Америка сегодня. Индексы цен производителей.

 European MarketsFTSE...7374.12...+7.10...+0.10%.  DAX...11976.51...-13.50...-0.10%.

 Genesee & Wyoming initiated with a Market Perform at Wells Fargo  (70.13)

 Expeditors Intl initiated with a Market Perform at Wells Fargo  (56.78)

 

 

 

 Early Research Calls

Downgrades:

• Mobileye (MBLY 63.54) downgraded to Sell from Buy at Dougherty & Company following co's merger news with Intel (INTC)

Misc

• Turning Point Brands (TPB 13.72) target raised to $15 from $14 at FBR & Co. Firm notes the stock has has multiple catalysts that we believe will drive growth over the next few years. These include (1) the rollout of Stoker's MST cans, (2) exposure to the high-growth NewGen space, (3) continued product development, (4) sales force additions and improvements, and (5) growth via potential acquisitions.
• Southern Copper (SCCO 35.64) target raised to $43 from $41 at FBR & Co. Firm notes they are updating our estimates for Southern Copper to incorporate additional information from the company's release of its 10-K earlier this month. They state the positive cost and sustaining capital guidance versus their estimates lead to an increase in their price target. Further more, they believe the shares' current level underappreciates long-term value as the company continues to pursue growth during a softer price environment.

 Mobileye N.V. downgraded to Sector Perform at RBC Capital Mkts; tgt raised to $63.54  (60.62)RBC Capital Mkts downgrades MBLY to Sector Perform from Outperform and raises their tgt to $63.54 from $57 as they expect the Intel (INTC) deal to close. Remaining in firm's coverage the other players with ADAS/autonomous businesses are DLPH and ALV. DLPH could be a beneficiary here as they have partnerships with both MBLY and INTC and could become a go-to Tier 1 for the INTC/MBLY products. With respect to ALV, bulls will want to place a premium on their autonomous efforts. However, firm would be somewhat cautious about doing that to a player they believe is behind from a technology standpoint and now faces a competitor with greater resources. Firm wouldn't be surprised to see further «partnerships» between automotive companies (ie. ALV, Bosch, Conti, etc.) and tech/semi players (Nvidia, NXP, etc.) as players attempt to join resources to solve autonomous driving.

 Texas Roadhouse upgraded to Outperform from Neutral at Robert W. Baird  (40.67)

 Herbalife initiated with a Neutral at Citigroup  (53.67)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Opko Health initiated with a Buy at Guggenheim; tgt $25  (7.92)

 

 

 

 

 

 Asian Markets Close: Nikkei -0.1%, Hang Seng UNCH, Shanghai +0.1%

Equity indices in the Asia-Pacific region ended Tuesday on a mixed note, but all in all, trading ranges were very narrow. In China, the country's National Bureau of Statistics noted that fundamentals of the Chinese economy are improving and that the business environment is in better shape than one year ago. Staying in China, press reports suggest the country will deploy anti-radar equipment to counter US deployment of THAAD missiles in South Korea.

• In economic data:
  • China's January Retail Sales +9.5% year-over-year (consensus 10.5%; last 10.9%), January Industrial Production +6.3% year-over-year (expected 6.2%; previous 6.0%), and January Fixed Asset Investment +8.9% year-over-year (consensus 8.2%; last 8.1%)
  • Australia's NAB Business Confidence 7 (previous 10)
  • South Korea's February Import Price Index +9.1% year-over-year (previous 13.3%) and Export Price Index +4.9% year-over-year (last 7.4%)
  • India's February WPI Inflation 6.55% year-over-year (expected 5.90%; last 5.25%)

