Please share this page with the world

05 Jan 2017 06:58 GMT+0 - Opening Wrap

In Asian Equity Markets Japan's Nikkei index edged down on Thursday as a stronger yen hurt some exporters, but the downside was limited as strong U.S. shares supported overall sentiment. The Nikkei eased 0.1 percent to 19,568.93 points in midmorning trade after flirting with positive territory, while the broader Topix rose 0.2 percent to 1,557.06. The JPX-Nikkei Index 400 advanced 0.2 percent to 13,966.58. MSCI's broadest index of Asia-Pacific stocks outside Japan rose more than 1 percent, extending a rally that has seen it gain 2 percent in the opening days of 2017. India and Hong Kong led gains, while Philippine stocks rose to their highest levels in nearly two months. Singapore stocks rose 1.3 percent.

 

In Currency Markets the dollar stepped further away from a 14-year peak against a basket of currencies on Thursday, as investors locked in gains from its two-month-old rally after Donald Trump won the U.S. presidential election. The euro rose 0.3 percent in Asia to $1.0524, having recovered from a 14-year low of $1.0340 touched on Tuesday. The dollar fell 0.5 percent to 116.62 yen after having peaked at 118.605 on Tuesday, just shy of its 10-1/2-month high of 118.66 touched on Dec. 15. The Australian dollar hit a two-week high of $0.7303. The dollar's index against a basket of six major currencies fell to 102.23 after having hit a 14-year high of 103.82 on Tuesday. 

 

In Commodities Markets oil prices fell on Thursday, hit by doubts that producers would fully deliver on promises to cut output, although record U.S. automobile sales and falling crude stocks offered markets some support. Brent crude futures were trading at $56.29 per barrel, down 17 cents from their last close. U.S. West Texas Intermediate crude oil futures were trading down 9 cents, at $53.17 per barrel. Firmer prices for WTI than for Brent were supported by an American Petroleum Institute report showing U.S. crude inventories fell 7.4 million barrels in the week ended Dec. 30 to stand at 482.7 million.  Spot gold was up 0.8 percent at $1,171.28 an ounce, while spot silver was up 0.7 percent at $16.54.

 

In US Equity Markets stocks  ended higher on Wednesday after minutes from the Fed's December meeting showed policymakers were concerned that quicker economic growth under President-elect Donald Trump could require faster interest-rate increases to limit inflation. The Dow Jones Industrial Average rose 0.3 percent, to 19,942.16, the S&P 500 gained 0.57 percent, to 2,270.75 and the Nasdaq Composite added 0.88 percent, to 5,477.01. Shares of General Motors finished up 5.5 percent after December car sales rose 10 percent. Rival Ford shares also rose 4.6 percent. Amazon.com added 0.5 percent after the retailer said deliveries for third-party sellers rose 50 percent during the holiday season.

 

In Bond Markets Japanese government bond prices firmed on Thursday after an auction of 10-year JGBs attracted solid bids despite their relatively expensive levels. The benchmark 10-year JGB yield fell 0.5 basis point to 0.055 percent, off two-week high of 0.065 percent touched on Wednesday. The price of 10-year JGB futures rose 0.13 point to 150.17 by late afternoon trade. The shorter end of the curve is also well-supported, with two-year yield falling 0.5 basis point to minus 0.200 percent, a three-week low.

 

 

Economic Calendar

  • 10:30 GMT+0 UK Services PMI
  • 14:15 GMT+0 US ADP Non-Farm Employment Change
  • 14:30 GMT+0 US Unemployment Claims
  • 16:00 GMT+0 US ISM Non-Manufacturing PMI
  • 17:00 GMT+0 US Crude Oil Inventories

 

