>>> What to look at today - 6th of April 2022

Stocks and bonds declined Wednesday on the prospect of a swift reduction in the Federal Reserve’s debt holdings as part of a stepped up campaign of monetary tightening to tackle high inflation. An Asia-Pacific share index fell about 1.5%, dragged down by Japan and Hong Kong as the latter reopened after a holiday. U.S and European futures slipped, following a drop in Wall Street shares led by the technology sector.  Treasuries extended a slump, pushing the 10-year yield up to 2.60%, the highest level since 2019. Bonds in Australia and New Zealand also tumbled. A gauge of the dollar’s strength was near a three-week peak.  Fed Governor Lael Brainard said Tuesday curbing inflation is “paramount,” adding the central bank may start trimming its balance sheet rapidly as soon as May. Investors fear that a more restrictive U.S. central bank could end up tipping the world’s largest economy into a downturn, or even a recession. Oil dipped below $102 a barrel. Worries remain that Russia’s growing isolation over the war in Ukraine may further disrupt commodity flows. Fresh sanctions on Russia are expected, including a U.S. ban on investment in the country and a European Union proscription on coal imports. Markets signal a half-point Fed rate increase is on the cards at next month’s policy meeting. At the same time, price pressures show little sign of abating as war stokes already elevated raw-material costs. Latest data from China indicated that activity in its services industry contracted in March amid mobility curbs to stem a Covid outbreak. US After Hours JBLU makes bid for SAVE, setting up possible bidding war with ULCC; GOGO +11% on news it will join S&P SmallCap 600; ARRY +14.7% up nicely on earnings, new CEO

Nikkei -1,39% Hang Seng -1,31% CSI -0,24% Shanghai -0,04% Shenzen -0,06%

Eur$ 1,0897 CNH 6,3786 CNY 6,3693 JPY 123,89 GBP 1,3070 CHF 0,9308 RUB 83,8514 TRY 14,7322 WTI$ 101,85 Gold 1,923,36 BTC 45,180 -1,5% ETH 3,339,41 -2,60%

S&P +0,09% Nasdaq +0,04% EuroStoxx -0,26%% FTSE +0,02% Dax -0,25% SMI +0,08%

Macro :
- Germany Grid Body Warns of ‘Terrible’ Choices in Gas Plan: HB
- Draghi Plans 10 Billion Euros of Fresh Debt as Cost of War Soars
- Deutsche Bank Predicts U.S. Recession in ‘23 as Fed Boosts Rates
- U.K. Covid Cases at Highest Level as Immunity Wanes, Study Finds
- Ex-Oligarch Says Putin Sees War With the West Already Underway

Keep an eye on :
- AIR FP : Unkown Airbus Holder Raises $393 Million From Stake Sale
- ALLFG NA : Allfunds to Buy Web Financial Group for EU145m
- CS FP : *AXA, OMERS CONSORTIUMS FINAL BIDDERS FOR LYNTIA NETWORKS: CONFI
- BP/ LN : BP to Issue 165m Shares in Connection With Midstream Merger
- CARLB DC : Carlsberg Talks With Possible Buyers of Russian Unit: Berlingske
- EDF FP : EDF Completes Capital Increase With French State Backing
- ECV GY : Encavis Buys 11.5 MW Danish Wind Farm
- ERICB SS : Handelsbanken Analysts Adjust View on CFIUS, Ericsson and Vonage
- FTCH US : Farfetch Alliance Gives Its Tech ‘Stamp of Legitimacy’: Analyst
- GSK LN : Vir Plunges After FDA Cancels U.S. Sotrovimab Authorization
- HYVE LN : Hyve Agrees to Sell Russia Operations for About GBP100M: Sky
- KEYW BB : Keyware Agrees to Settlement in Probe of Market Manipulation
- LAT FP : Confirms it continues to progress discussions with multiple potential targets in North America.
- FB US : Instagram Cuts Payments to Influencers for Short Videos: FT
- ORSTED DC : Russia to Cut Danish Gas If Orsted Doesn’t Pay in Ruble: Borsen
- SPM IM : Saipem Gets Over $400m in Middle East, West Africa Contracts
- SALME NO : Salmon Evolution Offering of 33.3m Shares Prices at NOK9/Share
- SUN SW : Sulzer 1Q Orders CHF858.5M Vs. CHF749.7M Y/y
- TKA GY : Thyssenkrupp Under Immense Pressure Because of Ukraine War: CEO
- VWS DC : Vestas Will Gradually Withdraw From Russia, Borsen Says
- VOW GY : VW to Scrap Dozens of Models, Focus on Premium Market: FT
- WBD IM : Webuild Says CDP, Intesa, UniCredit, BPM Have Acquired Stakes