---Equity Markets---

• Japan's Nikkei spent the day in a slim range, shedding 0.1%. Toshiba was down nearly 8.0% intraday amid continued speculation that the company's earnings report would be delayed once again; however, the stock rallied to end higher by 0.6% after the company confirmed the delay and announced it will take a JPY712.50 billion writedown. Nisshin Steel Holdings, Familymart, Dentsu, Toyota Motor, Mitsui Fudosan, Isuzu, and Yamaha lost between 1.0% and 2.4%.
• Hong Kong's Hang Seng settled just below its flat line. Property names struggled with New World Development, Hang Lung Properties, SHK Properties, Sino Land, and Henderson Land losing between 0.2% and 2.0%. Casino names displayed strength with Galaxy Entertainment and Sands China rising 1.7% and 2.1%, respectively.
• China's Shanghai Composite ticked up 0.1%. China Enterprise, China Grand Automotive Services, Tibet Tourism, Anhui Conch Cement, Sichuan Languang Development, and Shenyang Commercial City posted gains between 3.1% and 4.4%.
• India's Sensex jumped 1.7% after Prime Minister Narendra Modi's Bharatiya Janata Party won in Uttar Pradesh and Uttarkhand. Mr. Modi will stand for reelection in 2009 and his party's victories are seen as a vote of confidence for his economic agenda. ICICI Bank surged 6.0% while Hindustan Unilever, Larsen & Toubro, Housing Development Finance, Maruti Suzuki, Adami, Wipro, and Infosys gained between 1.5% and 4.5%.

---FX---

• USDJPY +0.2% to 115.07
• USDCNY UNCH at 6.9139
• USDINR -0.4% to 65.895

 

 

 

 

 

 

 

 

 

 

 Early premarket gappersGapping up: DRWI +43.5%, TDW +27.4%, ETRM +19.8%, SBOT +17%, WAC +9.3%, EARS +7.1%, CIE +7%, CBR +6.9%, RTTR +4.7%, YY +4.5%, EGY +3.8%, COKE +3.5%, DSW +3.4%, REN +3%, SCYX +2.3%, PUK +2.2%, F +1.2%, ATRS +1.2%, GRBK +1.2%, GEO +1%, ENOC +0.9%, TRHC +0.8%, VALU +0.8%, HDS +0.7%

Gapping down: ANTH -31.5%, ADPT -22.4%, AUPH -16.5%, CBIO -16.4%, VRX -12.9%, TLYS -12.5%, LNTH -11%, PPHM -8.9%, RYI -8.4%, KNDI -8%, PETX -7.9%, APRI -6.4%, AMPH -5.2%, DOC -4.5%, RBS -4%, CORT -3.6%, BLCM -3.5%, GBT -3.2%, LYG -2.9%, PSO -2.2%, TPVG -2%, ON -1.7%, HMY -1.7%, BCS -1.7%, DB -1.6%, AU -1.2%, RIO -1.2%, HSBC -1%, GFI -1%, MT -0.9%, SAN -0.9%, TWTR -0.9%, COUP -0.9%, AUY -0.8%, BHP -0.8%

 

 

 Mobileye N.V. downgraded to Hold at Needham  (60.62)Needham downgrades MBLY to Hold from Buy following the Intel (INTC) deal. They also view this deal as a positive read-through into the entire ADAS and automotive supply chain, namely: ON Semi, MU, CY, NXPI, NVDA, TSEM, and Infineon (IFNNY). They would bifurcate the market between ADAS and fully autonomous vehicles. While MBLY does have a roadmap for L4 and L5 vehicles, the predominant volume of the vehicles during the next 3-4 years will include L2/L2+ ADAS functionalities aided by regulatory tailwinds.

 

 

 

 

 

 On The Wires

• Baker Hughes (BHI) announced today the commercial release of its TerrAdapt adaptive drill bit, which can deliver dramatic improvements in drilling economics by using automation to mitigate downhole dysfunctions that cause inefficient drilling and costly tool failures. With the industry's first self-adjusting depth-of-cut control elements, the TerrAdapt bit automatically changes its aggressiveness based on the formation through which it is drilling to mitigate vibrations, stick-slip and impact loading. For operators, this means faster, more consistent rates of penetration, longer bit/tool life and significantly reduced non-productive time and invisible lost time.
• On Mar 13, 2017, the board of NexPoint Residential Trust (NXRT) unanimously approved an extension of the co's Advisory Agreement by and among the co, NexPoint Residential Trust Operating Partnership, and NexPoint Real Estate Advisors, as amended on June 15, 2016, for an additional one-year term pursuant to the terms of the Advisory Agreement.
• On Mar 10, 2017, Euronet Worldwide (EEFT) money transfer business signed an extension of its contract with Wal-mart Stores (WMT) for the Walmart-2-Walmart Money Transfer Service. The parties agreed to extend the term for an additional three years until April 2020 plus a subsequent automatic renewal term of one year unless either party provides written notice to the contrary.

