In Asian Equity Markets Japan’s Nikkei index slid on Wednesday morning as stocks of exporters were sold after the dollar fell against the yen in the wake of a new controversy for U.S. President Donald Trump’s administration. The Nikkei shed 0.3 percent to 20,131.06 in mid-morning trade. The broader Topix decreased 0.4 percent to 1,621.45. MSCI’s broadest index of Asia-Pacific shares outside Japan ticked up 0.4 percent. Markets in China were weaker. The Shanghai Composite Index was down 0.20 percent to 3196.56 as of mid-morning. The Hang Seng Index was up 0.82 percent to 26,089, while South Korea’s Kospi Index was down 0.14 percent to 2,392.69.

 

In Currency Markets the dollar edged down to 14-month lows against the euro in Asian trading on Wednesday as investors, already wary ahead Federal Reserve Chair Janet Yellen’s testimony, digested emails released by President Donald Trump’s eldest son suggesting he welcomed Russia’s help in last year’s election campaign. The euro added 0.2 percent to $1.14865, after rising as high as $1.14885, its loftiest peak since May 2016. The dollar lost 0.3 percent to 113.60 yen, falling from a four-month high of 114.495 yen touched on Tuesday. The dollar index, which measures the U.S. currency against a basket of six major rivals, was down 0.1 percent on the day at 95.551.

 

In Commodities Markets oil prices rose more than 1.5 percent on Wednesday, extending gains from the previous day as the U.S. government cut its crude production outlook for next year and as fuel inventories plunged. Brent crude futures were up 1.6 percent, at $48.28 per barrel, while U.S. West Texas Intermediate crude futures were at $45.82 per barrel, up 1.7 percent. U.S. crude oil inventories fell by 8.1 million barrels in the week to July 7 to 495.6 million, according to the American Petroleum Institute (API), in an indictor that a long-standing fuel supply overhang is starting to draw down.  Gold futures for August delivery edged up 0.37 percent to $1,219.23 as of mid-morning.

 

In US Equity Markets  stocks ended little changed on Tuesday in a session marked by knee-jerk reactions to events in Washington that drove investors to first worry then hope about prospects for the Trump administration’s economic agenda. The Dow Jones Industrial Average closed up 0.55 point to 21,409.07, the S&P 500 lost 0.08 percent, to 2,425.53 and the Nasdaq Composite added 0.27 percent, to 6,193.31. Among sectors, energy led gains, with a 0.5 percent increase, following gains in oil prices. Snap Inc shares fell 8.9 percent after lead underwriter Morgan Stanley downgraded the stock and raised concerns about the social media company’s ability to compete against rival Instagram.

 

In Bond Markets U.S. Treasury yields fell in choppy trading on Tuesday after Federal Reserve officials, on the eve of Fed Chair Janet Yellen’s congressional testimony on monetary policy, expressed doubts about further interest rate hikes due to low inflation. In late trading, the benchmark 10-year Treasury note yielded 2.364 percent , down slightly from 2.371 percent late on Monday. U.S. 30-year yields were at 2.924 percent, compared with Monday’s 2.923 percent.

 

 

Economic Calendar

  • 09:30 GMT+1 UK Average Earnings Index 3m/y
  • 15:00 GMT+1 CAD BOC Monetary Policy Report
  • 15:00 GMT+1 CAD BOC Rate Statement
  • 15:00 GMT+1 CAD Overnight Rate
  • 15:00 GMT+1 US Fed Chair Yellen Testifies
  • 15:30 GMT+1 US Crude Oil Inventories
  • 16:15 GMT+1 CAD BOC Press Conference

 

US Equity Upgrades

  • AGCO (AGCO) UPGRADED TO OUTPERFORM FROM MARKET PERFORM AT WILLIAM BLAIR
  • BAXTER (BAX) UPGRADED TO OUTPERFORM FROM MARKET PERFORM AT BMO CAPITAL
  • CALATLANTIC (CAA) UPGRADED TO EQUAL WEIGHT FROM UNDERWEIGHT AT BARCLAYS
  • ENANTA (ENTA) UPGRADED TO OUTPERFORM FROM MARKET PERFORM AT JMP SECURITIES
  • EXXON MOBIL (XOM) UPGRADED TO OVERWEIGHT FROM EQUAL WEIGHT AT BARCLAYS
  • GREAT PLAINS ENERGY (GXP) UPGRADED TO OVERWEIGHT FROM NEUTRAL AT JPMORGAN
  • IMPERIAL OIL (IMO) UPGRADED TO OVERWEIGHT FROM EQUAL WEIGHT AT BARCLAYS
  • KEYCORP (KEY) UPGRADED TO OUTPERFORM FROM MARKET PERFORM AT KEEFE BRUYETTE
  • KEYCORP (KEY) UPGRADED TO OUTPERFORM FROM MARKET PERFORM AT KEEFE BRUYETTE
  • M&T BANK (MTB) UPGRADED TO BUY FROM HOLD AT JEFFERIES
  • MAGNA (MGA) UPGRADED TO TOP PICK AT CORMARK
  • STMICROELECTRONICS (STM) UPGRADED TO OVERWEIGHT FROM NEUTRAL AT JPMORGAN
  • THERAPEUTICSMD (TXMD) UPGRADED TO OUTPERFORM FROM PERFORM AT OPPENHEIMER
  • WESTAR ENERGY (WR) UPGRADED TO OUTPERFORM FROM IN LINE AT EVERCORE ISI
  • WESTAR ENERGY (WR) UPGRADED TO OVERWEIGHT FROM NEUTRAL AT JPMORGAN