>>> Europe : Brokers Upgrades & Downgrades - 6th of April 2022

>>> Up
* Acciona Raised to Add at AlphaValue/Baader
* Avance Gas Raised to Buy at Pareto Securities; PT 61 kroner
* Borregaard Raised to Buy at SEB Equities; PT 215 kroner
* Fraport Raised to Buy at Goldman; PT 64 euros
* Hochschild Mining Raised to Buy at Berenberg; PT 160 pence
* IWG Raised to Buy at Peel Hunt; PT 353 pence
* Randstad Raised to Buy at HSBC; PT 70 euros
* Repsol Raised to Buy at Jefferies; PT 15 euros

>>> Down
* ADP Cut to Sell at Goldman; PT 110 euros
* Fraport Cut to Hold at Deutsche Bank; PT 49 euros
* Freeport Cut to Neutral at Exane; PT $50
* Holmen Cut to Hold at Handelsbanken
* Klepierre Cut to Underweight at JPMorgan; PT 21 euros
* Olvi Cut to Hold at Nordea
* Orange Belgium Cut to Hold at HSBC; PT 21 euros
* Polymetal Cut to Hold at Berenberg; PT 300 pence
* Stroeer Cut to Hold at HSBC; PT 70 euros
* Tele2 Cut to Hold at Handelsbanken
* TotalEnergies Cut to Hold at Jefferies; PT 50 euros
* UPS Cut to Peerperform at Wolfe

>>> Initiation
* America Movil ADRs Reinstated Buy at HSBC; PT $26
* Credito Emiliano Rated New Underperform at Jefferies
* Fidelity National Rated New Overweight at Stephens; PT $125
* Fiserv Rated New Equal-Weight at Stephens; PT $110
* Global Payments Rated New Overweight at Stephens; PT $170
* PayPal Rated New Equal-Weight at Stephens; PT $135
* Pearson Resumed Buy at Citi; PT 1000 pence
* Pop. Sondrio Rated New Hold at Jefferies; PT 3.80 euros
* Tim Brasil ADRs Rated New Buy at HSBC; PT $19

>>> Call
* IWG Has Multiple Ways to Create Value, Peel Hunt Raises to Buy
* Klepierre Downgraded at JPMorgan on Inflation, Debt Headwinds
* Pearson a Buy at Citi With Street-High PT on Conviction in Value
* Repsol Raised, TotalEnergies Cut at Jefferies Ahead of 1Q

FT : VW to scrap dozens of models and focus on premium market

VW to scrap dozens of models and focus on premium market
‘People’s car’ pioneer will prioritise more expensive vehicles such as its Audi and Porsche models

Volkswagen, the pioneer of the “people’s car” that epitomised the auto industry’s obsession with expansion, will axe dozens of combustion engine models by the end of the decade and sell fewer cars overall to concentrate on producing more profitable, premium vehicles.

“The key target is not growth,” said Arno Antlitz, chief financial officer, in a reversal of the stance taken by former VW executives.

“We are [more focused] on quality and on margins, rather than on volume and market share.” VW, he said, would reduce its line-up of petrol and diesel cars — which consists of at least 100 models across several brands — by 60 per cent in Europe over the next eight years.

VW’s new strategy is a sign of profound changes in the wider auto sector, which for decades has attempted to increase profits by selling more cars each year, even if that required heavy discounting.

Former VW chief executive Martin Winterkorn, who resigned in the wake of the diesel emissions scandal, had made it his goal to beat Toyota and General Motors to the title of “volume number one” by 2018.

In pursuit of global dominance, the Wolfsburg-based group retained a large presence in unprofitable north and south American markets, flooding the region with new models even as it sustained heavy losses.

However, a severe chip shortage caused by the pandemic forced carmakers to cut production last year in the face of surging demand. This allowed brands such as Mercedes and BMW to charge more for their models and make record profits in 2021 despite selling far fewer vehicles.