 S&P futures vs fair value: -4.00. Nasdaq futures vs fair value: -6.90.

Equity futures point to a slightly lower open on Tuesday morning as the Federal Open Market Committee meeting gets underway in Washington. The S&P 500 futures trade four points below fair value.

The FOMC meeting will occur over the course of two days with the Fed's rate decision on Wednesday afternoon serving as the climax. It's pretty much a given that the U.S. central bank will increase the Fed funds target range by a quarter point, leaving investors more interested in the Fed's updated rate projections for 2017 and beyond.

On the political front, yesterday evening, the Congressional Budget Office released its research on House Republicans' proposed replacement of the Affordable Care Act. Without going into the specifics, the report has stirred up some controversy, leaving investors worried that health care reform might take longer than previously anticipated, and thereby pushing back the timeline for tax reformation.

Crude oil trades in the red this morning, poised to extend its streak of five consecutive losses. The weekly inventory report from the American Petroleum Institute will cross the wires tonight at 4:30 pm ET with the EIA release scheduled for tomorrow morning. Currently, WTI crude trades 0.5% lower at $48.11/bbl.

In the Treasury market, U.S. sovereign debt trades just above its unchanged mark with the benchmark 10-yr yield one basis point lower at 2.62%.

Tuesday's lone economic report, February PPI (Briefing.com consensus 0.1%), will cross the wires at 8:30 am ET.

In U.S. corporate news:

• DSW (DSW 20.48, +0.65): +3.3% after better than expected earnings overshadowed a miss on revenues.
• Walt Disney (DIS 112.06, +0.54): +0.5% after the company's stock was upgraded to 'Buy' from 'Neutral' at Guggenheim.
• Tilly's (TLYS 8.79, -1.25): -12.5% after disappointing guidance outweighed better than expected earnings.

Reviewing overnight developments:

• Equity indices in the Asia-Pacific region ended Tuesday on a mixed note, but all in all, trading ranges were very narrow. Japan's Nikkei -0.1%, Hong Kong's Hang Seng unch, China's Shanghai Composite +0.1%, India's Sensex +1.7%.
  • In economic data:
    • China's January Retail Sales +9.5% year-over-year (consensus 10.5%; last 10.9%), January Industrial Production +6.3% year-over-year (expected 6.2%; previous 6.0%), and January Fixed Asset Investment +8.9% year-over-year (consensus 8.2%; last 8.1%)
    • Australia's NAB Business Confidence 7 (previous 10)
    • South Korea's February Import Price Index +9.1% year-over-year (previous 13.3%) and Export Price Index +4.9% year-over-year (last 7.4%)
    • India's February WPI Inflation 6.55% year-over-year (expected 5.90%; last 5.25%)
  • In news:
    • In China, the country's National Bureau of Statistics noted that fundamentals of the Chinese economy are improving and that the business environment is in better shape than one year ago.
    • Staying in China, press reports suggest the country will deploy anti-radar equipment to counter US deployment of THAAD missiles in South Korea.

• Major European indices trade in mixed fashion with Spain's IBEX showing relative weakness. UK's FTSE +0.2%, Germany's DAX unch, France's CAC -0.2%, Spain's IBEX -0.5%.
  • In economic data:
    • Eurozone January Industrial Production +0.9% month-over-month (expected 1.3%; last -1.2%); +0.6% year-over-year (consensus 0.9%; previous 2.5%). ZEW Economic Sentiment 25.6 (consensus 19.3; previous 17.1)
    • Germany's March ZEW Economic Sentiment 12.8 (expected 13.1; last 10.4) and ZEW Current Conditions 77.3 (consensus 78.0; previous 76.4). February CPI +0.6% month-over-month, as expected (last 0.6%); +2.2% year-over-year, as expected (previous 2.2%)
    • Spain's February CPI -0.4% month-over-month (expected -0.3%; last -0.3%); +3.0% year-over-year, as expected (last 3.0%)
  • In news:
    • Bank of England deputy governor for banking and markets Charlotte Hogg resigned after not disclosing her brother's employment at Barclays.
    • The British parliament has approved the Brexit bill, which is now set to receive Royal Assent—a final step before article 50 can be triggered.
    • Inflation data from Germany showed the hottest year-over-year growth since late 2012.

