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07:15
06/09/21
06/09
07:15
06/09/21
07:15

FX Update: Narrow ranges have been prevailing

FX Update: Narrow ranges have been prevailing among the dollar majors as key data and events loom. Tomorrow's ECB meeting and U.S. CPI are keenly awaited by market participants, in addition to next week's FOMC meeting. The DXY dollar index has settled nearly the 90.0 level, and has remained within the bounds of yesterday's ranges, as have dollar pairings. EUR-USD, for instance, has plied a range of less than 25 pips so far today, holding just above yesterday's low at 1.2163. Global equity markets have gone static, with the MSCI all-country world index just off record highs, while industrial commodities have been trading mixed so far today. Oil is a standout, posting fresh 32-month highs. The circumstance of the OPEC+ group having last week decided to stick with sub-capacity output for another month, while global demand is picking up, makes for a clear and simple investment thesis. Of note today was news that China's producer prices hit a 12-year high of 9.0% y/y in May due to the surge in commodity prices. Commodity prices are much higher than pre-pandemic levels, which is something that those investors who are not fully buying into the inflation-is-transitory argument have been pointing to. China's May CPI lifted to a still benign 1.3% y/y, however, up from 0.9% y/y in April but missing the median forecast for 1.6% y/y. As for the U.S. and the fate of the dollar, 10-year Treasury yields are pressing on three-month lows below 1.520%. There were reports of safe haven demand for Treasuries yesterday due to the internet outages, but the bigger driver is Fed policy expectations, with the central bank widely seen as staying the course, for now, on ZIRP and QE. There have also been reports of investors buying longer-dated Treasuries for the carry. Despite this, there is a palpable feeling of markets being on tenterhooks. Data yesterday showed U.S. job openings hit fresh record high. These may not be filled for some time as workers have not been returning for various, and by now well documented, reasons -- but when they eventually do, payrolls will rise sharply. As for U.S. May CPI, markets are expecting at 4.7% y/y and 3.4% in the core reading, well above the Fed's 2.0% target. The Fed is expecting inflationary pressures to abate in the latter half of the year and into 2022 as the y/y base effects unwinds, and markets are thus far happy to buy into this. This, along with the markedly higher U.S. inflation rate relative to peers, should keep the dollar on a softening track. But any sign that the Fed might heading for an earlier tapering would shift the dollar onto a firming tack.

TODAY'S FREE FLY STORIES

Hot Stocks
Norfolk Southern raises quarterly dividend 10% to $1.09 from 99c per share » 15:18
07/30/21
07/30
15:18
07/30/21
15:18
NSC

Norfolk Southern

$257.36 /

+1.2 (+0.47%)

The dividend is payable…

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NSC Norfolk Southern
$257.36 /

+1.2 (+0.47%)

NSC Norfolk Southern
$257.36 /

+1.2 (+0.47%)

07/09/21
Fly Intel: Top five analyst upgrades
07/09/21 JPMorgan
Expected Biden order 'clear negative' for rail valuations, says JPMorgan
07/09/21 Evercore ISI
Evercore upgrades Norfolk Southern to Outperform, says fundamentals top fears
07/09/21 Evercore ISI
Norfolk Southern upgraded to Outperform from In Line at Evercore ISI
NSC Norfolk Southern
$257.36 /

+1.2 (+0.47%)

NSC Norfolk Southern
$257.36 /

+1.2 (+0.47%)

NSC Norfolk Southern
$257.36 /

+1.2 (+0.47%)

Technical Analysis
NASDAQ market internals summary » 15:17
07/30/21
07/30
15:17
07/30/21
15:17
$NSD

NASDAQ Market Internals

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Technical Analysis
NYSE market internals summary » 15:16
07/30/21
07/30
15:16
07/30/21
15:16
$NYE

NYSE Market Internals

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Volume is average for…

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Options
Cenovus Energy put volume heavy and directionally bearish » 15:15
07/30/21
07/30
15:15
07/30/21
15:15
CVE

Cenovus Energy

$8.30 /

-0.04 (-0.48%)

Bearish flow noted in…

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CVE Cenovus Energy
$8.30 /

-0.04 (-0.48%)