A similar strategy catapulted VW to the top of the earnings table in Germany’s Dax index, posting more than €20bn in pre-tax profits. The company prioritised more expensive vehicles produced by its Audi and Porsche brands, which account for the bulk of the group’s profits.

Executives at all three automakers have been keen to stress that this practice will persist even after supply-chain bottlenecks subside. “I would like to really emphasise that we are not driving a volume strategy,” Oliver Zipse, BMW’s chief executive, said last year.

Antlitz said that even VW, which prided itself on being the world’s largest carmaker before losing the “volume crown” to Toyota and whose executives privately used to target selling 11m vehicles in a single year, was no longer seeking to expand for the sake of size.

“We have [a significantly] lower fixed-cost base, so we are less dependent on volume and less dependent on growth,” he said, pointing to the fact that VW had managed to reduce fixed costs of €41bn in 2019 by 10 per cent ahead of schedule, while investing in software development and new units.

Even VW’s €52bn push into electric vehicles — the largest investment package of its kind — would not add unnecessary volume, Antlitz added. “We are not adding capacity: we rework factory by factory,” he said, referring to plants in Zwickau and Emden, where combustion engine production lines have been converted to construct electric cars, while workers have been retrained.

But he also admitted calculations that electric vehicles would soon be as profitable for VW as combustion engine models had been thrown into doubt by the soaring cost of raw materials for batteries.

“[These] $50,000 nickel prices per tonne were not basically priced in, because we expect, hopefully, the war will end soon, and then the raw material prices will at least go a little bit more back,” Antlitz said.

He added that the principle of costs declining over time remained “intact”, and that new battery technology would bring prices down in the long run.

FT : Dubai lures clutch of big crypto firms with tailored regulations

Dubai lures clutch of big crypto firms with tailored regulations
FTX and Binance set up operations in the Gulf state after securing approval under new licensing regime

Crypto firms are rushing to set up shop in Dubai after it started to offer virtual asset licences, making the Gulf state the latest jurisdiction to seek to become a haven for the global crypto industry.

Exchange ByBit, which last week said it would relocate its global headquarters from Singapore to Dubai, joins major industry players Crypto.com, FTX and Binance in establishing a foothold in the city.

Enthusiasm for Dubai among crypto companies comes as their hopes for Singapore as a digital asset hub have faded. While Singapore has approved just a handful of crypto groups that applied for licences, Dubai has attracted several industry heavyweights in the few weeks since launching its licensing scheme.

Singapore had been viewed as a budding crypto hub in Asia, after China cracked down on digital assets last year. Now, the crypto caravan has moved on as some companies turn their sights to a more receptive regulatory regime in the Gulf.

Changpeng Zhao, chief executive of Binance, who has moved from Singapore to Dubai, said the Gulf state’s government has attracted crypto companies with its “open mindset and a business friendly attitude”.

Binance, the world’s largest crypto exchange by trading volume, consulted on the rules under which it will now be regulated in Dubai. In December, Binance signed an agreement with Dubai World Trade Centre, a tax-free business park, to advise on the regulatory landscape of cryptocurrencies in the emirate. The Virtual Asset Regulatory Authority, which was launched earlier this month, has issued Binance a licence.

Zhao said Binance had lobbied for the formation of a bespoke regulator, describing the decision as “very excellent”, and praising Dubai authorities as “the smartest regulators and government officials any place in the world”.

However, Dubai’s enthusiastic adoption of virtual assets has raised alarm in some financial circles, given the recent decision of the Financial Action Task Force, a global money laundering watchdog, to place the United Arab Emirates on its so-called “grey list” of enhanced monitoring of procedures for preventing the flow of dirty money.

UK and US lawyers and former regulators said a licence from the emirate will probably do little to convince western regulators that crypto exchanges are under proper supervision.

The UK has also lodged a push to become a “global hub” for crypto, after City minister John Glen declared in a speech on Monday that the country wants to be attractive to “firms that don’t yet have a settled base”. However, lawyers note the government will need to induce British regulators including the FCA to be more receptive to crypto operators.

Dubai’s crypto charm offensive has quickly attracted several companies. FTX Europe, the Swiss-based arm of the exchange, in March said it would establish regional headquarters in Dubai after being granted a licence there. Singapore-headquartered Crypto.com added a Middle East office in the city last week. BitOasis, a Dubai-based crypto exchange also received a provisional licence last week.

