• Europe > -1% this morning on slightly elevated volumes, particularly in the Tech and and Healthcare names. • We have the MSCI rebalance today. Globally, its Healthcare set to have the most buy flow of $3.9b vs Consumer Disc the largest sell flow of $3b. • And Another equity raise last night ... Flutter to sold 8m shares in a $1b primary issuance, currently trading 4% higher than the issue price. We reiterated our buy • Keep an eye out for Trump: giving news conference about China today • Some European markets are closed on Monday; Austria, Germany, Denmark, Norway & Switzerland