>>> Europe : Brokers Upgrades & Downgrades - 24th of November

>>> Up
* Antofagasta Raised to Buy at Jefferies; PT 1,400 pence
* Aston Martin PT Raised to 70 pence at Deutsche Bank
* Continental AG Raised to Buy at Citi; PT 132 euros
* Dermapharm Raised to Buy at Commerzbank; PT 64 euros
* Glencore Raised to Buy at Jefferies; PT 250 pence
* H&M Raised to Buy at Goldman; PT 210 kronor
* IMI Raised to Overweight at JPMorgan; PT 1,300 pence
* Meggitt Raised to Overweight at Barclays; PT 463 pence
* Sampo Raised to Buy at Berenberg; PT 45.30 euros
* Senior Raised to Equal-Weight at Barclays; PT 77 pence
* Wacker Chemie Raised to Buy at Baader Helvea; PT 123 euros

>>> Down
* Aegean Air Cut to Hold at Wood & Company; PT 4.20 euros
* Bilia Cut to Hold at SEB Equities; PT 125 kronor
* Danske Bank Cut to Underweight at Morgan Stanley; PT 101 kroner
* Duerr Cut to Add at Baader Helvea; PT 32 euros
* FLEX LNG Cut to Sell at Cleaves Securities; PT 60 kroner
* Lloyds Cut to Hold at HSBC; PT 40 pence
* Nordic Nanovector Cut to Hold at Jefferies; PT 15 kroner
* Natixis Cut to Underweight at Morgan Stanley; PT 2.70 euros
* NatWest Cut to Hold at HSBC; PT 150 pence
* RBI Cut to Underweight at Morgan Stanley; PT 15.50 euros
* Reach Cut to Equal-Weight at Barclays; PT 160 pence
* SMCP Cut to Sell at Goldman; PT 4 euros
* Swedbank Cut to Sell at Goldman; PT 146 kronor
* Titanium Cut to Reduce at Inderes; PT 12 euros
* Varta Cut to Sell at Stifel; PT 97 euros

>>> Initiation
* Duerr Rated New Overweight at Morgan Stanley; PT 33 euros
* HSBC Reinstated Buy at Goldman
* Huhtamaki Rated New Underperform at Jefferies; PT 38.30 euros
* Innate Pharma ADRs Rated New Neutral at Goldman; PT $4.75
* Magnora Rated New Buy at Danske Bank Markets; PT 30 kroner
* V-Zug Holding Rated New Buy at Stifel; PT 95 Swiss francs

>>> Call
* Berenberg Tilts Toward Value Plays in European Capital Goods
* Dermapharm Upgraded on ‘Meaningful’ Virus Deal: Commerzbank
* Duerr an Inexpensive Play on 2021 Auto Rebound: Morgan Stanley
* Ericsson’s Positive Momentum Continues, Handelsbanken Says

Challenges : François Pinault's collection valued at 1.5 billion euros

François Pinault's collection valued at 1.5 billion euros

EXCLUSIVE - In anticipation of the opening of his "museum" on the Paris Bourse de Commerce in January, the billionaire is consolidating his artistic activities into a single entity, whose assets are made up of his stock of works.

François Pinault has decided to rationalize the management of his huge collection of contemporary art in view of the opening of his "museum" at the Paris Bourse, which should take place, in principle, next January. According to a document filed with the clerk of the commercial court, Collection Pinault - Paris, which manages the Bourse de Commerce, will absorb Pinault Collection, which owns the majority of the billionaire’s works of art. The two entities are 100% subsidiaries of the family holding company Financière Pinault, as Challenges has already explained.

The merger aims to clarify the governance of its activities. It "aims to simplify the organization and operation of the structures of the group made up of the two companies controlled by Financière Pinault, strengthen the existing synergies between the acquiring company and the absorbed company, and simplify management by combining the activities of the two companies. within a single entity ", specifies the document. Indeed, the coexistence of the two entities posed operational and legal challenges, each with its own board of directors.

Massive purchases of works
The Pinault Collection company is in particular responsible for the loans of works which are intended to be exhibited on the Bourse de Commerce. It also owns the Italian subsidiary which manages the museums of Palazzo Grassi and Pointe de la Douane in Venice. Former Minister Jean-Jacques Aillagon, current Managing Director of Pinault Collection, is expected to continue overseeing all activities while Martin Bethenod remains in charge of the Bourse de Commerce.

