In Asian Equity Markets Japan’s Nikkei index lost more than 1 percent on Monday as exporters fell on a stronger yen, while sentiment was subdued on concern over U.S. President Donald Trump’s protectionist trade views. The Nikkei fell 1.3 percent to 18,891.03. The broader Topix lost 1.2 percent to 1,514.63, and the JPX-Nikkei Index 400 was down 1.3 percent to 13,567.32. MSCI’s broadest index of Asia-Pacific stocks outside Japan rose 0.3 percent, with Taiwan stocks leading the gains and coming just shy of 1-1/2-year highs. Stocks in China gained as non-ferrous metal companies found favor. The Shanghai Composite Index rose 0.66 percent, while Hong Kong’s Hang Seng Index edged up 0.72 percent.

In Currency Markets the dollar skidded in Asian trade on Monday, with the euro hitting its highest levels in more than a month as investors locked in gains on the greenback’s recent rise as they waited for U.S. President Donald Trump to offer details of his promised stimulus. The euro firmed 0.4 percent on the day to $1.07400 after earlier rising to $1.07460, its highest since Dec. 8. That helped push down the dollar against a currency basket, with the dollar index down 0.4 percent on the day to 100.37. Sterling added 0.3 percent to $1.2417, recovering from the previous week’s volatile trade. Against the perceived safe-haven yen, the dollar fell 1 percent to 113.55, moving back toward last week’s seven-week nadir of 112.57 yen.

In Commodities Markets oil ticked lower on Monday, falling for the first time in three sessions as prospects of rising U.S. production weighed on the market. Brent crude was trading at $55.42 per barrel, down 7 cents from its last close. U.S. West Texas Intermediate crude futures fell 11 cents to $53.11 a barrel. Gold prices rose on Monday to the highest in two months as investors sought safer assets amid uncertainty around the economic policies of new U.S. President Donald Trump and as the dollar declined against other major currencies.Spot gold rose 0.7 percent, to $1,217.81 per ounce. Among other precious metals, silver rose 0.8 percent to $17.20. Platinum rose 0.2 percent to $982.70 and palladium rose 0.3 percent to $789.80.

In US Equity Markets stocks closed higher on Friday in a modest but broad-based advance as Donald Trump was sworn in as U.S. President, marking the first time in more than 50 years that a new commander-in-chief has been welcomed by a rising equity market on his first day in office. The Dow Jones Industrial Average rose 0.48 percent, to 19,827.25. The S&P 500 gained 0.3 percent, to 2,271.31 and the Nasdaq Composite added 0.28 percent, to 5,555.33. Merck rose 3.6 percent to $62.53 after Bristol-Myers said it would not seek accelerated U.S. approval for a combination of its two immunotherapy drugs as an initial treatment for lung cancer, giving Merck an advantage in the lucrative market. Bristol-Myers’ stock fell 11.3 percent.

In Bond Markets Japanese government bond prices rose on Monday as Tokyo stocks fell and Treasuries gained after the inauguration of Donald Trump as U.S. president and lifted investor demand for safe-haven debt. The benchmark 10-year JGB yield fell 1.5 basis points to 0.045 percent. The 30-year yield declined 2 basis points to 0.775 percent, pulling away from a five-week high of 0.800 percent struck on Friday. The 10-year U.S. Treasuries yield fell to 2.435 percent, after having risen briefly on Friday to 2.513 percent, its highest since Jan. 3.

US Equity Upgrades
AARON’S (AAN) UPGRADED TO BUY FROM HOLD AT SUNTRUST
ABRAXAS PETROLEUM (AXAS) UPGRADED TO BUY FROM HOLD AT STIFEL
BRIXMOR (BRX) UPGRADED TO BUY FROM HOLD AT SUNTRUST
CF INDUSTRIES (CF) UPGRADED TO BUY FROM UNDERPERFORM AT BOFA/MERRILL
CHECK POINT (CHKP) UPGRADED TO OVERWEIGHT FROM EQUAL-WEIGHT AT FIRST ANALYSIS
DOMINO’S PIZZA (DPZ) UPGRADED TO OVERWEIGHT FROM SECTOR WEIGHT AT KEYBANC
DUN & BRADSTREET (DNB) UPGRADED TO NEUTRAL FROM SELL AT GOLDMAN
EMERGE ENERGY (EMES) UPGRADED TO BUY FROM NEUTRAL AT GOLDMAN
INTERNATIONAL PAPER (IP) UPGRADED TO BUY FROM HOLD AT JEFFERIES
NATIONAL GRID (NGG) UPGRADED TO BUY FROM HOLD AT BERENBERG
NOBLE CORP. (NE) UPGRADED TO NEUTRAL FROM UNDERPERFORM AT BOFA/MERRILL
REGENCY CENTERS (REG) UPGRADED TO BUY FROM HOLD AT SUNTRUST
ROCKWELL AUTOMATION (ROK) UPGRADED TO BUY FROM NEUTRAL AT BUCKINGHAM
SIMMONS FIRST NATIONAL (SFNC) UPGRADED TO HOLD FROM SELL AT SANDLER O’NEILL
UDR, INC. (UDR) UPGRADED TO BUY FROM HOLD AT SUNTRUST

