In Asian Equity Markets stocks rose to 3-1/2-month highs on Thursday, cheered by the Dow Jones Industrial Average breaching the 20,000-level for the first time, though concerns about U.S. President Donald Trump’s protectionist stance kept the dollar on the defensive. MSCI’s broadest index of Asia-Pacific stocks outside Japan rose 0.7 percent to its highest since Oct. 11. South Korea’s Kospi advanced 0.9 percent, Hong Kong’s Hang Seng climbed 1.2 percent and Shanghai edged up 0.2 percent. The Nikkei gained 1.5 percent to 19,345.85 in midmorning trade after hitting as high as 19,354.48 earlier, the highest level since Jan. 11. The broader Topix gained 1.4 percent to 1,542.90 and the JPX-Nikkei Index 400 advanced 1.5 percent to 13,840.59.

In Currency Markets the dollar fell to seven-week lows on Thursday, pressured by investors’ concerns about U.S. protectionism after President Donald Trump gave the go-ahead to construction of a U.S.-Mexican border wall and prepared to impose some immigration curbs. The dollar index was last down 0.1 percent at 99.886. The dollar was little changed at 113.425 yen after losing 0.5 percent overnight. The euro was last up 0.1 percent at $1.0762 against the dollar, slightly below Tuesday’s seven-week high of $1.0775. Sterling was last up 0.1 percent at $1.2648, its highest peak in six weeks. Mexico’s peso strengthened to a three-week high of 20.9300 peso on Wednesday as Trump said the country’s economic future was important to the United States.

In Commodities Markets oil prices rose on Thursday, driven up by a weakening dollar, but gains were capped by plentiful supplies and inventories despite an effort by OPEC and other producers to cut output and prop up the market. Brent crude futures were trading at $55.59 per barrel, up 0.93 percent, from their last close. U.S. West Texas Intermediate crude futures were at $53.22 a barrel, up 0.89 percent. Spot gold prices were slightly down 0.2 percent to $1,198.20 per ounce and spot silver fell 0.4 percent to $16.91. Platinum was firm at $978.10. Palladium rose 0.2 percent to $730.50, after falling over 7 percent in the previous session to a near 3-week low of $727.50.

In US Equity Markets stocks climbed on Wednesday and the Dow Jones Industrial Average closed atop the 20,000 mark for the first time as solid earnings and optimism over President Donald Trump’s pro-growth initiatives revitalized a post-election rally. The Dow Jones Industrial Average rose 0.78 percent, to close at 20,068.51, the S&P 500 gained 0.80 percent, to 2,298.37 and the Nasdaq Composite added 0.99 percent, to 5,656.34. A 1.7 percent rise in financials paced the advance for the S&P 500, while names sensitive to a climb in interest rates – utilities, real estate and telecoms – lost ground. Boeing hit a record high of $168.65 on strong earnings, giving the Dow its biggest boost before closing up 4.2 percent at $167.36 percent gain.

In Bond Markets U.S. Treasury yields increased on Wednesday with benchmark yields hitting a four-week high as Wall Street’s key indexes posted record highs amid investor optimism about the economy and the policies of the administration of President Donald Trump. The yield on U.S. benchmark 10-year Treasury notes rose 5 basis points to 2.521 percent, below Wednesday’s session high of 2.538 percent earlier, which was its highest since Dec. 28.

Economic Calendar
10:30 GMT+0 UK Prelim GDP q/q
14:30 GMT+0 US Unemployment Claims

