Good morning- Global stocks are mostly higher to start this morning’s session as trade fears ebb. In Europe, the Stoxx 50 is up 10 points, the DAX is down 23 points, and the FTSE is up 24 points. All major Asian indices are climbing higher with the Nikkei and the Hang Seng up 110 and 94 points respectively. US equities are primed to open higher as market participants wait for Trump’s tariff announcement which is expected to come at some point today. Right now, the DOW up 81 points, the S&P is up 11 points, and the NASDAQ is up 38 points. WTI crude is slightly higher trading at $61.323/bbl. With respect to rates, treasury yields are 0-1.5bps lower across the curve bringing the 10yr UST to 2.87%. This morning we saw Cigna agree to buy Express Scripts in an approximate $54bn deal. In the HY space, Frontier Communications announced that it will price $1.6bn 8NC3 2nd lien sr sec notes. There is no significant economic data scheduled for today other than initial jobless claims which came in at 231K compared to an estimate of 220K.