these readings. The lesson, with the benefit of hindsight, is to pay more attention to them. Indeed, our recent decision to downgrade both Banks and Basic Resources reflected very high readings on our models. Table 1: Reflation rotation very stretched on our CTIs post-Trump Table 2: While opposite true immediate

t or near ytd highs. Although the recent move up in the US has been led by Defensives (Consumer Staples in particular), it is Autos, Oil & Gas, and Basic Resources that are outperforming this morning in Europe. Some big moves in after-hours trading last night in the US with YELP, LNKD, SFLY, IACI all trading lo

ficant find in Gullfaks, preliminary calcs show 40mn to 150mn recoverable BOE (trading +1.9%) Leading European Sectors: Luxury +1.72%, Banks +1.68%, Basic Resources +1.30% Lagging European Sectors: Tech -0.97%, Media -0.07%, Healthcare +0.08% WERN Ws light — AIRM guides below est — THM names new pres RH earnin

+5.7% vs est +5.2%) Leading European Sectors: Food & Beverage +0.54%, Telecom +0.41%, Retail +0.05% Lagging European Sectors: Autos/Parts -2.46%, Basic Resources -2.24%, Construction -1.52% GIII 2M share buyback - QADA 1M shr buyback - FINL strong sales CBK cuts forecast - ENZN workforce reduction - Tunstall

cutives raises inflation expectations to the highest in almost 3 years (NZD +0.95%) Leading European Sectors: Autos/Parts +1.47%, Chemicals +1.46%, Basic Resources +1.15% Lagging European Sectors: Travel & Leisure -0.75%, Banks -0.66%, Retail -0.33% HRS ceo succession plan - TWC to name new ceo - HSFT penny li