In European Equity Markets stocks snapped a three-day losing streak on Wednesday, led higher by miners and industrial stocks following solid corporate results and strong data from China and Europe. The pan-European STOXX index ended up 0.8 percent, after hitting a one-week low on Tuesday. Germany’s DAX and France’s CAC added 1.1 and 1 percent respectively. Miners were the biggest sectoral gainer, up 1.6 percent after data showed that activity in China’s manufacturing sector expanded slightly more than expected in January. Volvo shares were among top European gainers, up 4.7 percent after the car maker substantially outperformed forecasts with a core profit of 5.66 billion Swedish crowns, and raised its forecast for the European truck market.

In Currency Markets the U.S. dollar recovered some ground on Wednesday after stronger-than-expected U.S. private payrolls and manufacturing data, while lingering worries that the United States was poised to ditch its “strong dollar” policy limited gains. The dollar hit a session high of 113.95 yen a day after tumbling to 112.04 yen, its lowest level since Nov. 30, while the euro sank more than 0.5 percent to a session low of $1.0737 after touching a more than seven-week high of $1.0811 on Tuesday. The dollar index rose as much as 0.6 percent to a session high of 100.040. The Australian and New Zealand dollars pushed lower, with Aussie down 0.36 percent at $0.7559 and with Kiwi retreating 0.74 percent to $0.7258.

In Commodities Markets oil pared gains on Wednesday after weekly U.S. supply data suggested a crude glut may persist, despite signs that Russia and OPEC producers are delivering on promised supply reductions. Brent crude was up 55 cents at $56.13 a barrel, having risen as high as $56.24. U.S. crude traded up 43 cents at $53.24 a barrel after earlier touching $53.40. Crude inventories rose 6.5 million barrels in the week to Jan. 27, far exceeding analyst expectations for an increase of 3.3 million barrels. Spot gold was down 0.8 percent at $1,200.77 an ounce, while spot silver fell 0.7 percent to $17.40 an ounce. Platinum inched higher, up 0.32 percent at $996 an ounce and palladium was up 0.9 percent at $757.22.

In US Equity Markets the S&P 500 fell into the red and the Dow pared gains in late morning trade on Wednesday, led by losses in energy and utilities sectors, ahead of the Federal Reserve’s decision on interest rates. The Dow Jones Industrial Average was up 0.08 percent, at 19,879.3, the S&P 500 was down 0.09 percent, at 2,276.67 and the Nasdaq Composite was up 0.26 percent, at 5,629.63. The Nasdaq, which is more technology heavy, was lifted by a 5.6 percent rise in Apple after the company’s strong earnings and iPhone sales. Oneok Partners jumped 25 percent after biggest shareholder Oneok Inc said it would buy the rest of the company for $9.3 billion.

In Bond Markets U.S. Treasury yields jumped on Wednesday after data from payrolls processor ADP showed stronger-than-expected jobs gains in January, raising expectations that Friday’s closely watched government employment report will also show strong growth. U.S. private employers added 246,000 jobs in January, ADP said, higher than the 165,000 forecast by economists. Benchmark 10-year notes fell 10/32 in price to yield 2.49 percent, up from 2.45 percent late on Tuesday.