Above all, the document presenting the merger project reveals that the assets contributed by Pinault Collection are valued at 1.74 billion euros as of September 30, 2020. However, depending on the year, the value of stocks of works by art, calculated on the basis of their acquisition price, constitutes between 80% and 90% of the gross assets of the company. The collection is therefore now valued at around 1.5 billion, almost double the last known amount.

Indeed, Pinault Collection no longer files its accounts since fiscal year 2017. At the time, the stocks of works stood at 865 million euros. This is hardly a surprise. In recent months, the billionaire has made massive purchases of new works, which he intends to exhibit and therefore promote in the new setting of the Bourse de Commerce, largely dedicated to his personal collection.

Challenges : La collection de François Pinault valorisée 1,5 milliard d’euros

La collection de François Pinault valorisée 1,5 milliard d’euros

EXCLUSIF - En prévision de l’ouverture de son "musée" à la Bourse de Commerce de Paris en janvier, le milliardaire regroupe ses activités artistiques au sein d’une seule entité, dont l’actif est constitué par son stock d’œuvres.

François Pinault a décidé de rationnaliser la gestion de son immense collection d’art contemporain en vue de l’ouverture de son "musée" à la Bourse de Commerce de Paris, qui doit intervenir, en principe, en janvier prochain. Selon un document déposé au greffe du tribunal de commerce, la société Collection Pinault - Paris, qui gère la Bourse de Commerce, va absorber la société Pinault Collection, qui détient la majorité des œuvres d’art du milliardaire. Les deux entités sont des filiales à 100% de la holding familiale Financière Pinault, comme l’a déjà expliqué Challenges.

La fusion vise à clarifier la gouvernance de ses activités. Elle "a pour but de simplifier l’organisation et le fonctionnement des structures du groupe composé des deux sociétés contrôlées par Financière Pinault, renforcer les synergies existantes entre la société absorbante et la société absorbée, et simplifier la gestion en regroupant les activités des deux sociétés au sein d’une seule entité", précise le document. De fait, la coexistence des deux entités posait des problèmes opérationnels et juridiques, chacune d’elle ayant son propre conseil d’administration.

Des achats massifs d'oeuvres
La société Pinault Collection est notamment responsable des prêts des œuvres qui ont vocation à être exposées à la Bourse de Commerce. Elle détient aussi la filiale italienne qui gère les musées du Palazzo Grassi et de la Pointe de la Douane à Venise. L’ancien ministre Jean-Jacques Aillagon, actuel directeur général de Pinault Collection, devrait continuer à superviser l’ensemble des activités tandis que Martin Bethenod reste le pilote de la Bourse de Commerce.

Surtout, le document présentant le projet de fusion permet d’apprendre que les actifs apportés par Pinault Collection sont évalués à 1,74 milliard d’euros au 30 septembre 2020. Or, selon les années, la valeur des stocks d’œuvres d’art, calculée sur la base de leur prix d’acquisition, constitue entre 80% et 90% de l’actif brut de la société. La collection est donc aujourd’hui valorisée autour de 1,5 milliard, presque le double du dernier montant connu.

En effet, Pinault Collection ne dépose plus ses comptes depuis l’exercice 2017. A l’époque, les stocks d’œuvres s’élevaient à 865 millions d'euros. Ce n’est guère une surprise. Ces derniers mois, le milliardaire a procédé à des achats massifs de nouvelles œuvres, qu’il compte exposer et donc valoriser dans le nouvel écrin de la Bourse de Commerce, largement dédié à sa collection personnelle.

Bus. Of Fashion : How Lockdown 2.0 Is Hitting the Supply Chain

How Lockdown 2.0 Is Hitting the Supply Chain
The first wave of the pandemic devastated fashion’s supply chain. Fresh restrictions in Europe this month have already led to more cancellations and price pressure, and more pain is on the horizon as cases worsen in North America.

It didn’t take long for the order cancellations to start.

After a brief reprieve over the summer, much of Europe has spent the last month in lockdown. And even as some of the toughest restrictions begin to lift, the situation in North America is worsening; Covid-19 cases in the US are currently close to 200,000 a day. Panicked brands are scrambling to scale down inventory. And once again, fashion’s supply chain is facing the consequences.

