US MARKETS:

S&P 500 futures up 0.6% to 2,907.25
Brent Futures down 0.2% to $60.36/bbl
Gold spot up 0.1% to $1,540.74
US Dollar Index up 0.03% to 98.24

GLOBAL NEWS:

Earnings season. Pernod Ricard, Bouygues, Workday, Dollar General, Dell Technologies and Dollar Tree are among companies reporting earnings today.

Bourbon in the pastis. Pernod Ricard, prior to the publication of its annual results, announced the acquisition of American group Castle Brands (Jefferson's bourbon) for $223 million. As this company is listed, the French group will file a takeover bid at USD 1.27 per share, with the blessing of the target's board of directors. The finalization is scheduled for the end of the year. Pernod Ricard also published improved results and announced a €1 billion share buyback program, an initiative that is still appreciated by shareholders.

Amgen loses on appeal. Yesterday, US courts handed down a decision in favor of Sanofi and Regeneron in the Praluent case, going against the first ruling considering Amgen's patents on Repatha valid. "The decision of the Delaware District Court today validates our position that Amgen's patents are too broadly worded and invalid," said Regeneron's General Counsel.

Set a course for Phoenix. United Airlines has begun to transfer its 14 B737 MAXs to a temporary storage area in Arizona, while Boeing is still hoping that the aircraft will be cleared to fly again in October. This will allow the airline to make the modifications required by the FAA and train its pilots in one place.

Go West. French group Temenos will buy Kony for $559 million to strengthen its positions in banking software in the United States. "Even if I see an interest in this operation, it is not likely to radically change the situation in the sector”, comments Paul Kratz, who is following the case at Jefferies. The analyst considers that the transaction is quite expensive to pay. There is still underperformance on the security, valued at CHF 120.

Movement at UBS. Confirming rumors in the Swiss press, Iqbal Khan, former Swiss Credit, will join UBS Group as co-head of wealth management, replacing Martin Blessing. This is not the only change within the institution, as Ulrich Keorner will be replaced by Suni Harford as President of Asset Management. His duties as President of UBS EMEA will be taken over by Sabine Keller-Busse, in addition to his duties as COO. Harford and Khan join the bank's executive committee.

In other news. Seven Swiss banks are reportedly involved in the money laundering case surrounding Gulnora Karimova, the daughter of the former Uzbek head of state, according to the Handelszeitung. Moody's has changed Continental's debt outlook to "negative". D'Ieteren will buy back €150 million of its own shares. Guess was making progress after the session after raising its annual forecasts and considering that the Sino-American trade dispute has no impact, at this stage, on its activity. Apple undertakes to no longer automatically keep the records of its Siri service. Tesla launches an insurance service in California. Brussels validates Roche's Tecentriq in combination in breast cancer.