European Equity Earnings
Siemens (SIE GY) – Q1 Net EUR 2.51bln vs. Exp. EUR 2.1bln, revenue EUR 19.1bln vs. Exp. EUR 18.9bln and raises FY’ basic EPS to EUR 7.20-7.70 (Prev. EUR 6.80-7.20).
Wacher Chemie (WCH GY) – Co. reports prelim FY16 net EUR 190mln vs. Prev. EUR 242mln, EBIT EUR 365mln vs EUR 473mln, revenue EUR 5.40bln vs. Prev. EUR 5.30bln.
BBVA (BBVA SM) – Co. reports Q4 net profit EUR 678mln vs. Exp. EUR 520mln, FY 2016 net profit EUR 3.48bln, CET1 ratio 10.9% vs. Prev. 11%.
KPN (KPN NA) – Co. Q4 Net profit EUR 115mln vs. Prev. EUR 254mln Y/Y, Q4 rev EUR 1.72bln vs. Exp. EUR 1.75bln.
Salvatore Ferragamo (SFER IM) – FY 2016 revenue EUR 1.44bln vs. Exp. EUR 1.4bln.
Roche (ROG VX) – Co. FY16 Core EPS CHF 14.53 vs. Exp. CHF 14.73, Core Op CHF 18.4bln vs. Prev. CHF 17.5bln, revenue CHF 50.6bln vs. Exp. CHF 50.7bln, see sales are likely to grow by low to mid single digits this year. In other reports, the Co. are said to be considering options for its diabetes unit, including a sale which may raise up to USD 5bln after noting that conditions in market for diabetes remain difficult.
Julius Baer (BAER VX) – Co. reports FY16 IFRS Adj. net CHF 706mln vs. Prev. CHF 701mln, operating revenue CHF 2.85bln vs. Exp. CHF 2.89bln, AUM rose 12% to CHF 336bln.
Rieter Holding (RIEN VX) – Co. reports preliminary FY16 Revenue at CHF 945mln vs. Prev. guidance of CHF 940mln.
Volvo (VOLVB SS) – Co. reports Q4 Op SEK 5.66bln vs. Exp. SEK4.9B revenue SEK 82.6bln vs. Exp. SEK 78.0bln.
SEB (SEBA SS) – Co. reports Q4 Net Profit SEK 4.24bln vs. Exp. SEK 4.10bln, Operational Profit SEK 5.6bln vs. Exp. SEK 5.07bln, Revenue SEK 11.6bln vs. Prev. SEK 11.4bln Y/Y.
Lundin (LUPE SS) – Q4 EBITDA USD 317.9mln vs. Exp. USD 301mln, FY op cost was at USD 7.80/bbl, Q4 Net result USD – 739.1mln vs. Exp USD 671mln.
Electrolux (ELUXB SS) – Q4 Op SEK 1.62bln vs. Exp. SEK 1.75bln, revenue SEK 32.1bln vs. Exp. SEK 33.3bln.
Prosegur (PSG SM) – Co. reports FY16 net profit EUR 185mln vs. Prev. EUR 183mln, Ebitda EUR 449mln vs. Prev. EUR 448mln, revenue EUR 3.90bln vs. Prev. EUR 3.96bln.
Sandvik (SAND SS) – Co. reports Q4 operating profit SEK 3.28bln vs. Exp. SEK 2.95bln, revenue SEK 21.8bln vs. Exp. SEK 21.3bln.

European Equity Upgrades/Downgrades
METRO (MEO GY) DOWNGRADED TO HOLD FROM BUY AT JEFFERIES
VESTAS WIND SYSTEMS (VWS GY) UPGRADED TO OVERWEIGHT FROM EQUAL WEIGHT AT BARCLAYS
VONOVIA (VNA GY) UPGRADED TO BUT FROM HOLD AT DEUTSCHE BANK
DIA (DIA SM) UPGRADED TO OVERWEIGHT FROM EQUAL WEIGHT ATMORGAN STANLEY
RED ELECTRICA CORPORACION (REE SM) UPGRADED TO BUY FROM HOLD AT BPI SERCURITIES
GIVAUDAN (GIVN VX) DOWNGRADED TO HOLD FROM BUY AT DEUTSCHE BANK
BARRY CALLEBAUT (BARN VX) UPGRADED TO HOLD FROM SELL AT BERENBERG
RICHMONT (CFR VX) UPGRADED TO MARKET PERFORM FROM UNDERPERFORM AT BMO CAPITAL MARKETS
H&M (HMB SS) UPGRADED TO NEUTRAL FROM UNDERPERFORM AT MACQUARIE
ALFA LAVAL (ALFA SS) UPGRADED TO NEUTRAL FROM SELL AT CITI
VESTAS WIND SYSTEMS (VWS DC) UPGRADED TO OVERWEIGHT FROM EQUALWEIGHT AT BARCLAYS
DUFRY (DUFN VX) UPGRADED TO BUY FROM NEUTRAL AT UBS
NOVOZYMES (NZMB DC) UPGRADED TO OUTPERFORM FROM UNDERPERFORM AT CREDIT SUISSE
SULZER (SUN VX) DOWNGRADED TO REDUCE FROM HOLD AT KEPLER CHEVREUX
UNITED UTILITIES (UU LN) UPGRADED TO OUTPERFORM FROM NEUTRAL AT EXANE