 

 Gapping up

Gapping up
In reaction to strong earnings/guidance:

• WAC +9.3%, EARS +7.1%, YY +4.5%, ALBO +4%, EGY +3.8%, DSW +3.3%, REN +3%, SCYX +2.3%
• PUK +2.2%, ATRS +1.2%, GRBK +1.2%, ENOC +0.9%, VALU +0.8%, TRHC +0.6%

M&A news:

• MGI +23.5% (Euronet Worldwide (EEFT) has made competing proposal to acquire MGI for $15.20/share)
• CBR +10.2% (confirms receipt of non-binding letter of interest from Ameri Holdings to acquire co for $0.75 per share)
• LCUT +5.8% (receives takeover offer for $20.00 per share from Mill Road Capital)

Other news:

• DRWI +34.8% (Signs new Master Sales and Services Agreement with Ingram Micro Australia)
• TDW +27.4% (Receives additional limited waiver extensions from its lenders and noteholders)
• ETRM +21.5% (Announced that its vBloc Neurometabolic Therapy for the treatment of obesity will be featured on the March 14 episode of the Emmy Award-winning syndicated daytime talk show The Doctors)
• SBOT +17% (Enters into a technology transfer and purchase agreement with Matrivax Inc related to Stellar's proprietary Clostridium difficile technology)
• TNXP +7.8% (announces that the U.S. Patent and Trademark Office has issued a Notice of Allowance for U.S. Patent Application covering composition and manufacture of tnx-102 sl)
• RTTR +4.7% (Discloses holding a a Type C informational meeting with the FDA)
• COKE +3.5% (To join the S&P SmallCap 600)

Analyst comments:

• ARRS +5.1% (upgraded to Buy from Neutral at Goldman)
• OPK +1.3% (initiated with a Buy at Guggenheim; tgt $25)
• LADR +0.9% (upgraded to Outperform from Market Perform at Wells Fargo)
• WMT +0.6% (added to US 1 List at BofA/Merrill)

 

 Air Methods shares halted for news pending  (41.40)

 

 Gapping down

Gapping down
In reaction to disappointing earnings/guidance:

• CIE -14.4%, TLYS -12.5%, PN -12.3%, AMPH -10.1%, RYI -8.4%, PETX -6.5%, APRI -6.4%
• GBT -4.5%, PPHM -3.1%, TPVG -2%, COUP -1.9%, HDS -1.7%, BLCM -0.6%

Select EU financial related names showing weakness:

• RBS -4.5%, LYG -3.5%, BCS -2%, PSO -1.4%, DB -1.6%, HSBC -1.4%, SAN -0.9%

Select metals/mining stocks trading lower:

• MT -1.6%, RIO -1.4%, VALE -1.3%, BHP -1%, HMY -0.9%, FCX -0.9%, AU -0.8%, AUY -0.8%, GFI -0.6%

Select oil/gas related names showing early weakness:

• WLL -1.9%, SWN -1.7%, ESV -1.4%, MRO -1.3%, TOT -1.2%, RDS.A -1.1%, DVN -1.1%

Other news:

• ANTH -32.3% (To offer and sell shares of its common stock and warrants to purchase shares of its common stock in an underwritten public offering)
• AUPH -23.3% (Commences common stock offering)
• ADPT -20.3% (Amends credit agreement, hires chief restructuring officer and financial advisor to advise the Board and management as they explore various strategic alternatives)
• CBIO -16.4% (Files for $12 mln offering of Class A Units consisting of common stock and warrants and Class B Units consisting of shares of Series A Preferred Stock and warrants)
• VRX -11% (Ackman's Pershing Square sells its stake)
• KNDI -10.3% (Determines that some previously issued financial statements should no longer be relied upon)
• LNTH -9.6% (To sell 3 mln shares of its common stock to be offered by certain of its existing stockholders)
• DOC -3.8% (prices offering of 15 mln shares of common stock at $18.20 per share)
• CORT -3.6% (Files for $200 mln mixed securities shelf offering, as well as 349k share offering by selling stockholders)

Analyst comments:

• GLW -1.5% (downgraded to Neutral from Buy at Goldman)

 On The Wires

• Biocept (BIOC) announced a collaboration with Catalyst Pharmaceuticals for the provision of Biocept's Target Selector platform to screen patients diagnosed with LEMS for early onset or recurrence of small cell lung cancer (SCLC). Specifically, Biocept's liquid biopsy tests will be offered by Catalyst Pharmaceuticals at no cost to all patients enrolled in its ongoing Phase III clinical trial designed to demonstrate the safety and efficacy of Firdapse (amifampridine phosphate) for the treatment of LEMS. These patients will also have access to Biocept's liquid biopsy testing in the long-term extension study phase of the trial allowing for testing every six months for up to two years to monitor for early signals of SCLC.
• Aytu BioScience (AYTU) announced the publication of a peer-reviewed journal article demonstrating the clinical utility of the Company's MiOXSYS System for assessing the level of oxidative stress in semen as an aid in the diagnosis of infertility in men. The article, titled, «Clinical Relevance of Oxidation-Reduction Potential in the Evaluation of Male Infertility,» will be published in the high profile medical journal Urology, the «Gold Journal», and is currently available online ahead of print.
• Milacron Holdings Corp. (MCRN) announced that its DME product brand, a leader in mold components, molding supplies and industrial supplies, has partnered with Linear AMS (a Moog Company) to offer metal 3D printed Conformal Cooling products to help improve productivity in the molding industry.
• Axcelis Technologies (ACLS) announced that it has received orders for multiple Purion XE high energy systems from a leading chip manufacturer in the Asia Pacific region. The new systems will be deployed across multiple fabs and will be used to support high volume production of 300mm memory and 200mm mature process technology. The systems are scheduled to ship in the first quarter.
• First Insight announced an agreement with Pier 1 Imports (PIR). Using First Insight's consumer-driven predictive analytics, Pier 1 Imports will be able to more quickly and accurately make design, buying and pricing decisions for its furniture, tabletop items, decorative accessories and seasonal décor categories, as well as evaluate opportunities for new product launches.

 S&P futures vs fair value: -8.50. Nasdaq futures vs fair value: -15.90.

The S&P 500 futures trade nine points (0.4%) below fair value.

Just in, February producer prices increased 0.3%, which is above the Briefing.com consensus of 0.1%. Core producer prices increased 0.3% while the Briefing.com consensus expected an increase of 0.2%.

 Gapping up/down: WAC +9%, YY +5%, DSW +3% and PUK +2% after earnings; MGI +23% after M&A news; RYI -8% and HDS -2% after earnings, VRX -11% after reports Ackman sold stake

Gapping up
In reaction to strong earnings/guidance:

• WAC +9.3%, EARS +7.1%, YY +4.5%, ALBO +4%, EGY +3.8%, DSW +3.3%, REN +3%, SCYX +2.3%
• PUK +2.2%, ATRS +1.2%, GRBK +1.2%, ENOC +0.9%, VALU +0.8%, TRHC +0.6%

M&A news:

• MGI +23.5% (Euronet Worldwide (EEFT) has made competing proposal to acquire MGI for $15.20/share)
• CBR +10.2% (confirms receipt of non-binding letter of interest from Ameri Holdings to acquire co for $0.75 per share)
• LCUT +5.8% (receives takeover offer for $20.00 per share from Mill Road Capital)

Other news:

• DRWI +34.8% (Signs new Master Sales and Services Agreement with Ingram Micro Australia)
• TDW +27.4% (Receives additional limited waiver extensions from its lenders and noteholders)
• ETRM +21.5% (Announced that its vBloc Neurometabolic Therapy for the treatment of obesity will be featured on the March 14 episode of the Emmy Award-winning syndicated daytime talk show The Doctors)
• SBOT +17% (Enters into a technology transfer and purchase agreement with Matrivax Inc related to Stellar's proprietary Clostridium difficile technology)
• TNXP +7.8% (announces that the U.S. Patent and Trademark Office has issued a Notice of Allowance for U.S. Patent Application covering composition and manufacture of tnx-102 sl)
• RTTR +4.7% (Discloses holding a a Type C informational meeting with the FDA)
• COKE +3.5% (To join the S&P SmallCap 600)

Analyst comments:

• ARRS +5.1% (upgraded to Buy from Neutral at Goldman)
• OPK +1.3% (initiated with a Buy at Guggenheim; tgt $25)
• LADR +0.9% (upgraded to Outperform from Market Perform at Wells Fargo)
• WMT +0.6% (added to US 1 List at BofA/Merrill)

Gapping down
In reaction to disappointing earnings/guidance:

• CIE -14.4%, TLYS -12.5%, PN -12.3%, AMPH -10.1%, RYI -8.4%, PETX -6.5%, APRI -6.4%
• GBT -4.5%, PPHM -3.1%, TPVG -2%, COUP -1.9%, HDS -1.7%, BLCM -0.6%

Select EU financial related names showing weakness:

• RBS -4.5%, LYG -3.5%, BCS -2%, PSO -1.4%, DB -1.6%, HSBC -1.4%, SAN -0.9%

Select metals/mining stocks trading lower:

• MT -1.6%, RIO -1.4%, VALE -1.3%, BHP -1%, HMY -0.9%, FCX -0.9%, AU -0.8%, AUY -0.8%, GFI -0.6%

Select oil/gas related names showing early weakness:

• WLL -1.9%, SWN -1.7%, ESV -1.4%, MRO -1.3%, TOT -1.2%, RDS.A -1.1%, DVN -1.1%

Other news:

• ANTH -32.3% (To offer and sell shares of its common stock and warrants to purchase shares of its common stock in an underwritten public offering)
• AUPH -23.3% (Commences common stock offering)
• ADPT -20.3% (Amends credit agreement, hires chief restructuring officer and financial advisor to advise the Board and management as they explore various strategic alternatives)
• CBIO -16.4% (Files for $12 mln offering of Class A Units consisting of common stock and warrants and Class B Units consisting of shares of Series A Preferred Stock and warrants)
• VRX -11% (Ackman's Pershing Square sells its stake)
• KNDI -10.3% (Determines that some previously issued financial statements should no longer be relied upon)
• LNTH -9.6% (To sell 3 mln shares of its common stock to be offered by certain of its existing stockholders)
• DOC -3.8% (prices offering of 15 mln shares of common stock at $18.20 per share)
• CORT -3.6% (Files for $200 mln mixed securities shelf offering, as well as 349k share offering by selling stockholders)

Analyst comments:

• GLW -1.5% (downgraded to Neutral from Buy at Goldman)

 

 

 S&P futures vs fair value: -6.50. Nasdaq futures vs fair value: -12.90.

The S&P 500 futures trade seven points (0.3%) below fair value.

Equity indices in the Asia-Pacific region ended Tuesday on a mixed note, but all in all, trading ranges were very narrow. In China, the country's National Bureau of Statistics noted that fundamentals of the Chinese economy are improving and that the business environment is in better shape than one year ago. Staying in China, press reports suggest the country will deploy anti-radar equipment to counter US deployment of THAAD missiles in South Korea.

