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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The U.S. Department of Energy’s Loan Programs Office announced a conditional commitment for a loan of up to $9.2B to BlueOval SK LLC for the construction of three manufacturing plants to produce batteries for Ford Motor Company’s future Ford and Lincoln electric vehicles. Together, the plants, one located in Tennessee and two in Kentucky,… Read more

Fed Chair Powell has begun his testimony. The pause in June and the upshift in the dot plot showing projections of two more hikes is “entirely consistent,” fighting back against various criticisms of the FOMC’s posture. He repeated that it makes sense and was “prudent” for the Fed to move rates up at a more moderate pace given the… Read more

FX Action: the DXY dollar index is chopping around the 102.500 region, amid numerous cross currents, especially as the markets position around various central bank activities. The buck is off of the recent peak of 104.326 (May 31) thanks to the anticipation of a pause at last week’s FOMC from May 31, but has held above above the 102.000… Read more