In European Equity Markets stocks fell on Thursday, weighed down by disappointing earning updates from Danish drugmaker Novo Nordisk and German lender Deutsche Bank, although Reckitt Benckiser was boosted by news of talks to buy U.S. rival Johnson Nutrition. The pan-European STOXX 600 index fell 0.3 percent, while Britain’s FTSE outperformed with a gain of 0.5 percent after the Bank of England appeared to be in no rush to tighten monetary policy in its latest inflation report. Novo Nordisk lost 7.3 percent after the world’s top maker of diabetes drugs said fourth-quarter operating profit came in below forecasts. Daimler fell 2.7 percent after its fourth-quarter results missed expectations.

In Currency Markets the U.S. dollar fell to its lowest since mid-November against a basket of major rivals on Thursday in the wake of a Federal Reserve policy statement that disappointed investors hoping for clearer signs on rate hikes, while rhetoric from U.S. President Trump unnerved traders. The dollar index fell to its lowest since Nov. 14 at 99.233 in morning trade in Europe. The euro hit an eight-week high against the dollar of $1.0828, while the dollar fell as much as 1 percent against the yen to 112.06 yen. The Australian dollar rose as much as 1.5 percent against the dollar to its highest since Nov. 10 of $0.7696. The New Zealand dollar was up 0.37 percent to $0.7305.

In Commodities Markets oil prices were little changed in U.S. trade on Thursday, retracing early gains as traders grew less concerned about mounting tensions between the United States and Iran, but prices were still supported by evidence that OPEC and other big exporters were cutting production. Brent futures were up 0.2 percent, at $56.89 a barrel. U.S. West Texas Intermediate crude was down 0.1 percent, at $53.84 per barrel. Spot gold struck its highest level since Nov. 17 at $1,225.30 an ounce, and was last up 0.9 percent at $1,219.96. Among other precious metals, silver was up 0.6 percent at $17.61 an ounce, while platinum was up 0.3 percent to $999.24. Palladium was up 0.1 percent at $762.90.

In US Equity Markets stocks reversed course and were up slightly on Thursday, as a rise in consumer shares helped offset losses in financials, but investors remained cautious over President Donald Trump’s isolationist policies. The Dow Jones Industrial Average rose 0.11 percent, at 19,912.43, the S&P 500 was up 0.13 percent, at 2,282.55 and the Nasdaq Composite rose 0.17 percent, at 5,652.49. Philip Morris rose 3 percent following the cigarette maker’s results. Mead Johnson rose 22.4 percent after Reckitt Benckiser said it was in advanced talks to buy the company for $16.7 billion. Ralph Lauren fell nearly 10 percent. The company said CEO Stefan Larsson would leave following differences with the company’s founder and chairman.

In Bond Markets U.S. Treasury prices gained on Thursday a day after the Federal Reserve gave a more dovish-than-expected statement, and as uncertainty over policies from President Donald Trump increased safety buying of U.S. debt. Benchmark 10-year notes gained 7/32 in price to yield 2.45 percent, down from 2.47 percent late on Wednesday. Germany’s benchmark 10-year Bund yield was down 5 basis points to 0.43 percent, holding below a one-year high hit last week just shy of 0.50 percent.