CVE Cenovus Energy
$8.30 /

-0.04 (-0.48%)

11:59 Today RBC Capital
Cenovus Energy price target raised to C$16 from C$15 at RBC Capital
11:50 Today Raymond James
Cenovus Energy price target raised to C$14 from C$13.50 at Raymond James
07/20/21 Raymond James
Cenovus Energy resumed with a Market Perform at Raymond James
07/19/21 National Bank
Cenovus Energy price target raised to C$20 from C$19.50 at National Bank
CVE Cenovus Energy
$8.30 /

-0.04 (-0.48%)

CVE Cenovus Energy
$8.30 /

-0.04 (-0.48%)

Hot Stocks
Cinedigm regains Nasdaq compliance » 15:11
07/30/21
07/30
15:11
07/30/21
15:11
CIDM

Cinedigm

$1.62 /

+0.045 (+2.87%)

Cinedigm received formal…

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CIDM Cinedigm
$1.62 /

+0.045 (+2.87%)

CIDM Cinedigm
$1.62 /

+0.045 (+2.87%)

05/12/21 Alliance Global Partners
Alliance Global Partners bullish on Cinedigm, sees Roku among catalysts
01/21/21 Alliance Global Partners
Cinedigm price target raised to $3 from $2 at Alliance Global Partners
10/16/20 Alliance Global Partners
Cinedigm initiated with a Buy at Alliance Global Partners
CIDM Cinedigm
$1.62 /

+0.045 (+2.87%)

CIDM Cinedigm
$1.62 /

+0.045 (+2.87%)

General news
June farm prices up 22.0% vs. last year  15:09
07/30/21
07/30
15:09
07/30/21
15:09
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June farm prices up 0.9% vs. last month  15:09
07/30/21
07/30
15:09
07/30/21
15:09
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Recommendations
Veolia Environment price target raised to EUR 33 from EUR 32 at Barclays » 15:07
07/30/21
07/30
15:07
07/30/21
15:07
VEOEY

Veolia Environment

$33.21 /

+1.039 (+3.23%)

Barclays analyst Peter…

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VEOEY Veolia Environment
$33.21 /

+1.039 (+3.23%)

VEOEY Veolia Environment
$33.21 /

+1.039 (+3.23%)

04/23/21 Barclays
Veolia Environment upgraded to Overweight from Equal Weight at Barclays
04/13/21 Bryan Garnier
Veolia Environment downgraded to Neutral from Buy at Bryan Garnier
03/08/21 Barclays
Veolia Environment price target raised to EUR 24 from EUR 22.50 at Barclays
02/26/21 DZ Bank
Veolia Environment upgraded to Buy from Hold at DZ Bank
Options
Sandstorm Gold options imply 4.3% move in share price post-earnings » 15:04
07/30/21
07/30
15:04
07/30/21
15:04
SAND

Sandstorm Gold

$7.79 /

-0.04 (-0.51%)

Pre-earnings options…

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SAND Sandstorm Gold
$7.79 /

-0.04 (-0.51%)

SAND Sandstorm Gold
$7.79 /

-0.04 (-0.51%)

07/16/21 National Bank
Sandstorm Gold price target raised to C$13.50 from C$13 at National Bank
06/30/21 TD Securities
Sandstorm Gold price target raised to C$12.50 from C$12 at TD Securities
06/30/21 Scotiabank
Sandstorm Gold price target raised to $11 from $10 at Scotiabank
06/28/21
Fly Intel: Top five analyst downgrades
SAND Sandstorm Gold
$7.79 /

-0.04 (-0.51%)

SAND Sandstorm Gold
$7.79 /

-0.04 (-0.51%)

General news
Treasury Action: Treasuries have extended their rally » 15:00
07/30/21
07/30
15:00
07/30/21
15:00
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Economic Data

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Recommendations
STMicroelectronics price target raised to EUR 45 from EUR 42 at Barclays » 14:59
07/30/21
07/30
14:59
07/30/21
14:59
STM

STMicroelectronics

$41.20 /

-0.52 (-1.25%)

Barclays analyst Andrew…

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STM STMicroelectronics
$41.20 /

