Macro: Equity markets finished negative yesterday with the S&P500 -0.3% and the Nasdaq down -0.5%, as earlier gains buoyed by soft inflation data were negated by a slide in big tech and trade uncertainty. Europe was down -0.3%. Economic releases today include US Initial Jobless Claims, Continuing Claims, and US PPI at 13:30. From the central bankers, the ECB’s Schnabel, Guindos and Muller are due to speak today.

Stock: We have an update on FedEx. (Comment attached)

Debt: US yields declined on softer than expected CPI data and a solid 10-year auction. European yields were little changed despite better data from the ECB’s wage tracker.