Binance has chosen Dubai, where it already has about 200 staff across three offices, to be its regional headquarters, Zhao said. In comparison, he said: “The Singapore government takes a slightly more cautious approach.”

Binance’s Singapore unit in December dropped its application for a licence to run a crypto business in the country after regulators ordered Binance Singapore to stop all crypto transfers with the global exchange binance.com, which the regulator placed on an investor alert list and said “may be in breach” of local law.

Overall, the Monetary Authority of Singapore (MAS), has granted just four crypto licences, after receiving 176 applications for oversight. More than a hundred companies have been turned away, while about several dozen are still hoping for the green light.

“The very low success rate at MAS is discouraging the crypto sector in Singapore,” said Chia-Ling Koh, director at law firm Osborne Clarke, who compiled the figures.

The MAS also earlier this year instituted a sweeping ban on advertising for cryptocurrency, which has been interpreted as a “strong discouragement by MAS for offering crypto to consumers,” according to Nizam Ismail, chief executive of crypto consultancy Ethikom. “That seemed a little harsh. It was announced and implemented overnight.”

In a move ministers said would protect Singapore from “reputational risks”, lawmakers also tightened controls this week by passing new rules that will prevent crypto companies in the city-state from doing overseas business without a licence.

Xue Kai Pang, chief executive of Tokocrypto, a crypto exchange in nearby Indonesia said: “Singapore is definitely losing some of its shine and attractiveness . . . There are more open countries like Dubai.”

>>> Fitch: China banks face operating environment headwinds during 2022; Affirms

Fitch: China banks face operating environment headwinds during 2022; Affirms China GDP growth forecast at 4.8% (v China target of 5.0-5.5%) aggressive credit easing as unlikely, given the need for large banks to build capital buffers
- baseline projection assumes significant fiscal easing in 2022, and we see further monetary easing in terms of rate cuts and a 50bp reduction in banks’ required reserve ratio

Chinese banks as a whole reported profit growth of 13% in 2021, due in part to a low base in 2020 (when profits fell by 2.7%) and declining impairment charges amid China's robust post-pandemic recovery. The strong performance last year came despite the intensification of property-market stress during 2H21, but was in line with our expectations, as we had an 'improving' sector outlook in 2021. Our sector outlook for 2022 is 'neutral'. The sector resolved around CNY3 trillion of non-performing loans (NPLs) in 2021. This partially explained the slight decline in its reported NPL ratio, to 1.7% by end-2021 from 1.8% at end-2020. Nonetheless, reported property-development NPL ratios jumped - for our rated banks, the ratio rose to 2.7% by end-2021 from 1.8% at end-2020, based on available disclosure. In addition to the continued resolution of bad debts, banks' moderate direct exposure to property development (at around 7% of total lending) helped to cushion the impact on their overall NPL ratios. There may also have been recognition issues, especially for smaller banks.

property-sector stress so far this year has been more severe than we previously expected. Sales volumes and homebuyer confidence have yet to fully recover, and we assume that there will not be significant improvement in capital-market access for most developers in the next three to six months

FT : China’s zero-Covid policy risks causing agricultural crisis and food shorta

China’s zero-Covid policy risks causing agricultural crisis and food shortages
Farmers lack fertiliser and labour ahead of crucial spring season due to strict lockdowns

China’s strict Covid lockdowns are exacerbating serious shortages of fertiliser, labour and seeds, just as many of the country’s biggest agricultural provinces prepare for their crucial spring planting season.

According to official data, as many as a third of farmers in northeastern Jilin, Liaoning and Heilongjiang provinces have insufficient agricultural inputs after authorities sealed off villages to fight the pandemic. The three provinces account for more than 20 per cent of China’s grain production.

A drop in output of Chinese spring-planted grains, such as rice or corn, could undermine Beijing’s decades-long effort to achieve self-sufficiency in staple foods, forcing it to increase imports and potentially adding to global food price inflation.

While national and global attention has been focused on Shanghai’s lockdown of its entire population over the past week, Jilin province has been battling an outbreak with even stricter measures for most of the past month.

According to the Jilin provincial government, about one-third of farmers did not have enough fertiliser at the end of March — only about three weeks before they were supposed to begin planting.

Farmers and factory managers have blamed the disruption on China’s uncompromising zero-Covid policy, under which authorities have adopted tough controls ranging from traffic bans to local business shutdowns.

