Market update – the main highlights for Mon morning are strong flash PMIs (from Europe and Japan) and a lot of M&A. The M&A in particular is interesting as it appears the combination of greater US election clarity and the prospect of higher borrowing costs is sparking an acceleration in deal activity. The notable transactions from over the weekend include T/TWX ($85B equity value, $108.7B total consideration), COL/BEAV ($6.4B equity value, $8.3B total consideration), GNW/China Oceanwide ($2.7B equity value) and AMTD/TD (~$4B deal value). Also, QCOM may purchase NXPI as soon as this Wed (in a deal likely to be worth ~$37B). On the economic front, the flash PMI numbers are encouraging (esp. in Europe). The Bottom Line for US equities remains the same – while the ingredients for a year-end rally could fall into place (see the “checklist” below), it still seems like the SPX faces an ultimate ceiling up around ~2200 for the time being (as firming yields cap multiple expansion and the ’17 consensus EPS estimate fails to move higher).