets---

• UK's FTSE is lower by 0.5% with miners, energy names, and select consumer stocks leading the retreat. BHP Billiton, Anglo American, Glencore, Antofagasta, Rio Tinto, and Fresnillo are down between 0.2% and 5.4% while Royal Dutch Shell and BP are down 2.8% and 1.7%, respectively. Food retailers like Morrison Supermarkets, Sainsbury, and Tesco show losses between 1.2% and 5.9% after Morrison reported disappointing results.
• Germany's DAX trades near its flat line. BMW is down 3.1% after missing quarterly expectations while peers Volkswagen and Daimler show respective losses of 1.2% and 0.6%. On the upside, Adidas, Lufthansa, and Deutsche Bank are up between 0.8% and 2.9%.
• France's CAC is down 0.1%. Carrefour has slumped 4.6% in reaction to below-consensus results while growth-sensitive names like ArcelorMittal, TechnipFMC, Total, Michelin, Peugeot, and Renault show losses between 0.7% and 2.5%. Financials Credit Agricole, Societe Generale, and BNP Paribas outperform with gains between 0.8% and 1.2%.
• Spain's IBEX trades up 0.8%. Financials have shown relative strength with Caixabank, BBVA, Bankia, Banco Popular, Banco Sabadell, Bankinter, and Santander advancing between 0.5% and 2.2%.