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22 Dec 2016 07:24 GMT+0 - Opening Wrap

In Asian Equity Markets stocks struggled on Thursday after a lacklustre performance on Wall Street as investors looked to U.S. economic data later in the day for potential catalysts, as markets wind down ahead of the holidays. MSCI's broadest index of Asia-Pacific stocks outside Japan erased early modest gains and fell 0.5 percent, while Japan's Nikkei stock index  finished 0.1 percent lower, edging down from this week's one-year highs. The broader Topix fell 0.3 percent to 1,539.97 while the JPX-Nikkei Index 400 eased 0.3 percent to 13,806.32. Hong Kong's Hang Seng index was down 0.7 percent after touching its lowest levels since July, though Australian stocks ended up 0.5 percent, extending gains into a fourth straight session.

  

In Currency Markets the dollar lost some steam on Thursday, falling from its 14-year-high against a basket of currencies as investors took profits before a batch of U.S. economic data due later in the day is published. The euro was up 0.2 percent at $1.0437, rebounding from $1.0352 on Tuesday, the lowest since January 2003. The greenback stood at 117.62 yen versus the yen, retreating from 10-1/2 month high of 118.66 yen set last week. The Australian dollar edged up 0.1 percent at $0.7246, after falling to $0.7223, lowest since early June. New Zealand's kiwi last stood at $0.6909, close to a seven-month low of $0.6883 hit on Tuesday. The dollar index lost 0.1 percent to 102.96.

 

In Commodities Markets oil prices fell in tepid Asian trading on Thursday, dragged down by an unexpected rise in U.S. crude inventories last week and moves by Libya to boost output over the next few months. Brent futures for February delivery had fallen 4 cents to $54.42 a barrel, having previously finished 89 cents lower. U.S. West Texas Intermediate crude lost 5 cents to $52.44 a barrel, after closing the previous session down 81 cents. Libya's National Oil Corporation (NOC) said it hoped to add 270,000 barrels per day (bpd) to national production after it confirmed on Tuesday that pipelines leading from the Sharara and El Feel fields had reopened.  Spot gold was steady at $1,131.54 an ounce.

 

In US Equity Markets stocks fell on Wednesday, with healthcare and real estate stocks losing ground a day after the Nasdaq Composite and the Dow Jones Industrial Average hit record highs. The Dow Jones Industrial Average fell 0.15 percent, to 19,943.75, the S&P 500 lost 0.24 percent, to 2,265.29 and the Nasdaq Composite fell 0.23 percent, to 5,471.43. FedEx Corp lost 3.3 percent after the shipping giant late on Tuesday posted a rise in earnings, but missed analyst forecasts. Shares of Monster Beverage Corp rallies 4.2 percent after Jefferies raised the company's rating to buy from hold. Nike rose 1 percent after the sportswear maker reported better than expected earnings ahead of forecasts.

 

In Bond Markets U.S. Treasury debt prices gained slightly in light trading volumes before the Christmas holiday with no major economic data on Wednesday, as investors evaluated how many times the Federal Reserve is likely to raise interest rates next year. U.S. benchmark 10-year notes rose 7/32 in price to yield 2.54 percent, down from 2.57 percent late on Tuesday.

 

 

Economic Calendar

  • 14:30 GMT+0 CAD CPI m/m
  • 14:30 GMT+0 CAD Core Retail Sales m/m
  • 14:30 GMT+0 US Core Durable Goods Orders m/m
  • 14:30 GMT+0 US Final GDP q/q
  • 14:30 GMT+0 US Unemployment Claims


US Equity Earnings

  • FedEx (FDX) - Q2 EPS USD 2.80 vs. Exp. USD 2.91 and Q2 revenue USD 14.9bln vs. Exp. USD 14.9bln. Co. forecast FY17 Adj EPS USD 10.95 - 11.45, saw USD 11.85 - 12.35.
  • Nike (NKE) - Q2 EPS USD 0.50 vs. Exp. USD 0.43 and Q2 revenue USD 8.20bln vs. Exp. USD 8.08bln, Co. shares traded over 3% in post market trade.