US Equity Earnings
Abbott Laboratories (ABT) – Q4 Adj. EPS USD 0.65 vs. Exp. USD 0.64 and Q4 revenue USD 5.3bln vs. Exp. USD 5.38bln.
Boeing (BA) – Q4 GAAP EPS USD 2.59 vs. Exp. USD 2.34 and Q4 revenue USD 23.29bln vs. Exp. USD 23.53bln. Furthermore, Q4 net orders USD 32bln vs. Q3 USD 15bln and they forecast FY17 GAAP EPS between USD 10.25 – 10.45.
Canadian National (CNI) – Q4 EPS CAD 1.23 vs. Exp. CAD 1.18 and Q4 Revenue CAD 3.22bln vs. Prev. CAD 3.17bln Y/Y
Capital One (COF) – Q2 Adj. EPS USD 1.45 vs. Exp. USD 1.60 and Q2 Net Revenue USD 6.60 vs. Exp. USD 6.63bln
Discover Financial Services (DFS) – Q4 EPS USD 1.40 vs. Exp. USD 1.38 and Q4 Revenue net of interest expense USD 2.36bln vs. Exp. USD 2.34bln.
Freeport McMoRan (FCX) – Q4 EPS USD 0.21 vs. Exp. USD 0.32 and Q4 revenue USD 4.377bln vs. Exp. USD 3.86bln.
Illinois Tool Works (ITW) – Q4 GAAP EPS USD 1.45 vs. Exp. USD 1.37 and Q4 revenue USD 3.40bln vs. Exp. USD 3.42bln.
Intuitive Surgical (ISRG) – Q4 Adj. EPS USD 6.09 vs Exp. USD 5.92 and Q4 Revenue USD 757mln vs. Exp. USD 749mln
Norfolk Southern (NSC) – Q4 EPS USD 1.42 vs. Exp. USD 1.38 and Q4 revenue USD 2.5bln vs. Exp. USD 2.5bln.
State Street (STT) – Q4 GAAP-Basis EPS USD 1.43 vs. Exp. USD 1.34 and Q4 operating revenue USD 2.75bln vs. Exp. USD 2.72bln.
Stryker (SYK) – Q4 Adj. EPS USD 1.78 vs. Exp. USD 1.76 and Q4 Adj. Revenue USD 3.2bln.
Texas Instruments (TXN) – Q4 EPS USD 1.02 vs. Exp. USD 0.81 and Q4 Revenue USD 3.41bln vs Exp. USD 3.33bln
United Technologies (UTX) – Q4 Adj. EPS USD 1.56 vs. Exp. USD 1.56 and Q4 revenue USD 14.7bln vs. Exp. USD 14.7bln.

US Equity Upgrades
ABB (ABB) UPGRADED TO OUTPERFORM FROM SECTOR PERFORM AT RBC CAPITAL
ALCOA (AA) UPGRADED TO BUY FROM NEUTRAL AT CITI
ALCOA (AA) UPGRADED TO HOLD FROM SELL AT DEUTSCHE BANK
AMERICAN EAGLE (AEO) UPGRADED TO OUTPERFORM FROM MARKET PERFORM AT TELSEY ADVISORY
BT GROUP (BT) UPGRADED TO NEUTRAL FROM UNDERPERFORM AT MACQUARIE
CENTURYLINK (CTL) UPGRADED TO HOLD FROM UNDERPERFORM AT JEFFERIES
EXTENDED STAY AMERICA (STAY) UPGRADED TO BUY FROM HOLD AT STIFEL
HCP (HCP) UPGRADED TO BUY FROM NEUTRAL AT GOLDMAN
INTELSAT (I) UPGRADED TO OUTPERFORM FROM SECTOR PERFORM AT RBC CAPITAL
INTERNATIONAL PAPER (IP) UPGRADED TO OUTPERFORM FROM MARKET PERFORM AT BMO CAPITAL
JETBLUE (JBLU) UPGRADED TO OVERWEIGHT FROM NEUTRAL AT JPMORGAN
MELCO CROWN (MPEL) UPGRADED TO NEUTRAL FROM REDUCE AT NOMURA
PACKAGING CORP. (PKG) UPGRADED TO OUTPERFORM FROM MARKET PERFORM AT BMO CAPITAL
PHILLIPS 66 PARTNERS (PSXP) UPGRADED TO BUY FROM NEUTRAL AT CITI
RECKITT BENCKISER (RBGLY) UPGRADED TO BUY FROM HOLD AT BERENBERG
SKF AB (SKFRY) UPGRADED TO SECTOR PERFORM FROM UNDERPERFORM AT RBC CAPITAL
TELENOR (TELNY) UPGRADED TO HOLD FROM SELL AT BERENBERG
TRANSOCEAN (RIG) UPGRADED TO NEUTRAL FROM UNDERWEIGHT AT PIPER JAFFRAY
VALE (VALE) UPGRADED TO OUTPERFORM FROM MARKET PERFORM AT BERNSTEIN
WEIR GROUP (WEGRY) ASSUMED SECTOR PERFORM FROM UNDERPERFORM AT RBC CAPITAL