“I think that our customers are feeling uncertain about the future with this looming second wave of lockdowns,” said Hilmond Hui, vice president of Hong Kong-based fashion group PFGHL and chief executive of silk supplier and textile manufacturer Bombyx, projecting a difficult and choppy winter across markets. Cancellations are less frequent than they were in March, but they’re coming faster. “It’s possible that [our brand partners] are choosing to act earlier now,” said Hui, who supplies brands including Everlane and Madewell.

The first wave of the pandemic devastated fashion’s supply chain as brands cancelled billions of dollars of orders, in some cases even refusing to take delivery of goods already on the water. Those actions were compounded by localised outbreaks that forced factories in many manufacturing hubs to close. At least 3.5 million garment workers have already lost their jobs, missed months of pay or had their salaries cut, according to a report by the Centre for Global Workers’ Rights (CGWR) and Worker Rights Consortium.

While the crisis has ratcheted up scrutiny on the relationship between brands and their suppliers, the latest wave of lockdowns threatens to deepen the economic and humanitarian crisis already punishing fashion’s manufacturing base. How the industry handles the mounting crisis could define the shape of the supply chain in the coming years.

“Covid-19 has exposed to a much greater degree just how fragile these supply chains were,” said Professor Mark Anner, director of the School of Labour and Employment Relations at Penn State University and director of the CGWR. “It has made the problems that much clearer to a lot of observers.”

Many of the challenges currently facing fashion’s supply base are structural, but the second wave of lockdowns have turned pre-existing pressure points into an existential crisis for many manufacturers.

For instance, payment times have ballooned from between 30 to 60 days after shipment to an average of 77 days, according to CGWR and Worker Rights Consortium’s research. Some payments have been pushed to 90 and even 120 days out. Because manufacturers typically pay out of pocket for the fabrics required to produce orders, such delays leave them particularly financially exposed and with little cushion to navigate the fallout from further lockdowns.

“This wreaks havoc on the cash flow in the industry and dramatically increases the likelihood that supplier factories will go out of business,” said Anner. “This is how workers become unemployed.”

The pandemic has also exacerbated price pressure within the industry, as brands pulled back in response to slumping consumer demand that left many retailers facing bankruptcy. Many brands that are still placing orders are doing so at the last minute to decrease the risk of getting stuck with inventory they cannot shift. The result is that suppliers are left battling over fewer orders with faster turnaround speeds for less money and more uncertain payment terms.

“Manufacturers are not in a position to do a hard negotiation,” said Mostafiz Uddin, managing director of Bangladesh-based denim supplier Denim Expert Limited. Now, after months of withheld and delayed payments, “my prime objective is not to make money, it’s to feed my workers,” he said.

Uddin is not alone. By October this year 56 percent of suppliers said they had produced some orders at below the cost of production, according to the CGWR and Worker Rights Consortium’s survey. Even brands that committed to cover finished orders during the first round of lockdowns are now cutting back or refusing to commit to large orders, suppliers and labour advocates say.

“The problem is that even the brands that helped workers in Bangladesh and Cambodia will now say they are cutting their resources and reducing costs,” said Miguel Sanchez, a board member of denim supply chain NGO Transformers Foundation. If the current situation continues, 57 percent of manufacturers fear they might go bankrupt, according to the CGWR and Worker Rights Consortium’s findings.

Amid a bleak economic outlook, calls for change are mounting.

“Brands need to monitor their supply chains better and ask: what do I need to do to ensure that workers are paid?” said Christie Miedema, campaign and outreach coordinator of Clean Clothes Campaign. While Western brands typically don’t directly employ the workers who make their clothes, it’s the brands that are “driving this race to the bottom,” said Miedema. “They have so much influence.”

To be sure, major fashion companies have made public commitments to protect workers in their supply chain, and the International Labour Organisation has made progress coordinating governments, financial institutions and the industry to provide some support for garment workers in major manufacturing hubs.

But without structural change, many see worse still to come. Uddin claims he still has not received the money he was owed by brands eight months ago for orders he produced, despite receiving attention from both press and activists. “They never paid the money, they never answered the emails,” he said.

And while orders are still coming in — albeit less frequently — with so much at stake, manufacturers are less likely to speak out this time around, labour advocates say. “Many suppliers who were talking to us in the early days are now terrified of talking to us or going to the press because the brands threatened them,” said Ayesha Barenblat, founder and chief executive of non-profit Remake.