A Beijing-based adviser to the central government on agriculture policies said China risked “facing food shortages”.

“We have to adjust the zero-Covid policy for farming,” said the adviser, who asked not to be named. “We shouldn’t prioritise virus control over everything else. This can’t carry on forever.”

The municipal government of Jilin city, located within Jilin province, said preparations for the spring planting season were proving to be very difficult. “We are behind [schedule] in making fertiliser available to every farmer,” it said in a statement posted on its website.

Li Qinghua, a 38-year-old farmer who grows rice on 60 acres of land in Jilin city, said his fertiliser inventory was more than 80 per cent below normal levels after delivery was delayed. “I will miss the best time window to plant seeds if my order doesn’t arrive next week,” said Li.

China’s agriculture ministry did not immediately respond to a request for comment made on Tuesday, a public holiday.

According to estimates by analysts at Nomura, at least 23 Chinese cities with a combined population of more than 190mn people were currently enforcing full or partial lockdowns. “Unlike in spring 2020, when there was a general belief that Covid-19 would end in the summer, we currently see no end in sight,” the analysts wrote.

Fertiliser factories are struggling. An executive at Genliduo, a leading fertiliser producer in Hebei province, said his firm was having “lots of difficulty” shipping to customers and securing raw materials. The executive added that the problem was industry-wide and many smaller producers had suspended operations.

In Jilin province, which has reported more than 50,000 Covid-19 cases since March, many townships refuse to let in trucks from other regions, even if they are bringing seeds and fertilisers that are not available locally.

Compounding farmers’ frustrations, many migrant workers are stuck in lockdowns in cities and unable to return to rural areas for planting. Those who do make it to the farms are also required to spend 14 days in quarantine before they can start working in the fields.

“This is one of the most challenging planting seasons I have ever encountered,” said Li Zhizhong, who farms 80 acres of land in Lishu county in Jilin province. “I have rarely had so much trouble buying raw materials and recruiting workers.”

The Jilin city government said on Sunday it was authorising “green channels” that would allow local drivers to transport seeds and fertilisers to other areas. But it also said outbound truck drivers would not be allowed to return to the city after making their deliveries.

It added that the measures were designed to “reduce as much as possible the impact of the pandemic on spring planting”.

“I am not going to [risk] being separated from my family in order to ship fertiliser,” said Gao Fucai, a driver from Jilin city. He added that he feared being forced to “live in the truck” if not allowed back home.

Linyi, a farming city in Shandong province, stopped admitting trucks from other cities after a local driver tested positive following a trip to Shanghai. At the time, Linyi had only 58 confirmed infections.

A fertiliser shortage ensued and has not yet been resolved. “We and the government have different priorities,” said Wang Tao, a fertiliser distributor in Linyi. “They only care about eliminating the virus, while we have a life to live.”

>>> US After Hours Summary: JBLU makes bid for SAVE, setting up possible bidding

After Hours Summary: JBLU makes bid for SAVE, setting up possible bidding war with ULCC; GOGO +11% on news it will join S&P SmallCap 600; ARRY +14.7% up nicely on earnings, new CEO


After Hours Gainers:

Companies trading higher in after hours in reaction to earnings/guidance: ARRY +14.7% (also names new CEO), NG +5%

Companies trading higher in after hours in reaction to news: GOGO +11% (to join S&P SmallCap 600), BCEL +3.9% (BCEL announces licensing agreement with ZYME), OSK +1.2% (House Committee holds hearing on USPS' truck contract, according to Electrek), RIVN +1% (provides Q1 production data, says well-positioned to meet 25,000 annual production guidance), IOVA +0.8% (provides regulatory and clinical updates for lifileucel in metastatic melanoma; plans to complete BLA submission by August), RIOT +0.7% (provides production and operations update for March), PSB +0.2% (names new CEO), REXR +0.1% (acquires four properties for $83 mln)

After Hours Losers:

Companies trading lower in after hours in reaction to earnings/guidance: SGH -1.8% (also authorizes $75 mln for share repurchases)