US Equity Downgrades
AK STEEL (AKS) DOWNGRADED TO NEUTRAL FROM OVERWEIGHT AT JPMORGAN
ALUMINA (AWCMY) DOWNGRADED TO SELL FROM HOLD AT DEUTSCHE BANK
BT GROUP (BT) DOWNGRADED TO HOLD FROM BUY AT BERENBERG
COACH (COH) DOWNGRADED TO NEUTRAL FROM OVERWEIGHT AT ATLANTIC EQUITIES
COACH (COH) DOWNGRADED TO OUTPERFORM FROM BUY AT CLSA
CYRUSONE (CONE) DOWNGRADED TO SELL FROM NEUTRAL AT CITI
FIFTH THIRD (FITB) DOWNGRADED TO NEUTRAL FROM OUTPERFORM AT MACQUARIE
GENVEC (GNVC) DOWNGRADED TO NEUTRAL FROM BUY AT RODMAN & RENSHAW
HYATT (H) DOWNGRADED TO HOLD FROM BUY AT BERENBERG
J2 GLOBAL (JCOM) DOWNGRADED TO NEUTRAL FROM BUY AT CITI
KATE SPADE (KATE) DOWNGRADED TO MARKET PERFORM FROM OUTPERFORM AT TELSEY ADVISORY
ONEOK (OKE) DOWNGRADED TO NEUTRAL FROM BUY AT CITI
POLARIS INDUSTRIES (PII) DOWNGRADED TO HOLD FROM BUY AT WUNDERLICH
POPULAR (BPOP) DOWNGRADED TO MARKET PERFORM FROM OUTPERFORM AT KEEFE BRUYETTE
PUBLICIS (PUBGY) DOWNGRADED TO EQUAL WEIGHT FROM OVERWEIGHT AT BARCLAYS
SIMMONS FIRST NATIONAL (SFNC) DOWNGRADED TO UNDERPERFORM AT RAYMOND JAMES
SOUTHWEST (LUV) DOWNGRADED TO NEUTRAL FROM OVERWEIGHT AT JPMORGAN
TENNECO (TEN) DOWNGRADED TO NEUTRAL FROM POSITIVE AT SUSQUEHANNA
VERIZON (VZ) DOWNGRADED TO MARKET PERFORM FROM OUTPERFORM AT FBR CAPITAL
VERIZON (VZ) DOWNGRADED TO MARKET PERFORM FROM OUTPERFORM AT RAYMOND JAMES
VERIZON (VZ) DOWNGRADED TO SECTOR PERFORM FROM OUTPERFORM AT RBC CAPITAL
VIVENDI (VIVHY) DOWNGRADED TO UNDERWEIGHT FROM EQUAL WEIGHT AT BARCLAYS

US Equity Initiations
ARISTA NETWORKS (ANET) INITIATED WITH A BUY AT DA DAVIDSON
BLACK HILLS (BKH) INITIATED WITH AN OUTPERFORM AT CREDIT SUISSE
CONSOLIDATED EDISON (ED) INITIATED WITH AN UNDERPERFORM AT CREDIT SUISSE
DOMINION (D) INITIATED WITH AN OUTPERFORM AT CREDIT SUISSE
EXELON (EXC) INITIATED WITH AN OUTPERFORM AT CREDIT SUISSE
GLOBAL EAGLE (ENT) INITIATED WITH A BUY AT GUGGENHEIM
GOGO (GOGO) INITIATED WITH A BUY AT GUGGENHEIM
MIMECAST (MIME) INITIATED WITH A BUY AT BREAN CAPITAL
ORGANOVO (ONVO) INITIATED WITH AN OUTPERFORM AT RAYMOND JAMES
REATA PHARMACEUTICALS (RETA) INITIATED WITH AN OUTPERFORM AT BAIRD
SOUTHERN COMPANY (SO) INITIATED WITH AN UNDERPERFORM AT CREDIT SUISSE
TECHNIPFMC (FTI) INITIATED WITH AN OUTPERFORM AT CREDIT SUISSE
US FOODS (USFD) INITIATED WITH AN OUTPERFORM AT RBC CAPITAL