US Equity Downgrades
ALLEGHENY TECHNOLOGIES (ATI) DOWNGRADED TO UNDERPERFORM FROM BUY AT BOFA/MERRILL
BNY MELLON (BK) DOWNGRADED TO MARKET PERFORM FROM OUTPERFORM AT KEEFE BRUYETTE
BRISTOL-MYERS (BMY) DOWNGRADED TO MARKET PERFORM FROM OUTPERFORM AT COWEN
CORPORATE OFFICE PROPERTIES (OFC) DOWNGRADED TO HOLD FROM BUY AT SUNTRUST
COTIVITI HOLDINGS (COTV) DOWNGRADED TO NEUTRAL FROM BUY AT GOLDMAN
CSX (CSX) DOWNGRADED TO HOLD FROM BUY AT DEUTSCHE BANK
CUBESMART (CUBE) DOWNGRADED TO NEUTRAL FROM BUY AT BOFA/MERRILL
ENDO (ENDP) DOWNGRADED TO NEUTRAL FROM OVERWEIGHT AT JPMORGAN
EQUIFAX (EFX) DOWNGRADED TO SELL FROM NEUTRAL AT GOLDMAN
FBL FINANCIAL (FFG) DOWNGRADED TO UNDERPERFORM FROM MARKET PERFORM AT RAYMOND JAMES
FEMSA (FMX) DOWNGRADED TO NEUTRAL FROM OVERWEIGHT AT JPMORGAN
FIRST POTOMAC (FPO) DOWNGRADED TO HOLD FROM BUY AT SUNTRUST
GRAPHIC PACKAGING (GPK) DOWNGRADED TO HOLD FROM BUY AT JEFFERIES
IAC (IAC) DOWNGRADED TO NEUTRAL FROM BUY AT GUGGENHEIM
INTERCEPT (ICPT) DOWNGRADED TO HOLD FROM BUY AT NEEDHAM
KEYCORP (KEY) DOWNGRADED TO HOLD FROM BUY AT SANDLER O’NEILL
LAZARD (LAZ) DOWNGRADED TO OUTPERFORM FROM STRONG BUY AT RAYMOND JAMES
LIFE STORAGE (LSI) DOWNGRADED TO HOLD FROM BUY AT SUNTRUST
MAIN STREET (MAIN) DOWNGRADED TO MARKET PERFORM FROM OUTPERFORM AT FBR CAPITAL
MATCH GROUP (MTCH) DOWNGRADED TO NEUTRAL FROM BUY AT GUGGENHEIM
PENNSYLVANIA REIT (PEI) DOWNGRADED TO HOLD FROM BUY AT SUNTRUST
SILICON MOTION (SIMO) DOWNGRADED TO NEUTRAL FROM BUY AT NOMURA
SIMON PROPERTY (SPG) DOWNGRADED TO HOLD FROM BUY AT SUNTRUST
SMART SAND (SND) DOWNGRADED TO NEUTRAL FROM BUY AT GOLDMAN
TCF FINANCIAL (TCB) DOWNGRADED TO HOLD FROM BUY AT DEUTSCHE BANK
TEVA (TEVA) DOWNGRADED TO NEUTRAL FROM OVERWEIGHT AT JPMORGAN
WESTERN UNION (WU) DOWNGRADED TO SELL FROM NEUTRAL AT COMPASS POINT

US Equity Initiations
ALPHABET (GOOG) RESUMED WITH AN OVERWEIGHT AT PACIFIC CREST
AMAZON.COM (AMZN) INITIATED WITH A BUY AT AEGIS
AMN HEALTHCARE (AMN) INITIATED WITH A BUY AT BENCHMARK
BELLEROPHON (BLPH) INITIATED WITH A BUY AT H.C. WAINWRIGHT
COSTCO (COST) COVERAGE RESUMED WITH A BUY AT STIFEL
CROSS COUNTRY HEALTHCARE (CCRN) INITIATED WITH A BUY AT BENCHMARK
ESSENT GROUP (ESNT) INITIATED WITH A BUY AT DEUTSCHE BANK
EXPEDIA (EXPE) INITIATED WITH A BUY AT MKM PARTNERS
FACEBOOK (FB) RESUMED WITH AN OVERWEIGHT AT PACIFIC CREST
GCP APPLIED TECHNOLOGIES (GCP) INITIATED WITH A BUY AT SEAPORT GLOBAL
MURPHY USA (MUSA) ASSUMED WITH A NEUTRAL AT JPMORGAN
PLATFORM SPECIALTY PRODUCTS (PAH) INITIATED WITH A BUY AT H.C. WAINWRIGHT
PORTOLA PHARMACEUTICALS (PTLA) INITIATED WITH A PERFORM AT OPPENHEIMER
PRICELINE (PCLN) INITIATED WITH A BUY AT MKM PARTNERS
SAFE BULKERS (SB) INITIATED WITH A HOLD AT STIFEL
SPROUTS FARMERS MARKETS (SFM) INITIATED WITH AN OUTPERFORM AT WILLIAM BLAIR
SUMMIT MATERIALS (SUM) INITIATED WITH A BUY AT SUNTRUST