Good morning- Global equities are mostly lower to start the session with the exception of Asia. Europe is all in the red with the Euro Stoxx 50 down 8 points, FTSE down 91 points, and DAX down 8 points. The Asian markets are all higher this morning as the Nikkei is up 70 points and the Hang Seng is up 9. US equities, on the other hand, are more mixed as Wall Street digests yet another North Korean missile launch. The DOW is up 1 point, S&P down 1.75 points, and the NASDAQ is down 3 points. The yield on the US 10 yr is up roughly 1-2bps to 2.20%. With respect to credit, this week has been the busiest for HY issuance since March with yields at a 5-week low. Yesterday we saw $3.25 bn of HY new issuance come to market in 5 deals. This week has also been busy for IG which saw 46 different entities price $55 bn across 75 tranches. No new issuance is expected today but we will see data on retail sales and empire manufacturing.