US Equity Upgrades

  • AECOM (ACM) UPGRADED TO OUTPERFORM FROM NEUTRAL AT BAIRD
  • AGCO (AGCO) UPGRADED TO BUY FROM HOLD AT DEUTSCHE BANK
  • APOLLO GLOBAL (APO) UPGRADED TO BUY FROM NEUTRAL AT GOLDMAN
  • ATHENAHEALTH (ATHN) UPGRADED TO OVERWEIGHT FROM SECTOR WEIGHT AT KEYBANC
  • CANADIAN NATIONAL (CNI) UPGRADED TO OUTPERFORM FROM MARKET PERFORM AT RAYMOND JAMES
  • CANADIAN PACIFIC (CP) UPGRADED TO BUY FROM HOLD AT LOOP CAPITAL
  • CHARLES RIVER (CRL) UPGRADED TO BUY FROM HOLD AT EVERCORE ISI
  • CLEAN ENERGY (CLNE) UPGRADED TO MARKET PERFORM FROM UNDERPERFORM AT RAYMOND JAMES
  • CREDIT SUISSE (CS) UPGRADED TO OVERWEIGHT FROM EQUAL WEIGHT AT BARCLAYS
  • ENVIVA (EVA) UPGRADED TO STRONG BUY FROM OUTPERFORM AT RAYMOND JAMES
  • GREIF (GEF) UPGRADED TO OUTPERFORM FROM NEUTRAL AT BAIRD
  • HEALTHCARE TRUST (HTA) UPGRADED TO BUY FROM NEUTRAL AT MIZUHO
  • HOLLYFRONTIER (HFC) UPGRADED TO BUY FROM HOLD AT DEUTSCHE BANK
  • HOLOGIC (HOLX) UPGRADED TO OVERWEIGHT FROM NEUTRAL AT PIPER JAFFRAY
  • MPLX (MPLX) UPGRADED TO BUY FROM NEUTRAL AT MIZUHO
  • NEWFIELD EXPLORATION (NFX) UPGRADED TO BUY FROM NEUTRAL AT CITI
  • ROYAL DUTCH SHELL (RDS.A) UPGRADED TO OUTPERFORM FROM SECTOR PERFORM AT RBC CAPITAL
  • STATE STREET (STT) UPGRADED TO BUY FROM NEUTRAL AT GOLDMAN
  • ABERCROMBIE & FITCH (ANF) UPGRADED TO MARKET PERFORM FROM UNDERPERFORM AT FBR CAPITAL
  • AMETEK (AME) UPGRADED TO OUTPERFORM FROM MARKET PERFORM AT COWEN
  • CANADIAN NATIONAL (CNI) UPGRADED TO OUTPERFORM AT RAYMOND JAMES
  • CBOE HOLDINGS (CBOE) UPGRADED TO BUY FROM SELL AT GOLDMAN
  • CHEVRON (CVX) UPGRADED TO BUY FROM NEUTRAL AT BOFA/MERRILL
  • CODEXIS (CDXS) UPGRADED TO BUY FROM NEUTRAL AT LADENBURG
  • CONSTELLATION BRANDS (STZ) UPGRADED TO BUY FROM UNDERPERFORM AT BOFA/MERRILL
  • COOPER-STANDARD (CPS) UPGRADED TO BUY FROM NEUTRAL AT BUCKINGHAM
  • NABORS INDUSTRIES (NBR) UPGRADED TO OUTPERFORM FROM NEUTRAL AT CREDIT SUISSE
  • ON SEMICONDUCTOR (ON) UPGRADED TO BUY FROM NEUTRAL AT GOLDMAN
  • PATTERSON-UTI (PTEN) UPGRADED TO NEUTRAL FROM UNDERPERFORM AT CREDIT SUISSE
  • PRECISION DRILLING (PDS) UPGRADED TO NEUTRAL FROM UNDERPERFORM AT CREDIT SUISSE
  • SUPERIOR ENERGY (SPN) UPGRADED TO OUTPERFORM FROM NEUTRAL AT CREDIT SUISSE
  • TANGER FACTORY (SKT) UPGRADED TO BUY FROM HOLD AT JEFFERIES

 

