In European Equity Markets stocks fell, posting their biggest weekly loss since before Donald Trump won the U.S presidential election in November, as investors grew cautious before his inauguration. The STOXX 600 closed 0.1 percent lower, marking a five-day loss of almost 1 percent. Britain’s FTSE fell 0.1 percent and posted a weekly decline of 1.9 percent. British pharma stock AstraZeneca was 3.4 percent weaker after rival Bristol-Myers Squibb Co decided not to seek accelerated U.S. approval for a combination of two immunotherapy drugs as an initial treatment for lung cancer. Energy stocks were among the biggest gainers with shares in Subsea 7, Amec Foster Wheeler and SBM Offshore all rising between 4.7 percent to 5.4 percent.

In Currency Markets the U.S. currency was little changed from its late Thursday levels against a basket of major currencies, but remains 3.5 percent higher since Trump’s election victory in November. The dollar index was flat at 101.130 and was little changed for the week. The euro was flat against the dollar, hovering around $1.0665, just above 7-week lows hit on Tuesday. It was on pace to gain 0.2 percent for the week, its fifth consecutive weekly rise. The dollar rose 0.1 percent against the yen in choppy trading. The British pound 0.2 percent to $1.233. Sterling was on pace to rise more than 1 percent versus the dollar for the week, aided by its largest one-day percentage gain against the greenback since at least 1998 on Tuesday.

In Commodities Markets oil prices rose nearly 3 percent on Friday on expectations that a weekend meeting of the world’s top oil producers would demonstrate compliance to a global output cut deal. Brent crude rose by 2.9 percent, to $55.72 a barrel by. U.S. crude for February delivery was up by 2.9 percent, at $52.88 a barrel ahead of expiry. Gold prices fell on Friday as investors expect U.S. President-elect Donald Trump to calm markets with a return to conciliatory language in his inaugural address. Spot gold was down 0.4 percent at $1,200.11 an ounce and silver shed 0.6 percent to $16.91 an ounce. Platinum rose 0.5 percent to $962.30 and palladium gained 0.9 percent to $760.

In US Equity Markets stocks rose amid gains across sectors on Friday as Donald Trump gets set to become the 45th president of the United States. The Dow Jones Industrial Average was up 0.47 percent, at 19,824.45. The S&P 500 was up 0.44 percent, at 2,273.73 and the Nasdaq Composite was up 0.35 percent, at 5,559.33. Ten of the 11 major S&P indexes were higher, with technology giving the biggest bump to the broader index. Industrials, which have risen for the past two days, were down 0.2 percent. Procter & Gamble was the top stock on the S&P and the Dow, rising 3.6 percent after the consumer products maker reported quarterly sales and profit above expectations.

In Bond Markets U.S. Treasury yields rose on Friday as investors evaluated the prospect of faster growth and higher inflation before Donald Trump’s inauguration as U.S. president. Benchmark 10-year notes fell 7/32 in price to yield 2.48 percent, up from 2.46 percent late on Thursday. The yields have jumped from a low of 2.31 percent on Tuesday. Germany’s benchmark 10-year Bund yield rose to a one-month peak of 0.35 percent.

European Equity Upgrades/Downgrades
SEVERN TRENT (SVT LN) DOWNGRADED TO SELL FROM NEUTRAL AT UBS
NATIONAL GRID (NG LN) UPGRADED TO BUY FROM HOLD AT BERENBERG
TULLOW OIL (TLW LN) DOWNGRADED TO SELL FROM NEUTRAL AT UBS
TESCO (TSCO LN) DOWNGRADED TO UNDERPERFORM FROM NEUTRAL AT EXANE
SAINSBURY (SBRY LN) DOWNGRADED TO NEUTRAL FROM OUTPERFORM AT EXANE
PETROFAC (PFC LN) UPGRADED TO BUY FROM HOLD AT SOCGEN
WHITBREAD (WTB LN) UPGRADED TO EQUAL WEIGHT FROM UNDERWEIGHT AT BARCLAYS
UNIPER (UN01 GY) INITIATED WITH SELL AT UBS
DUERR (DUE GY) UPGRADED TO BUY FROM HOLD AT KEPLER CHEVREUX
JC DECAUX (DEC FP) DOWNGRADED TO HOLD FROM BUY AT JEFFERIES
ZODIAC AEROSPACE (ZC FP) DOWNGRADE TO NEUTRAL FROM OVERWEIGHT AT JPMORGAN
BANKIA (BKIA SM) DOWNGRADED TO UNDERPERFORM FROM HOLD AT JEFFERIES
SAIPEM (SPM IT) UPGRADED TO HOLD FROM BUY AT SOCGEN
SUNRISE COMMUNICATION GROUP (SRCG VX) INITIATED WITH OVERWEIGHT AT JPMORGAN
UBS (UBSN VX) DOWNGRADED TO HOLD FROM BUY AT BANKHAUS LAMPE
RICHEMONT (CRF VX) UPGRADED TO NEUTRAL FROM UNDERPERFORM AT MACQUARIE
LUNDIN PETROLEUM (LUPE SS) DOWNGRADED TO SELL FROM NEUTRAL AT UBS
HANDELSBANKEN (SHB SS) DOWNGRADED TO HOLD FROM BUY AT SEB