 

US Equity Upgrades

  • AIR PRODUCTS (APD) UPGRADED TO BUY FROM NEUTRAL AT MONNESS CRESPI
  • ALLIED WORLD (AWH) UPGRADED TO OUTPERFORM FROM MARKET PERFORM AT BMO CAPITAL
  • ASTORIA FINANCIAL (AF) UPGRADED TO OVERWEIGHT FROM NEUTRAL AT PIPER JAFFRAY
  • ATLANTIC CAPITAL (ACPB) UPGRADED TO BUY FROM HOLD AT SANDLER O'NEILL
  • BANK OF AMERICA (BAC) UPGRADED TO OVERWEIGHT FROM NEUTRAL AT ATLANTIC EQUITIES
  • BP (BP) UPGRADED TO BUY FROM NEUTRAL AT UBS
  • CITI (C) UPGRADED TO OVERWEIGHT FROM NEUTRAL AT ATLANTIC EQUITIES
  • GOLDCORP (GG) UPGRADED TO BUY FROM HOLD AT TD SECURITIES
  • MONSTER BEVERAGE (MNST) UPGRADED TO BUY FROM HOLD AT JEFFERIES
  • MORGAN STANLEY (MS) UPGRADED TO NEUTRAL FROM UNDERWEIGHT AT ATLANTIC EQUITIES
  • OLD LINE BANCSHARES (OLBK) UPGRADED TO BUY FROM HOLD AT SANDLER O'NEILL
  • STATOIL (STO) UPGRADED TO BUY FROM NEUTRAL AT UBS
  • SUNOCO (SUN) UPGRADED TO OUTPERFORM FROM NEUTRAL AT CREDIT SUISSE
  • WABTEC (WAB) UPGRADED TO OUTPERFORM FROM MARKET PERFORM AT WILLIAM BLAIR

 

US Equity Downgrades

  • ALLIED WORLD (AWH) DOWNGRADED TO MARKET PERFORM FROM OUTPERFORM AT JMP SECURITIES
  • ASTORIA FINANCIAL (AF) DOWNGRADED TO UNDERPERFORM FROM MARKET PERFORM AT FBR CAPITAL
  • BARRICK GOLD (ABX) DOWNGRADED TO HOLD FROM BUY AT TD SECURITIES
  • CAPITAL CITY BANK (CCBG) DOWNGRADED TO SELL FROM HOLD AT SANDLER O'NEILL
  • CARDINAL HEALTH (CAH) DOWNGRADED TO MARKET PERFORM FROM OUTPERFORM AT LEERINK
  • GOLDMAN SACHS (GS) DOWNGRADED TO NEUTRAL FROM OVERWEIGHT AT ATLANTIC EQUITIES
  • JETBLUE (JBLU) DOWNGRADED TO MARKET PERFORM FROM OUTPERFORM AT RAYMOND JAMES
  • NEW YORK COMMUNITY (NYCB) DOWNGRADED TO MARKET PERFORM FROM OUTPERFORM AT RAYMOND JAMES
  • NEW YORK COMMUNITY BANCORP (NYCB) DOWNGRADED TO UNDERPERFORM AT FBR CAPITAL
  • OASIS PETROLEUM (OAS) DOWNGRADED TO NEUTRAL FROM BUY AT MIZUHO
  • PROCTER & GAMBLE (PG) DOWNGRADED ON MULTIPLE NEGATIVE CATALYSTS AT STIFEL
  • PROCTER & GAMBLE (PG) DOWNGRADED TO HOLD FROM BUY AT STIFEL
  • TALLGRASS ENERGY GP (TEGP) DOWNGRADED TO HOLD FROM BUY AT STIFEL
  • U.S. BANCORP (USB) DOWNGRADED TO NEUTRAL FROM OVERWEIGHT AT ATLANTIC EQUITIES
  • XENITH BANKSHARES (XBKS) DOWNGRADED TO HOLD FROM BUY AT SANDLER O'NEILL

 