US Equity Downgrades

  • ADVANCED ENERGY (AEIS) DOWNGRADED TO OUTPERFORM FROM STRONG BUY AT RAYMOND JAMES
  • AES CORP. (AES) DOWNGRADED TO SECTOR PERFORM FROM OUTPERFORM AT RBC CAPITAL
  • ANTHEM (ANTM) DOWNGRADED TO HOLD FROM BUY AT STIFEL
  • BRUKER (BRKR) DOWNGRADED TO EQUAL WEIGHT FROM OVERWEIGHT AT BARCLAYS
  • CHEESECAKE FACTORY (CAKE) DOWNGRADED TO UNDERPERFORM FROM HOLD AT JEFFERIES
  • COLONY CAPITAL (CLNY) DOWNGRADED TO MARKET PERFORM FROM OUTPERFORM AT KEEFE BRUYETTE
  • DUNKIN' BRANDS (DNKN) DOWNGRADED TO UNDERPERFORM FROM HOLD AT JEFFERIES
  • ENSIGN GROUP (ENSG) DOWNGRADED TO MARKET PERFORM FROM OUTPERFORM AT JMP SECURITIES
  • EP ENERGY (EPE) DOWNGRADED TO SELL FROM NEUTRAL AT CITI
  • HOLOGIC (HOLX) DOWNGRADED TO HOLD FROM BUY AT EVERCORE ISI
  • INFRAREIT (HIFR) DOWNGRADED TO SECTOR PERFORM FROM OUTPERFORM AT RBC CAPITAL
  • INTUITIVE SURGICAL (ISRG) DOWNGRADED TO HOLD FROM BUY AT EVERCORE ISI
  • MAIDEN HOLDINGS (MHLD) DOWNGRADED TO NEUTRAL FROM BUY AT COMPASS POINT
  • MULTI-COLOR (LABL) DOWNGRADED TO NEUTRAL FROM OUTPERFORM AT BAIRD
  • NAVIENT (NAVI) DOWNGRADED TO NEUTRAL FROM OUTPERFORM AT CREDIT SUISSE
  • NOBLE ENERGY (NBL) DOWNGRADED TO HOLD FROM BUY AT DEUTSCHE BANK
  • NORTHSTAR (NSAM) DOWNGRADED TO MARKET PERFORM FROM OUTPERFORM AT KEEFE BRUYETTE
  • NOVARTIS (NVS) DOWNGRADED TO NEUTRAL FROM OVERWEIGHT AT JPMORGAN
  • OSHKOSH (OSK) DOWNGRADED TO HOLD FROM BUY AT DEUTSCHE BANK
  • PAREXEL (PRXL) DOWNGRADED TO HOLD FROM BUY AT EVERCORE ISI
  • STMICROELECTRONICS (STM) DOWNGRADED TO UNDERWEIGHT FROM EQUAL WEIGHT AT MORGAN STANLEY
  • SYNERGY RESOURCES (SYRG) DOWNGRADED TO NEUTRAL FROM BUY AT CITI
  • VALERO (VLO) DOWNGRADED TO HOLD FROM BUY AT DEUTSCHE BANK
  • WELLCARE (WCG) DOWNGRADED TO HOLD FROM BUY AT STIFEL
  • WINGSTOP (WING) DOWNGRADED TO HOLD FROM BUY AT JEFFERIES
  • ZEBRA TECHNOLOGIES (ZBRA) DOWNGRADED TO IN-LINE FROM OUTPERFORM AT IMPERIAL CAPITAL
  • AFFILIATED MANAGERS (AMG) DOWNGRADED TO BUY FROM CONVICTION BUY AT GOLDMAN
  • AGILENT (A) DOWNGRADED TO MARKET PERFORM FROM OUTPERFORM AT COWEN
  • ALASKA AIR (ALK) DOWNGRADED TO MARKET PERFORM FROM OUTPERFORM AT COWEN
  • AMC ENTERTAINMENT (AMC) DOWNGRADED TO MARKET PERFORM FROM OUTPERFORM AT FBR CAPITAL
  • ARTISAN PARTNERS (APAM) DOWNGRADED TO SELL FROM NEUTRAL AT GOLDMAN
  • ASHFORD HOSPITALITY (AHT) DOWNGRADED TO MARKET PERFORM FROM OUTPERFORM AT FBR CAPITAL
  • BAKER HUGHES (BHI) DOWNGRADED TO NEUTRAL FROM OUTPERFORM AT CREDIT SUISSE
  • BAKER HUGHES (BHI) DOWNGRADED TO NEUTRAL FROM POSITIVE AT SUSQUEHANNA
  • BLACKROCK (BLK) DOWNGRADED TO NEUTRAL FROM BUY AT GOLDMAN
  • BORGWARNER (BWA) DOWNGRADED TO HOLD FROM BUY AT EVERCORE ISI
  • BRINKER (EAT) DOWNGRADED TO MARKET PERFORM FROM OUTPERFORM AT TELSEY ADVISORY
  • COVENANT TRANSPORTATION (CVTI) DOWNGRADED TO EQUAL WEIGHT FROM OVERWEIGHT AT STEPHENS
  • GENOMIC HEALTH (GHDX) DOWNGRADED TO MARKET PERFORM FROM OUTPERFORM AT COWEN
  • JETBLUE (JBLU) DOWNGRADED TO MARKET PERFORM FROM OUTPERFORM AT COWEN
  • KNIGHT TRANSPORTATION (KNX) DOWNGRADED TO EQUAL WEIGHT FROM OVERWEIGHT AT STEPHENS
  • LEAR (LEA) DOWNGRADED TO HOLD FROM BUY AT EVERCORE ISI
  • MICROSEMI (MSCC) DOWNGRADED TO NEUTRAL FROM BUY AT GOLDMAN
  • NOVO NORDISK (NVO) DOWNGRADED TO UNDERWEIGHT FROM NEUTRAL AT JPMORGAN
  • PHILIP MORRIS (PM) DOWNGRADED TO NEUTRAL FROM BUY AT BOFA/MERRILL
  • SPIRIT AIRLINES (SAVE) DOWNGRADED TO MARKET PERFORM FROM OUTPERFORM AT COWEN
  • SPIRIT REALTY (AAL) INITIATED WITH AN OUTPERFORM AT FBR CAPITAL
  • TE CONNECTIVITY (TEL) DOWNGRADED TO SELL FROM NEUTRAL AT GOLDMAN
  • THE BANCORP (TBBK) DOWNGRADED TO NEUTRAL FROM BUY AT BTIG
  • UNITED CONTINENTAL (UAL) DOWNGRADED TO MARKET PERFORM FROM OUTPERFORM AT COWEN