• In economic data:
  • China's January Retail Sales +9.5% year-over-year (consensus 10.5%; last 10.9%), January Industrial Production +6.3% year-over-year (expected 6.2%; previous 6.0%), and January Fixed Asset Investment +8.9% year-over-year (consensus 8.2%; last 8.1%)
  • Australia's NAB Business Confidence 7 (previous 10)
  • South Korea's February Import Price Index +9.1% year-over-year (previous 13.3%) and Export Price Index +4.9% year-over-year (last 7.4%)
  • India's February WPI Inflation 6.55% year-over-year (expected 5.90%; last 5.25%)

---Equity Markets---

• Japan's Nikkei spent the day in a slim range, shedding 0.1%. Toshiba was down nearly 8.0% intraday amid continued speculation that the company's earnings report would be delayed once again; however, the stock rallied to end higher by 0.6% after the company confirmed the delay and announced it will take a JPY712.50 billion writedown. Nisshin Steel Holdings, Familymart, Dentsu, Toyota Motor, Mitsui Fudosan, Isuzu, and Yamaha lost between 1.0% and 2.4%.
• Hong Kong's Hang Seng settled just below its flat line. Property names struggled with New World Development, Hang Lung Properties, SHK Properties, Sino Land, and Henderson Land losing between 0.2% and 2.0%. Casino names displayed strength with Galaxy Entertainment and Sands China rising 1.7% and 2.1%, respectively.
• China's Shanghai Composite ticked up 0.1%. China Enterprise, China Grand Automotive Services, Tibet Tourism, Anhui Conch Cement, Sichuan Languang Development, and Shenyang Commercial City posted gains between 3.1% and 4.4%.
• India's Sensex jumped 1.7% after Prime Minister Narendra Modi's Bharatiya Janata Party won in Uttar Pradesh and Uttarkhand. Mr. Modi will stand for reelection in 2009 and his party's victories are seen as a vote of confidence for his economic agenda. ICICI Bank surged 6.0% while Hindustan Unilever, Larsen & Toubro, Housing Development Finance, Maruti Suzuki, Adami, Wipro, and Infosys gained between 1.5% and 4.5%.

Major European indices trade in negative territory with Spain's IBEX (-0.7%) showing relative weakness. Bank of England deputy governor for banking and markets Charlotte Hogg resigned after not disclosing her brother's employment at Barclays. Staying in the UK, the British parliament has approved the Brexit bill, which is now set to receive Royal Assent—a final step before article 50 can be triggered. Elsewhere, inflation data from Germany showed the hottest year-over-year growth since late 2012.

• In economic data:
  • Eurozone January Industrial Production +0.9% month-over-month (expected 1.3%; last -1.2%); +0.6% year-over-year (consensus 0.9%; previous 2.5%). ZEW Economic Sentiment 25.6 (consensus 19.3; previous 17.1)
  • Germany's March ZEW Economic Sentiment 12.8 (expected 13.1; last 10.4) and ZEW Current Conditions 77.3 (consensus 78.0; previous 76.4). February CPI +0.6% month-over-month, as expected (last 0.6%); +2.2% year-over-year, as expected (previous 2.2%)
  • Spain's February CPI -0.4% month-over-month (expected -0.3%; last -0.3%); +3.0% year-over-year, as expected (last 3.0%)

---Equity Markets---

• UK's FTSE is lower by 0.2%. Prudential has jumped 1.7% in reaction to better than expected results and a dividend boost. Energy names Royal Dutch Shell and BP show respective losses of 0.6% and 0.3% while consumer names like Unilever, Coca Cola HBC, Sainsbury, British American Tobacco, and Kingfisher are up between 0.3% and 1.1%.
• Germany's DAX shows a loss of 0.3%. Utilities outperform with RWE surging 8.1% in reaction to its earnings while E.On follows with a gain of 1.1%. Exporters BMW, Daimler, and Volkswagen are down between 0.2% and 0.5% while Deutsche Bank trades down 1.4%.
• France's CAC is down 0.5%. Renault lags with a loss of 1.3% while Peugeot trades down 0.3%. Financials BNP Paribas, Societe Generale, AXA, and Credit Agricole show losses between 0.9% and 1.5%. On the upside, Publicis Groupe has spiked 1.6%.
• Spain's IBEX has given up 0.7%. Financials like Banco Popular, Santander, Banco Sabadell, Caixaban, Bankia, Bankinter, and BBVA show losses between 0.4% and 1.5%.