While some see opportunities for consolidation across the supply chain that could ultimately lead to deeper, healthier partnerships between buyers and suppliers down the line, sceptics argue that only external regulation will fix the problems that are gaining increasing exposure through successive lockdowns.

“Some buyers are behaving unethically not only during the pandemic but also long before [the crisis],” said Uddin. “But they keep going with business as usual ... We need to start learning from the past.”

WWD : Deloitte Report Addresses New Trends, Growth of Luxury Goods Companies

Deloitte Report Addresses New Trends, Growth of Luxury Goods Companies
The study showed that the world’s top 100 firms generated revenues of $281 billion in the 2019 fiscal year.

MILAN — Tradition and responsiveness are two aspects that have always characterized luxury companies and they will be further required to overcome the challenges in the post-COVID-19 landscape, according to the 2020 edition of “Global Powers of Luxury Goods” study compiled by Deloitte.

The report highlighted how the pandemic is acting as a divider between the old and new ways of doing business, with changing consumer behavior significantly affecting luxury goods companies’ strategies.

In particular, digitalization is opening new possibilities, while embracing sustainability and a circular economy will be key for luxury players not only in terms of business but also reputation.

“Although luxury goods companies were initially slow to adopt digital technologies, the pandemic has accelerated the use of artificial intelligence and augmented reality applications to develop rapid responses to the needs of their target of reference in a moment of emergency,” said Deloitte’s fashion and luxury leader for Italy Giovanni Faccioli.

As digitalization is here to stay, Faccioli urged that it is “therefore becoming increasingly important for companies to have the right technologies available that allow accurate and rapid data collection and analysis, to implement new strategies aimed at increasing customer loyalty.” Yet physical stores offering a unique customer experience won’t be replaced by digital platforms but will remain the main point of reference for customers.

“Along with ominichannel and multichannel strategies, sustainability will be another element that will play a key role in the coming months,” continued Patrizia Arienti, Deloitte EMEA fashion and luxury leader.

Global luxury brands have been investing significantly in green technologies and other measures, such as carbon offsetting to fight against climate change, but a further effort is required to match consumer expectations.

“Being sustainable does not mean limiting oneself to supply chain innovations. It involves embracing new values ​​and making them your own, as a response to the ever-changing needs of consumers. For this reason, many luxury brands have not only taken part in initiatives managed by supranational organizations, but are adopting sustainability, inclusivity and social responsibility as their own corporate core values. Now more than ever, luxury companies are looking for new ways to be close to their consumers and in order to achieve this goal, they are reinventing themselves in ways that were unthinkable just a year ago,” noted Arienti.

As for the long-gone pre-pandemic era, last year the luxury goods market reported an increase in its overall value, but already registered a lower growth rate, according to Deloitte’s report, which also identified the 100 largest luxury goods companies based on their performance across geographies and product sectors from Jan. 1 to Dec. 31, 2019.

Among the causes impacting growth last year, the effect of protectionist policies and trade restrictions were listed as the most important, with big luxury goods markets such as China and the U.S. both registering lower year-on-year growth.

In particular, the world’s top 100 luxury goods companies generated revenues of $281 billion in the 2019 fiscal year, up $34 billion compared to the previous year, while the 8.5 percent annual growth rate showed a slowdown compared to the 10.8 percent increase registered in 2018.

For the third year in a row, the top 10 companies in the ranking were the same. The best-performing were LVMH Moët Hennessy Louis Vuitton — which has headed the list since the 2014 fiscal year; Kering; The Estée Lauder Companies Inc., and Compagnie Financière Richemont. In the 2020 report, L’Oréal Luxe ranked fifth instead of Chanel, which slid to the sixth position and was followed by EssilorLuxottica. Chow Tai Fook Jewelry Group Limited; PVH Corp., and The Swatch Group Ltd. completed the ranking of the top 10 companies, whose aggregated luxury good sales accounted for 51.2 percent out of the total sales generated by the 100 firms. Registered for the first time in seven editions of the report, this figure highlighted a shift toward a concentration in the industry.

“The trend that has been emerging in recent years is a strong concentration of the market, dictated by the expansive strategies of the companies, which are focusing on acquisitions to differentiate their portfolios, enter new market segments and diversify production,” confirmed Arienti.

The report showed that Italy is home to the largest number of luxury goods companies in the ranking, with 22 firms. In particular, 23 percent of these hailed from the bags and accessory category and represented more than half of this sector’s companies.