-0.52 (-1.25%)

STM STMicroelectronics
$41.20 /

-0.52 (-1.25%)

14:41 Today JPMorgan
STMicroelectronics price target raised to EUR 37 from EUR 36.50 at JPMorgan
08:43 Today Cowen
STMicroelectronics price target raised to $52 from $49 at Cowen
07/21/21 Goldman Sachs
STMicroelectronics upgraded to Neutral from Sell at Goldman Sachs
07/09/21 Citi
STMicroelectronics upgraded to Buy from Neutral at Citi
STM STMicroelectronics
$41.20 /

-0.52 (-1.25%)

Recommendations
Spectris price target raised to 3,920 GBp from 3,645 GBp at Barclays » 14:58
07/30/21
07/30
14:58
07/30/21
14:58
SEPJF

Spectris

$51.04 /

+6.019 (+13.37%)

Barclays analyst Jonathan…

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SEPJF Spectris
$51.04 /

+6.019 (+13.37%)

14:40 Today JPMorgan
Spectris price target raised to 3,200 GBp from 2,900 GBp at JPMorgan
07/15/21 JPMorgan
Spectris price target raised to 2,900 GBp from 2,800 GBp at JPMorgan
07/15/21 UBS
Spectris price target raised to 2,750 GBp from 2,700 GBp at UBS
07/06/21 Morgan Stanley
Spectris price target raised to 3,100 GBp from 2,830 GBp at Morgan Stanley
Recommendations
Schroders price target raised to 3,675 GBp from 3,550 GBp at Barclays » 14:57
07/30/21
07/30
14:57
07/30/21
14:57
SHNWF

Schroders

$51.92 /

+ (+0.00%)

Barclays analyst Michael…

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SHNWF Schroders
$51.92 /

+ (+0.00%)

14:39 Today JPMorgan
Schroders price target raised to 3,900 GBp from 3,485 GBp at JPMorgan
07/21/21 RBC Capital
Schroders upgraded to Sector Perform from Underperform at RBC Capital
07/12/21 Morgan Stanley
Schroders price target raised to 3,810 GBp from 3,760 GBp at Morgan Stanley
04/30/21 Barclays
Schroders price target raised to 3,550 GBp from 3,430 GBp at Barclays
Recommendations
Repsol price target raised to EUR 11 from EUR 10 at Barclays » 14:57
07/30/21
07/30
14:57
07/30/21
14:57
REPYY

Repsol

$11.28 /

-0.1354 (-1.19%)

Barclays analyst Lydia…

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REPYY Repsol
$11.28 /

-0.1354 (-1.19%)

07/22/21 HSBC
Repsol price target lowered to EUR 9.70 from EUR 11.70 at HSBC
07/08/21 Credit Suisse
Repsol price target lowered to EUR 10.70 from EUR 11.50 at Credit Suisse
07/06/21 JPMorgan
Repsol price target raised to EUR 13 from EUR 12 at JPMorgan
07/02/21 Citi
Repsol resumed with a Buy at Citi
Recommendations
Rentokil price target raised to 610 GBp from 600 GBp at Barclays » 14:56
07/30/21
07/30
14:56
07/30/21
14:56
RTOKY

Rentokil

$40.13 /

+2.845 (+7.63%)

Barclays analyst Jane…

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RTOKY Rentokil
$40.13 /

+2.845 (+7.63%)

14:29 Today RBC Capital
Rentokil price target raised to 645 GBp from 625 GBp at RBC Capital
07/14/21 Berenberg
Rentokil price target raised to 415 GBp from 400 GBp at Berenberg
03/29/21 Exane BNP Paribas
Rentokil upgraded to Outperform from Neutral at Exane BNP Paribas
03/12/21 Deutsche Bank
Rentokil upgraded to Buy from Hold at Deutsche Bank
Recommendations
Relx price target raised to 2,390 GBp from 2,235 GBp at Barclays » 14:56
07/30/21
07/30
14:56
07/30/21
14:56
RELX

Relx

$29.64 /

+0.24 (+0.82%)

