Good morning—Global equities are once again mixed to start the session. The Euro Stoxx up 2 points, DAX up 46 points, and the FTSE down 34.5 points. In the Asian markets, the Nikkei is up 30 points and the Hang Seng up points. US stock futures slightly higher this morning after getting crushed yesterday. The DOW is up 34 points, S&P up 3.75 points, and the NASDAQ up 16.5 points. Treasuries have come down a bit after hitting their highest levels since January 2016. The yield on the 10yr UST is around 2.072%. WTI crude is now above $49/bbl. Today is expected to be another active session in the IG primary market. Yesterday we saw $22.3bn price from 15 issuers across 31 tranches. Gilead Sciences plans to issue debt to fund its $11.9b purchase of Kite Pharma while United Technologies plans to fund cash portion of Rockwell Collins acquisition with debt issuances and cash on hand. Today’s economic data includes MBA mortgage applications which came in at 3.3%. We will also see the Fed release its Beige Book.