Albeit more numerous, Italian companies accounted for only 12.4 percent of total sales, coming after France, the U.S. and Switzerland. Driven by its luxury conglomerates, France is the best-performing country with composite sales growth of 15.7 percent, contributing the highest share of top 100 luxury goods sales at 28.3 percent. The average size of French companies is around $8.8 billion, more than three times greater than the top 100 average.

Yet luxury sales by Italian firms were up 4.7 percent, registering a positive performance compared to the flat sales of the previous year.

EssilorLuxottica, Prada Group and Giorgio Armani were the top three Italian players in the chart, ranking seventh, 19th and 26th, respectively. Their aggregate sales accounted for half the sales generated by all the Italian firms in the list.

Moncler, Ermenegildo Zegna and Euroitalia reported double-digit sales increases, and fashion companies returning to growth in 2019 included Armani and OTB.

Moncler scored the third highest net profit margin in the whole top 100 ranking, following leading Brazilian jeweler Vivara and Hermès, and was included in the top 20 fastest growing companies for the fifth year in a row. This specific list — headed by Richard Mille and Canada Goose Holdings Inc. — also saw the debut of Euroitalia, which reported a compound annual growth rate of 16.6 percent for the 2016-2019 period.

In terms of product categories, sales were up in all sectors. In particular, cosmetics reported the highest increase — 8.5 percent — followed by jewelry and watches; apparel and footwear; bags and accessories.

The clothing and footwear sector continued to count the largest number of companies in the top 100, but they registered the smallest average size of just $1.2 billion.

The scale of these 37 companies was also linked to the fact that more than half of them are still privately owned — often by their founding families — and more than one-third of the companies are Italian, which reflects the country’s influence as the home of luxury fashion but also highlights the lack of local conglomerates.

>>> Asian Market Update

Asia Market Update: Asian markets trade generally higher after vaccine news from AstraZeneca, Trump moved to allow the Presidential transition; NZD rises on comments from Fin Min

General Trend:
- Trump authorizes departments to start transition to Biden, without conceding election
- Japanese markets outperform after Monday’s holiday; Topix Iron/Steel and Marine Transportation indices are among the gainers, financials also rise; ANA declines on capital raise speculation, pares loss on M&A talk related to JAL
- Gainers in Australia include Energy, Financial, Resource and Consumer firms
- Alibaba extends gains in HK; Hong Kong Exchange is expected to include secondary listings in its China Stock Connect program (press); Xiaomi is expected to report results after the market close
- Shanghai Composite lags during morning session; Tsinghua Holdings’ bonds remain volatile
- Malaysia’s Top Glove declines over 7% on plant closures
- Gold, Silver extend declines; less safe-haven demand amid vaccine news?
- NZD rises on request for RBNZ to consider the housing market as part of monetary policy; Would such a move impact expectations for additional rate cuts, macro-prudential policy?
- RBA Dep Gov did not raise concern about AUD level
- Australia’s iron ore exports hit record high in Oct
- There continues to be press speculation regarding the size of Japan’s 3rd extra budget; analysts comment on new JGB issuance, possible implications for BOJ bond purchases
- Japan’s Fin Min commented on the ‘digital yuan’
- BOJ Gov commented on the central bank’s semiannual report
-Certain wafer prices might see double-digit increases in 2021 (press)

***Headlines/Economic Data***
Australia/New Zealand
-ASX 200 opened +0.4%
- (AU) Australia Oct Prelim Trade surplus A$4.8B v A$5.6B prior; Exports M/M: +6% v +4% prior; Imports M/M: +8% v -6% prior
- (AU) Australia ANZ Roy Morgan Weekly Consumer Confidence Index: 104.5 v 106.6 prior (1st decline in 13 weeks)
- (AU) Australia former Foreign Min Carr: Australia's lack of diplomacy while pursuing its national interests is to blame for its deteriorating ties with China, need to stop being adversarial in order to unfreeze relations – press
- (NZ) New Zealand final 2020 budget deficit NZ$23.06B v NZ$17.82B seen in May; Fin Min Robertson calls on RBNZ to give earliest possible consideration to adding house prices to RBNZ remit and a consideration in monetary policy
-(AU) Reserve Bank of Australia (RBA) Deupty Gov Debelle: A$ would be higher if not for Nov Policy package; Federal and state debt is sustainable due to low borrowing costs - speaking on Monetary Policy in 2020
-(NZ) Reserve Bank of New Zealand (RBNZ) Gov Orr: MPC already gives consideration to asset prices; Monetary and financial policy alone cannot fix housing issues - Letter