Barclays analyst Nick…

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RELX Relx
$29.64 /

+0.24 (+0.82%)

RELX Relx
$29.64 /

+0.24 (+0.82%)

14:38 Today JPMorgan
Relx price target raised to 2,300 GBp from 2,050 GBp at JPMorgan
14:00 Today Credit Suisse
Relx price target raised to 2,430 GBp from 2,250 GBp at Credit Suisse
07/22/21 Morgan Stanley
Relx price target raised to 2,280 GBp from 2,100 GBp at Morgan Stanley
07/15/21 Credit Suisse
Relx price target raised to 2,250 GBp from 2,114 GBp at Credit Suisse
Recommendations
Nokia price target raised to EUR 5 from EUR 4.50 at Barclays » 14:55
07/30/21
07/30
14:55
07/30/21
14:55
NOK

Nokia

$6.07 /

+0.03 (+0.50%)

Barclays analyst Andrew…

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NOK Nokia
$6.07 /

+0.03 (+0.50%)

NOK Nokia
$6.07 /

+0.03 (+0.50%)

07:20 Today Cowen
Cowen upgrades Nokia to Outperform on favorable demand, turnaround progress
05:51 Today Cowen
Nokia upgraded to Outperform from Market Perform at Cowen
07/14/21
Fly Intel: Top five analyst upgrades
07/14/21 JPMorgan
JPMorgan upgrades Nokia on 'more room to run' for mobile turnaround
NOK Nokia
$6.07 /

+0.03 (+0.50%)

NOK Nokia
$6.07 /

+0.03 (+0.50%)

NOK Nokia
$6.07 /

+0.03 (+0.50%)

NOK Nokia
$6.07 /

+0.03 (+0.50%)

Recommendations
Nemetschek price target raised to EUR 85 from EUR 75 at Barclays » 14:55
07/30/21
07/30
14:55
07/30/21
14:55
NEMTF

Nemetschek

$88.35 /

+ (+0.00%)

Barclays analyst Sven…

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NEMTF Nemetschek
$88.35 /

+ (+0.00%)

14:22 Today Morgan Stanley
Nemetschek price target raised to EUR 61 from EUR 56.50 at Morgan Stanley
05/12/21 Baader Helvea
Nemetschek upgraded to Add from Reduce at Baader Helvea
04/30/21 Morgan Stanley
Nemetschek price target raised to EUR 56.50 from EUR 56 at Morgan Stanley
04/12/21 Stifel
Nemetschek upgraded to Buy from Hold at Stifel
Recommendations
Naturgy Energy price target lowered to EUR 25 from EUR 25.90 at Barclays » 14:54
07/30/21
07/30
14:54
07/30/21
14:54
GASNY

Naturgy Energy

$5.12 /

-0.11 (-2.10%)

Barclays analyst Jose…

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GASNY Naturgy Energy
$5.12 /

-0.11 (-2.10%)

07/29/21 Societe Generale
Naturgy Energy price target raised to EUR 22 from EUR 20.50 at Societe Generale
07/29/21 Kepler Cheuvreux
Naturgy Energy downgraded to Hold from Buy at Kepler Cheuvreux
07/22/21 RBC Capital
Naturgy Energy price target raised to EUR 25 from EUR 23 at RBC Capital
07/13/21 Societe Generale
Naturgy Energy price target raised to EUR 20.50 from EUR 20 at Societe Generale
Recommendations
Mediobanca price target raised to EUR 11.50 from EUR 11.20 at Barclays » 14:53
07/30/21
07/30
14:53
07/30/21
14:53
MDIBY

Mediobanca

$11.76 /

-0.02 (-0.17%)

Barclays analyst Paola…

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MDIBY Mediobanca
$11.76 /

-0.02 (-0.17%)

07/23/21 UBS
Mediobanca price target lowered to EUR 11.70 from EUR 11.80 at UBS
05/12/21 Morgan Stanley
Mediobanca price target raised to EUR 11.50 from EUR 11 at Morgan Stanley
04/26/21 Barclays
Mediobanca price target raised to EUR 11.20 from EUR 9.80 at Barclays
04/15/21 Morgan Stanley
Mediobanca price target raised to EUR 11 from EUR 10 at Morgan Stanley
Recommendations
Lundin Energy price target lowered to SEK 350 from SEK 400 at Barclays » 14:53
07/30/21
07/30
14:53
07/30/21
14:53
LNDNF