 

US Equity Downgrades

  • CHARLES SCHWAB (SCHW) DOWNGRADED TO HOLD FROM BUY AT DEUTSCHE BANK
  • CLUBCORP (MYCC) DOWNGRADED TO IN-LINE FROM OUTPERFORM AT IMPERIAL CAPITAL
  • GILDAN ACTIVEWEAR (GIL) DOWNGRADED TO SECTOR PERFORM FROM OUTPERFORM AT RBC CAPITAL
  • GUARANTY BANCORP (GBNK) DOWNGRADED TO NEUTRAL FROM OVERWEIGHT AT PIPER JAFFRAY
  • INOTEK PHARMACEUTICALS (ITEK) DOWNGRADED TO NEUTRAL FROM BUY AT H.C. WAINWRIGHT
  • LENNAR (LEN) DOWNGRADED TO EQUAL WEIGHT FROM OVERWEIGHT AT BARCLAYS
  • MURPHY OIL (MUR) DOWNGRADED TO EQUAL WEIGHT FROM OVERWEIGHT AT BARCLAYS
  • PATTERSON COMPANIES (PDCO) DOWNGRADED TO SELL FROM NEUTRAL AT UBS
  • PETMED EXPRESS (PETS) DOWNGRADED TO HOLD FROM BUY AT CRAIG-HALLUM
  • PULTEGROUP (PHM) DOWNGRADED TO EQUAL WEIGHT FROM OVERWEIGHT AT BARCLAYS
  • SNAP (SNAP) DOWNGRADED TO EQUAL WEIGHT FROM OVERWEIGHT AT MORGAN STANLEY
  • TOLL BROTHERS (TOL) DOWNGRADED TO UNDERWEIGHT FROM EQUAL WEIGHT AT BARCLAYS
  • TOYOTA (TM) DOWNGRADED TO UNDERPERFORM FROM NEUTRAL AT BOFA/MERRILL
  • TRI POINTE (TPH) DOWNGRADED TO EQUAL WEIGHT FROM OVERWEIGHT AT BARCLAYS
  • WEST MARINE (WMAR) DOWNGRADED TO NEUTRAL FROM BUY AT B. RILEY
  • WHOLE FOODS (WFM) DOWNGRADED TO MARKET PERFORM FROM OUTPERFORM AT WELLS FARGO

 

US Equity Initiations

  • ACORDA THERAPEUTICS (ACOR) INITIATED WITH A HOLD AT JEFFERIES
  • AMGEN (AMGN) ASSUMED WITH A BUY AT JEFFERIES
  • ANAPTYSBIO (ANAB) INITIATED WITH AN OUTPERFORM AT BAIRD
  • AXOVANT SCIENCES (AXON) INITIATED WITH A BUY AT JEFFERIES
  • BELDEN (BDC) INITIATED WITH A BUY AT GUGGENHEIM
  • BIOGEN (BIIB) ASSUMED WITH A HOLD AT JEFFERIES
  • CELGENE (CELG) ASSUMED WITH A BUY AT JEFFERIES
  • CHEESECAKE FACTORY (CAKE) INITIATED WITH AN OUTPERFORM AT WEDBUSH
  • CITI (C) INITIATED WITH A HOLD AT HSBC
  • COACH (COH) INITIATED WITH A BUY AT MKM PARTNERS
  • COLONY STARWOOD HOMES (SFR) INITIATED WITH AN OUTPERFORM AT RAYMOND JAMES
  • DELEK US (DK) REINSTATED WITH A NEUTRAL AT JPMORGAN
  • DENTSPLY SIRONA (XRAY) INITIATED WITH A BUY AT H.C. WAINWRIGHT
  • ESPERION (ESPR) INITIATED WITH A HOLD AT JEFFERIES
  • FIBROGEN (FGEN) INITIATED WITH A BUY AT JEFFERIES
  • FORTRESS BIOTECH (FBIO) INITIATED WITH A BUY AT RODMAN & RENSHAW
  • GILEAD (GILD) ASSUMED WITH A HOLD AT JEFFERIES
  • GRAPHIC PACKAGING (GPK) INITIATED WITH A BUY AT DA DAVIDSON
  • INSMED (INSM) INITIATED WITH AN OUTPERFORM AT BAIRD
  • INTERCEPT (ICPT) INITIATED WITH A BUY AT JEFFERIES
  • JAGUAR ANIMAL HEALTH (JAGX) INITIATED WITH A BUY AT RODMAN & RENSHAW
  • MASIMO (MASI) INITIATED WITH A BUY AT STIFEL
  • MICHAEL KORS (KORS) INITIATED WITH A SELL AT MKM PARTNERS
  • NATIONAL BANK (NBHC) INITIATED WITH A NEUTRAL AT PIPER JAFFRAY
  • PROTHENA (PRTA) INITIATED WITH A BUY AT JEFFERIES
  • SIENTRA (SIEN) INITIATED WITH AN OVERWEIGHT AT STEPHENS
  • SPARK THERAPEUTICS (ONCE) INITIATED WITH A BUY AT JEFFERIES
  • TETRAPHASE (TTPH) INITIATED WITH A BUY AT H.C. WAINWRIGHT
  • TWILIO (TWLO) INITIATED WITH AN OUTPERFORM AT BAIRD
  • VERTEX (VRTX) INITIATED WITH A BUY AT JEFFERIES

 

 

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