 

US Equity Initiations

  • ACADIA (ACHC) INITIATED WITH A BUY AT CITI
  • AETNA (AET) INITIATED WITH A NEUTRAL AT PIPER JAFFRAY
  • AMAG PHARMACEUTICALS (AMAG) INITIATED WITH A BUY AT JANNEY CAPITAL
  • ANTHEM (ANTM) INITIATED WITH A NEUTRAL AT PIPER JAFFRAY
  • ATHENE HOLDING (ATH) INITIATED WITH A NEUTRAL AT UBS
  • CADIZ (CDZI) INITIATED WITH A BUY AT B. RILEY
  • CENTENE (CNC) INITIATED WITH AN OVERWEIGHT AT PIPER JAFFRAY
  • CIGNA (CI) INITIATED WITH AN OVERWEIGHT AT PIPER JAFFRAY
  • COMMUNITY HEALTH (CYH) INITIATED WITH A NEUTRAL AT PIPER JAFFRAY
  • EXPEDIA (EXPE) INITIATED WITH A BUY AT NEEDHAM
  • HCA HOLDINGS (HCA) INITIATED WITH AN OVERWEIGHT AT PIPER JAFFRAY
  • HEALTHSOUTH (HLS) INITIATED WITH A NEUTRAL AT PIPER JAFFRAY
  • HILTON GRAND VACATIONS (HGV) INITIATED WITH A BUY AT SUNTRUST
  • HUMANA (HUM) INITIATED WITH AN OVERWEIGHT AT PIPER JAFFRAY
  • LIFEPOINT (LPNT) INITIATED WITH A NEUTRAL AT PIPER JAFFRAY
  • MOLINA HEALTHCARE (MOH) INITIATED WITH AN OVERWEIGHT AT PIPER JAFFRAY
  • PARK HOTELS & RESORTS (PK) INITIATED WITH A HOLD AT SUNTRUST
  • PRICELINE (PCLN) INITIATED WITH A BUY AT NEEDHAM
  • SENESTECH (SNES) INITIATED WITH A BUY AT CRAIGHALLUM
  • SURGICAL CARE AFFILIATES (SCAI) INITIATED WITH A NEUTRAL AT CITI
  • TENET (THC) INITIATED WITH A NEUTRAL AT PIPER JAFFRAY
  • UNITEDHEALTH (UNH) INITIATED WITH AN OVERWEIGHT AT PIPER JAFFRAY
  • UNIVERSAL AMERICAN (UAM) INITIATED WITH A NEUTRAL AT PIPER JAFFRAY
  • UNIVERSAL HEALTH (UHS) INITIATED WITH A NEUTRAL AT PIPER JAFFRAY
  • WELLCARE (WCG) INITIATED WITH AN OVERWEIGHT AT PIPER JAFFRAY
  • ACHAOGEN (AKAO) INITIATED WITH AN OUTPERFORM AT LEERINK
  • CONDUENT (CNDT) INITIATED WITH A BUY AT SUNTRUST
  • CONSOLIDATED TOMOKA (CTO) INITIATED WITH AN OUTPERFORM AT FBR CAPITAL
  • GLOBAL BLOOD THERAPEUTICS (GBT) INITIATED WITH AN OVERWEIGHT AT JPMORGAN
  • HILTON GRAND VACATIONS (HGV) INITIATED WITH A BUY AT MKM PARTNERS
  • HILTON GRAND VACATIONS (HGV) INITIATED WITH A BUY AT SUNTRUST
  • INTEGRATED DEVICE (IDTI) RESUMED WITH AN OVERWEIGHT AT PACIFIC CREST
  • KITE PHARMA (KITE) INITIATED WITH A BUY AT ROTH CAPITAL
  • LIONSGATE (LGF) INITIATED WITH AN OVERWEIGHT AT MORGAN STANLEY
  • PARAMOUNT GOLD NEVADA (PZG) INITIATED WITH A BUY AT ROTH CAPITAL
  • PARK HOTELS & RESORTS (PK) INITIATED WITH A HOLD AT SUNTRUST
  • PRO-DEX (PDEX) INITIATED WITH A BUY AT ASCENDIANT
  • RITTER PHARMACEUTICALS (RTTR) INITIATED WITH A BUY AT RODMAN & RENSHAW
  • SM ENERGY (SM) INITIATED WITH A BUY AT BOFA/MERRILL
  • SPIRIT REALTY (SRC) INITIATED WITH AN OUTPERFORM AT FBR CAPITAL
  • TELADOC (TDOC) INITIATED WITH A BUY AT CANACCORD

 

 

 

Trader Development

Find out more