Lundin Energy

$31.50 /

+1 (+3.28%)

Barclays analyst James…

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LNDNF Lundin Energy
$31.50 /

+1 (+3.28%)

12:45 Today Berenberg
Lundin Energy price target lowered to SEK 260 from SEK 290 at Berenberg
07/16/21 Barclays
Lundin Energy price target raised to SEK 400 from SEK 360 at Barclays
07/15/21 Scotiabank
Lundin Energy price target raised to SEK 350 from SEK 325 at Scotiabank
06/16/21 Berenberg
Lundin Energy price target raised to SEK 290 from SEK 280 at Berenberg
Recommendations
JCDecaux price target raised to EUR 24.20 from EUR 24 at Barclays » 14:52
07/30/21
07/30
14:52
07/30/21
14:52
JCDXF

JCDecaux

$27.65 /

-0.6 (-2.12%)

Barclays analyst Julien…

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JCDXF JCDecaux
$27.65 /

-0.6 (-2.12%)

07/26/21 JPMorgan
JCDecaux price target raised to EUR 30 from EUR 29 at JPMorgan
07/12/21 JPMorgan
JCDecaux upgraded to Overweight from Neutral at JPMorgan
06/09/21 JPMorgan
JCDecaux price target raised to EUR 26 from EUR 16 at JPMorgan
05/19/21 Barclays
JCDecaux price target raised to EUR 24 from EUR 20 at Barclays
Recommendations
Inchcape price target raised to 910 GBp from 830 GBp at Barclays » 14:51
07/30/21
07/30
14:51
07/30/21
14:51
INCPY

Inchcape

$12.00 /

+0.49 (+4.26%)

Barclays analyst James…

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INCPY Inchcape
$12.00 /

+0.49 (+4.26%)

14:42 Today JPMorgan
Inchcape price target lowered to 986 GBp from 1,021 GBp at JPMorgan
02/26/21 Barclays
Inchcape price target raised to 830 GBp from 770 GBp at Barclays
02/26/21 Barclays
Inchcape price target raised to 839 GBp from 770 GBp at Barclays
02/26/21 JPMorgan
Inchcape price target raised to 798 GBp from 773 GBp at JPMorgan
Recommendations
GEA Group price target raised to EUR 44 from EUR 40 at Barclays » 14:51
07/30/21
07/30
14:51
07/30/21
14:51
GEAGY

GEA Group

$40.59 /

+ (+0.00%)

Barclays analyst Lars…

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GEAGY GEA Group
$40.59 /

+ (+0.00%)

06/07/21 Goldman Sachs
GEA Group downgraded to Sell from Neutral at Goldman Sachs
05/18/21 Credit Suisse
GEA Group price target raised to EUR 36 from EUR 29 at Credit Suisse
05/13/21 Deutsche Bank
GEA Group price target raised to EUR 31 from EUR 29 at Deutsche Bank
05/13/21 JPMorgan
GEA Group price target raised to EUR 26.60 from EUR 23.50 at JPMorgan
Recommendations
DSV Panalpina price target raised to DKK 1,620 from DKK 1,580 at Barclays » 14:50
07/30/21
07/30
14:50
07/30/21
14:50
DSDVY

DSV Panalpina

$120.93 /

-0.14 (-0.12%)

Barclays analyst Mark…

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DSDVY DSV Panalpina
$120.93 /

-0.14 (-0.12%)

12:44 Today Berenberg
DSV Panalpina price target raised to DKK 1,600 from DKK 1,250 at Berenberg
07/13/21 Barclays
DSV Panalpina price target raised to DKK 1,580 from DKK 1,545 at Barclays
07/13/21 Kepler Cheuvreux
DSV Panalpina initiated with a Buy at Kepler Cheuvreux
07/02/21 Credit Suisse
DSV Panalpina price target raised to DKK 1,507 from DKK 1,391 at Credit Suisse

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