Implied Fed funds futures continue to reflect a 25 bp hike at the July 25-26 FOMC meeting with about an 85% risk currently, having edged higher in recent weeks. The resilient economy, still robust job market, elevated services inflation, and hawkish comments from Chair Powell (as well as ECB’s Lagarde and BoE’s Bailey) at the Sintra central… Read more

The Fedspeak calendar heats up next week and could prove insightful for the policy path as analysts’ll hear comments post jobs and CPI reports. FOMC voters NY’s Williams speaks later today at the Central Bank Research Association meeting, and Dallas Fed’s Logan speaks on Policy Challenges for Central Banks tomorrow. While both are likely… Read more

Todays 

Downgrades

• Symrise (SYIEY) from Buy downgraded by Goldman Sachs from Buy to Neutral
• Zalando (ZLNDY) from Buy downgraded by HSBC from Buy to Hold
• Elisa (ELMUF) from Buy downgraded by BofA from Neutral to Underperform
• Croda (COIHY) from Buy downgraded by Stifel from Buy to Hold
• Evonik (EVKIF) from Buy downgraded by Stifel from Buy to…

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Todays 

Upgrades

• NEC Corp. (NIPNF) upgraded by Citi from Sell to Neutral
• ACM Research (ACMR) from Buy upgraded by Jefferies from Underperform to Buy
• Galp Energia (GLPEY) from Buy upgraded by Exane BNP Paribas from Neutral to Outperform
• Givaudan (GVDNY) from Buy upgraded by Stifel from Hold to Buy
• KWS Saat (KNKZF) from Buy upgraded by Stifel from Hold…

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