Good morning- Global stocks are mostly lower to start this morning’s session. In Europe, the Stoxx 50 is down 35 points, the DAX is down 190 points, and the FTSE is down 51 points. Asian equities are struggling as the Nikkei and Hang Seng are down 100 and 177 points respectively. US stock futures were primed to open lower but are now starting to creep back after the release of economic data. The DOW is down 40 points, the S&P is down 1 point, and the NASDAQ is up 8 points. WTI crude is down again, trading at $61.27/bbl. With respect to rates, treasury yields are dropping 0-2.5bps across the curve bringing the 10yr to 2.85%. Borrowers were said to pay above-average concessions on the $14.3bn of IG new issue that priced yesterday. In the high yield space we’ll see Teva Pharmaceutical Industries sell $3.5bn of bonds to refinance debt in its first offering as a high-yield issuer. Today’s economic data included personal income, personal spending, and initial jobless claims. All data points matched estimates with the exception of personal income which came in at 0.4% compared to an estimate of 0.3%.