Japan
-Nikkei 225 opened +1.5%
-(JP) Japan PM Suga adviser Takenaka: Calls on JAL and ANA "to become one"; should create new industrial revitalization corp
- (JP) Japan considering extra budget of more ¥20T (in line with prior speculation) - Japan press
-2503.JP Expected to sell Lion Dairy and Drinks to Bega Cheese for ¥40B (nearly no gain on sale) – Nikkei
-(JP) Japan Fin Min Aso: Will consider extending Go To Travel campaign based on budget use; Govt cannot stop economic growth, travel campaign needs thought
- (JP) Bank of Japan (BOJ) Gov Kuroda: Domestic economy has picked up, but is still in a severe state; Japan economy picking up as exports and production increase, reflects overseas recovery
- (JP) Former PM Abe's office might have illegally spent certain funds on parties - Japanese press
-(JP) Senior Bank of Japan (BOJ) Official: BOJ will pay ¥40-50B to regional lenders under new scheme if all deposits with Central bank were to meet standards

Korea
-Kospi opened +0.5%
- (KR) South Korea Nov Consumer Confidence: 97.9 v 91.6 prior (2nd consecutive gain)
- 003490.KR KDB Chief: Merger of Korean Air and Asiana may results in KRW300B in profit – Yonhap
- (KR) South Korea Vice Fin Min Kim: Need to be cautious on excessive optimism on vaccine, consumer sentiment may weaken on tighter social distancing rules
-(KR) Said that South Korea Opposition party (Power People Party or PPP) will push for a 3rd round of targeted cash handouts worth ~KRW3.6T as part of next year's budget - Press
-(KR) South Korea Q3 Household Credit (KRW): 1,682.1T v 1,637.3T prior; Y/Y: +7.0% v 5.2% prior (fastest y/y growth since June 2018)

China/Hong Kong
-Hang Seng opened +0.5%; Shanghai Composite opened -0.2%
- (CN) White House reportedly considering new actions against China govt; weighing new alliance to 'retaliate against Chinese economic coercion' ; retaliation plan was triggered by actions taken by China against Australia – press
- (CN) Analysts speculate that China may need to cut back on its overseas lending and Belt and Road initiative due to domestic debt concerns and ensure future funding remains sustainable – SCMP
- (HK) Hong Kong chief Exec Lam delayed annual policy address, to take meetings on the mainland China to take place this week, Nov 25th - SCMP
- (CN) China PBoC Open Market Operation (OMO): Injects CNY70B in 7-day reverse repos v Injects CNY40B in 7-day reverse repos prior; Net inject CNY20B v Net drain CNY40B prior
- (CN) China PBOC sets Yuan reference rate: 6.5809 v 6.5719 prior
-(HK) Hong Kong Chief Exec Lam: Hong Kong to further tighten social distancing rules; To shut more indoor entertainment venues
-(CN) China Nov QDII Quota $112.4B v $112.4B prior - FX regulator


North America
- (US) Reportedly Biden will nominate former Fed Chair Yellen for Treasury Sec – press
- (US) US General Services Administration (GSA) informed Joe Biden that the administration is ready to begin transition; Trump authorizes federal agencies to work on the transition - Press

Europe
- (UK) PM Johnson: confirms national lockdown will end on Dec 2nd; winter virus plan will get us safely to spring
- (EU) EU chief negotiator Barnier: fundamental divergences still remain on Brexit deal; talks continue online

***Levels as of 12:15ET***
- Hang Seng +0.2%; Shanghai Composite -0.2%; Kospi +0.5%; Nikkei225 +2.5%; ASX 200 +1.3%
- Equity Futures: S&P500 +0.8%; Nasdaq100 +0.5%, Dax +0.5%; FTSE100 +0.3%
- EUR 1.1855-1.1837; JPY 104.64-104.42; AUD 0.7320-0.7284; NZD 0.6989-0.6918
- Commodity Futures: Gold -0.9% at $1,821/oz; Crude Oil +1.0% at $43.50/brl; Copper +0.4% at $3.28/lb