Companies trading lower in after hours in reaction to news: SAVE -1.8% (JBLU makes bid to acquire SAVE for $33/sh in cash; ULCC already has merger deal with SAVE, sets up possible bidding war), ULCC -1.6% (JBLU makes bid to acquire SAVE for $33/sh in cash; ULCC already has merger deal with SAVE, sets up possible bidding war), CRDF -0.8% (files mixed securities shelf offering), JBLU -0.7% (JBLU makes bid to acquire SAVE for $33/sh in cash; ULCC already has merger deal with SAVE, sets up possible bidding war), ADI -0.6% (announces new long-term financial modeling at Investor Day), ZYME -0.3% (BCEL announces licensing agreement with ZYME), NINE -0.3% (files for $250 mln mixed shelf offering; also files offering by selling shareholders), CBOE -0.2% (reports trading volume for March)

>>> US Close Dow -0,80% S&P -1,26% Nasdaq -2,26% Russell -2.36% VIX 21, 03 +13,3

Closing Stock Market Summary

The S&P 500 fell 1.3% on Tuesday, as a sharp rise in interest rates weighed on the growth stocks and risk sentiment following some hawkish-sounding Fed commentary. The Nasdaq Composite (-2.3%) and Russell 2000 (-2.4%) underperformed with losses over 2.0% while the Dow Jones Industrial Average fell 0.8%. 

The session started with a slight reversal of yesterday's action, such that value stocks had a slight edge over growth stocks at the open. Selling interest picked up more broadly after Fed Governor Brainard (FOMC voter) said she expects the Fed's balance sheet to shrink considerably more rapidly than in the previous recovery, starting as early as May. 

Interest rates pushed even higher, which was particularly harrowing for the growth stocks after they caught a speculative bid yesterday. The 2-yr yield rose nine basis points to 2.51%, and the 10-yr yield rose 14 basis points to 2.55%.

The S&P 500 information technology (-2.2%), consumer discretionary (-2.4%), and communication services (-1.4%) sectors underperformed amid weakness in the mega-caps. Despite the curve-steepening bias in the Treasury market, the financials sector (-0.8%) struggled in negative territory.

Investors leaned defensively into the utilities (+0.7%), health care (+0.2%), consumer staples (+0.1%), and real estate (+0.1%) sectors. Likewise, the U.S. Dollar Index (99.48, +0.48, +0.5%) strengthened, and the CBOE Volatility Index (21.03, +2.46, +13.3%) shot higher. 

Another factor driving the increased selling in longer-dated maturities was the March ISM Non-Manufacturing Index. The headline index accelerated to 58.3% (Briefing.com consensus 58.5%) from 56.5% in February, but more noteworthy was the Prices Paid Index (83.8%), which hit its second-highest reading ever. 

The report fueled inflation expectations, and in effect, rate-hike expectations. On a related note, Kansas City Fed President George (FOMC voter) told Bloomberg that a 50 basis-point rate hike is an option next month. A separate viewpoint was that the news served as an excuse for the stock market to further consolidate its recent rebound.

Separately, Twitter (TWTR 50.98, +1.01, +2.0%) shares rose 2% after the company said it will appoint Elon Musk to its Board of Directors. Recall, TWTR shares jumped 27% yesterday after Elon became the company's largest shareholder. 

WTI crude futures settled lower by 1.8%, or $1.81, to $101.53/bbl.

Reviewing Tuesday's economic data:

  • The ISM Non-Manufacturing Index for March increased to 58.3% (consensus 58.5%) from 56.5% in February. The dividing line between expansion and contraction is 50.0%. The March reading marks the 22nd straight month of growth for the services sector, with some acceleration from the prior month.
    • The key takeaway from the report is that business activity for the non-manufacturing sector picked up in March following an Omicron-related slowdown in February; however, respondents continue to bemoan supply chain constraints and elevated cost pressures.
  • The February Trade Balance Report showed a deficit of $89.2 billion (consensus -$88.5 billion) versus an upwardly revised deficit of $89.2 billion for January (from -$89.7 billion). The three-month moving average for total trade in goods and services widened to $86.8 billion in February from $83.7 billion in January and $66.2 billion a year ago.
    • The key takeaway from the report is that it reflects a fractured trade situation that remains broken by COVID-related problems that have snarled supply chains and fueled economic imbalances.

Looking ahead, investors will receive the FOMC Minutes from the March meeting and the weekly MBA Mortgage Applications Index on Wednesday.

  • Dow Jones Industrial Average -4.7% YTD
  • S&P 500 -5.1% YTD
  • Russell 2000 -8.9% YTD
  • Nasdaq Composite -9.2% YTD