US Equity Initiations

  • 'XILINX (XLNX) INITIATED WITH A NEUTRAL AT SUSQUEHANNA
  • ARES MANAGEMENT (ARES) RESUMED WITH AN OUTPERFORM AT WELLS FARGO
  • ASSOCIATED BANC-CORP (ASB) INITIATED WITH A HOLD AT SUNTRUST
  • AUTOLIV (ALV) INITIATED WITH AN OUTPERFORM AT BMO CAPITAL
  • BANKUNITED (BKU) INITIATED WITH AN OVERWEIGHT AT STEPHENS
  • BOEING (BA) INITIATED WITH A BUY AT SEAPORT GLOBAL
  • BORGWARNER (BWA) INITIATED WITH AN OUTPERFORM AT BMO CAPITAL
  • CELLECTAR BIOSCIENCES (CLRB) INITIATED WITH A BUY AT LADENBURG
  • CENTENE (CNC) INITIATED WITH AN OVERWEIGHT AT JPMORGAN
  • CIDARA THERAPEUTICS (CDTX) REINSTATED WITH AN OUTPERFORM AT LEERINK
  • CIRRUS LOGIC (CRUS) INITIATED WITH A POSITIVE AT SUSQUEHANNA
  • CORNING (GLW) INITIATED WITH A MARKET PERFORM AT WELLS FARGO
  • DAVE & BUSTER'S (PLAY) INITIATED WITH A BUY AT SUNTRUST
  • F.N.B. (FNB) INITIATED WITH A BUY AT SUNTRUST
  • FIRST MIDWEST (FMBI) INITIATED WITH A HOLD AT SUNTRUST
  • FORD (F) INITIATED WITH A MARKET PERFORM AT BMO CAPITAL
  • GENERAL MOTORS (GM) INITIATED WITH A MARKET PERFORM AT BMO CAPITAL
  • GENTEX (GNTX) INITIATED WITH AN OUTPERFORM AT BMO CAPITAL
  • GENTHERM (THRM) INITIATED WITH AN OUTPERFORM AT BMO CAPITAL
  • GIGAMON (GIMO) INITIATED WITH A BUY AT DOUGHERTY
  • INTEGRATED DEVICE (IDTI) INITIATED WITH A POSITIVE AT SUSQUEHANNA
  • IRIDEX (IRIX) INITIATED WITH A BUY AT ROTH CAPITAL
  • KEYW (KEYW) INITIATED WITH A NEUTRAL AT SEAPORT GLOBAL
  • LIBERTY EXPEDIA HOLDINGS (LEXEA) INITIATED WITH A BUY AT GUGGENHEIM
  • MAXLINEAR (MXL) INITIATED WITH A POSITIVE AT SUSQUEHANNA
  • MB FINANCIAL (MBFI) INITIATED WITH A HOLD AT SUNTRUST
  • MICROCHIP (MCHP) INITIATED WITH A POSITIVE AT SUSQUEHANNA
  • MOBILEYE (MBLY) INITIATED WITH A MARKET PERFORM AT BMO CAPITAL
  • MOBILEYE (MBLY) INITIATED WITH A NEUTRAL AT SUSQUEHANNA
  • NEW JERSEY RESOURCES (NJR) INITIATED WITH A NEUTRAL AT SEAPORT GLOBAL
  • NXP SEMICONDUCTORS (NXP) INITIATED WITH A NEUTRAL AT CITI
  • ORASURE (OSUR) INITIATED WITH A BUY AT CL KING
  • PEOPLE'S UNITED (PBCT) INITIATED WITH AN EQUAL WEIGHT AT STEPHENS
  • POLARIS INDUSTRIES (PII) INITIATED WITH A NEUTRAL AT CLEVELAND RESEARCH
  • PROTHENA (PRTA) INITIATED WITH A BUY AT SUNTRUST
  • QUALCOMM (QCOM) INITIATED WITH A NEUTRAL AT CITI
  • QUALCOMM (QCOM) INITIATED WITH A POSITIVE AT SUSQUEHANNA
  • ROCKWELL COLLINS (COL) INITIATED WITH A NEUTRAL AT SEAPORT GLOBAL
  • SENIOR HOUSING (SNH) INITIATED WITH AN OUTPERFORM AT FBR CAPITAL
  • SIGNATURE BANK (SBNY) INITIATED WITH AN OVERWEIGHT AT STEPHENS
  • SPIRIT AEROSYSTEMS (SPR) INITIATED WITH A NEUTRAL AT SEAPORT GLOBAL
  • TEXAS INSTRUMENTS (TXN) INITIATED WITH A POSITIVE AT SUSQUEHANNA
  • THERAVANCE BIOPHARMA (TBPH) INITIATED WITH A BUY AT NEEDHAM
  • VISTEON (VC) INITIATED WITH A MARKET PERFORM AT BMO CAPITAL
  • WHITING PETROLEUM (WLL) INITIATED WITH A BUY AT RF LAFFERTY
  • WINTRUST FINANCIAL (WTFC) INITIATED WITH A HOLD AT SUNTRUST

 

 

 

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