European Equity Earnings
Deutsche Bank (DBK GY) – Co. reports Q4 net loss EUR 1.89bln vs. Exp. EUR 1.32bln loss, Q4 pretax loss EUR 2.42bln vs. Exp. EUR 1.49bln, revenue EUR 7.07bln vs. Prev. EUR 6.64bln, CET1 ratio 11.9%.
Infineon (IFX GY) – Q1 revenue EUR 1.65bln vs. Exp. EUR 1.62bln. Co. reiterate FY outlook.
Unibail-Rodamco (UL FP) – FY16 Net profit of EUR 1.11bln vs. Exp. EUR 1.03bln. and Net rental income EUR 1.53bln vs. Exp. EUR 1.45bln.
Dassaut Systems (DSY FP) – Q4 non-IFRS EPS EUR 0.78 vs. Prev. EUR 0.71, revenue EUR 882.6mln vs. Prev. EUR 796.5mln.
ING Groep (ING NA) – Q4 net EUR 750mln vs. Exp. EUR 314mln, underlying net EUR 1.38bln vs. Exp. EUR 1.10bln, net interest income rose 5% to EUR 3.3bln.
CaixaBank (CABK SM) – Q4 net EUR 77mln vs. Exp. EUR 170mln, CET1 Ratio 12.4% vs. Prev. 12.6% Q/Q, Core rev up 2.6% Y/Y, growth in client funds of 2.5%, NPL’s decline by 13.7% YTD with ratio down to 6.9%.
Swatch (UHR VX) – Co. FY16 net CHF 593mln vs. Prev. CHF 1.12bln Y/Y, revenue. CHF 7.55bln vs. Prev. CHF 8.45bln
Nokia (NOKIA FH) – Q4 adj. Operational profit EUR 940mln vs. Exp. EUR 766mln, Rev EUR 6.72bln vs. Exp. EUR 6.79bln.
Swedbank (SWEDA SS) – Q4 net SEK4.15bln vs. Exp. SEK 4.08bln, while they company also boosts their dividend.
Telenor (TEL NO) – Q4 Net NOK 2.29bln vs. Exp NOK 4.05bln. Q4 Adj. EBITDA NOK10.8bln vs. Exp. NOK11.2bln. Q4 revenue NOK 33.1bln vs. Exp. NOK 33.4bln.
BillerudKorsnan (BILL SS) – Q4 Adj. op SEK 693mln vs. Exp SEK 577mln, Rev SEK 5.47bln vs. Exp. SEK 5.34bln.
Dong Energy (DENERG DC) – Q4 Net DKK 3.9bln vs. Y/Y loss DKK 0.3bln, EBITDA DKK 6.3bln vs. Prev. Y/Y 1.9bln.
Nolian Renkaat (NRE1V FH) – Q4 op profit EUR 49.5mln vs. Exp. EUR 107mln, Rev EUR 460.7mln vs. Exp. EUR 422mln.
Danske (DANSKE DC) – Co. initiated a share buyback, Q4 net DKK 2.32vln vs. Ext. DKK 1.97bln, Co. guide FY 17 Net DKK 1719bln.
DNB (DNB NO) – Q4 Net NOK 5.38bln vs. Exp. DKK 4.22bln, Net interest income NOK 8.37bln and impairment losses of 1.75bln.
Novo Nordisk (NOVOB DC) – FY Operating profit EUR 111.8bln vs. Exp EUR 111.7bln. Co begins buyback program of up to DKK 16bln.
Assa Abloy (ASSAB SS) – Q4 net SEK 2.12bln vs. Prev. Y/Y SEK 2.09bln, EBIT SEK 3.04bln vs. Prev. Y/Y 2.91bln, Rev. SEK 19.5 vs. Prev. SEK 19.7bln.
AstraZeneca (AZN LN) – Q4 Rev USD 5.59bln vs. Exp. USD 5.61bln, Q4 EPS USD 1.21 vs. Exp. USD 1.13.
Daimler (DAI GY) – Q4 revenue EUR 5.585bln vs. Exp. EUR 5.568bln. Q4 core EPS EUR 1.21 vs. Exp. EUR 1.13. Mercedes Benz Q4 EBIT EUR 2.63bln vs. Exp 2.68bln.
Shell (RDSA LN) – Q4 div USD 0.47, Rev USD 64.8bln, flow from ops USD 9.2bln, Q4 Adj. Profit USD 1.8bln vs Exp. USD 2.8bln.
Vodafone (VOD LN) – Co. reports Q3 group revenue EUR 13.7bln vs. Exp. EUR 10.3bln, service organic revenue +1.7% vs. Exp. +1.5%, expect to meet the lower end of Ebitda guidance range, while also reaffirmed FY guidance.
Kesko (KESBV FH) – Co. reports Q4 net sales EUR 2.77bln vs. Exp. EUR 2.95bln, Q4 EBIT Exitems EUR 63.3mln vs. Exp. EUR 69.7mln.

European Equity Upgrades/Downgrades
ST JAMES PLACE (STJ LN) INITIATED WITH BUY AT HSBC
PEARSON (PSON LN) UPGRADED TO NEUTRAL FROM UNDERPERFORM AT CREDIT SUISSE
ZOOPLA (ZPLA LN) DOWNGRADED TO NEUTRAL FROM OUTPERFORM AT MACQUARIE
THYSSENKRUPP (TKA GY) DOWNGRADED TO SELL FROM NEUTRAL AT GOLDMAN SACHS
SALZGITTER (SZG GY) UPGRADED TO BUY FROM SELL AT GOLDMAN SACHS
JULIUS BAER (BAER VX) DOWNGRADED TO HOLD FROM BUY AT SOCGEN
VOLVO (VOLVA SS) UPGRADED TO NEUTRAL FROM UNDERWEIGHT AT JPMORGAN
BARCLAYS (BARC LN) UPGRADED TO BUY FROM HOLD AT INVESTEC
BBVA (BBVA SM) DOWNGRADED TO UNDERPERFROM FROM MARKET PERFORM AT KEEFE BRUYETTE
ELECTROLUX (ELUXB SS) UPGRADED TO BUY FROM HOLD AT DNB