In Asian Equity Markets Japan’s Nikkei index fell on Thursday after a stronger yen soured sentiment, while Toyota Motor Corp underperformed after posting weak monthly sales in the United States. The Nikkei fell 0.3 percent to 19,100.23 points in mid-morning trade. The broader Topix shed 0.3 percent to 1,523.03 and the JPX-Nikkei Index 400 declined 0.3 percent to 13,662.45 points. MSCI’s broadest index of Asia-Pacific stocks outside Japan was up 0.15 percent after touching its highest level since mid-October, with Seoul stocks reaching highs last seen in July 2015. But gains were not broad-based, with Hong Kong’s Hang Seng falling 0.6 percent and Singapore down 0.8 percent.

In Currency Markets the dollar fell on Thursday, edging back toward recent lows after the Federal Reserve disappointed investors hoping for a more hawkish policy stance, while the Australian dollar rallied after data showed that nation had booked a record trade surplus last month. The Aussie gained 0.6 percent to $0.7620, after earlier scaling $0.730, its loftiest peak since November 2016. Against the yen, the dollar was buying 113.03, down 0.2 percent though well above Tuesday’s low of 112.08, while the euro edged up 0.1 percent to $1.07820. The dollar index edged slightly lower to 99.607, back toward a more than seven-week low of 99.430 plumbed on Tuesday.

In Commodities Markets oil prices fell on Thursday after official data showed U.S. crude and gasoline stockpiles rose sharply, although signs that OPEC and other producers are holding the line on output cuts are helping support prices. Brent crude futures fell 0.5 percent, to $56.52 a barrel after settling up $1.22 in the previous session. Front month futures for WTI were down 0.6 percent, at $53.55 after climbing $1.07 at the day before. U.S. crude stocks grew last week by an unexpected 6.5 million barrels to 494.76 million barrels, the EIA said on Wednesday, as refiners let stocks build further in a seasonally slow season for production. Spot gold rose 0.44 percent, to $1,214.45 per ounce.

In US Equity Markets the S&P 500 edged higher on Wednesday to cap a four-day losing streak, buoyed by gains in Apple shares and after the Federal Reserve kept U.S. interest rates unchanged, as expected. The Dow Jones Industrial Average rose 0.14 percent, to end at 19,890.94, the S&P 500 gained 0.03 percent, to 2,279.55 and the Nasdaq Composite added 0.5 percent, to 5,642.65. Dow component Exxon fell 1.1 percent after a string of price target cuts from brokerages. Apple shares rose 6.1 percent, its highest close in a year and a half. Facebook shares added almost 2 percent in extended trading following higher-than-expected quarterly profit and revenue.

In Bond Markets Japanese government bond prices fell on Thursday, with the 20-year yield rising to its highest in a year, as slack demand for an auction of 10-year debt weighed on market sentiment. The benchmark 10-year JGB yield rose half a basis point to 0.095 percent, its highest since mid-December. The 20-year yield also rose half a basis point, to 0.670 percent, its highest since February 2016.

Economic Calendar
10:30 GMT+0 UK Construction PMI
13:00 GMT+0 UK BOE Inflation Report
13:00 GMT+0 UK MPC Official Bank Rate Votes
13:00 GMT+0 UK Monetary Policy Summary
13:00 GMT+0 UK Official Bank Rate
13:15 GMT+0 EU ECB President Draghi Speaks
13:30 GMT+0 UK BOE Gov Carney Speaks
14:30 GMT+0 US Unemployment Claims

US Equity Earnings
Apple (AAPL) – Q1 EPS USD 3.36 vs. Exp. USD 3.22, Q1 revenue USD 78.4bln vs. Exp. USD 77.3bln, Q1 iPhone sales 78.3mln vs. Exp. 76.3mln, Q1 iPad sales 13.1mln vs. Exp. 15.5mln. Sees Q2 revenue USD 51.5bln-53.5bln vs. Exp. USD 53.8bln. Co. shares were higher by over 2% aft-mkt.

US Equity Upgrades
21ST CENTURY FOX (FOXA) UPGRADED TO BUY FROM NEUTRAL AT MOFFETTNATHANSON
AMGEN (AMGN) UPGRADED TO BUY FROM NEUTRAL AT BOFA/MERRILL
ANADARKO (APC) UPGRADED TO NEUTRAL FROM UNDERWEIGHT AT ATLANTIC EQUITIES
BOYD GAMING (BYD) UPGRADED TO BUY FROM NEUTRAL AT NOMURA
CDW (CDW) UPGRADED TO CONVICTION BUY FROM BUY AT GOLDMAN
CNH INDUSTRIAL (CNHI) UPGRADED TO HOLD FROM SELL AT DEUTSCHE BANK
COACH (COH) UPGRADED TO BUY FROM HOLD AT EVERCORE ISI
COSTAMARE (CMRE) UPGRADED TO OVERWEIGHT FROM EQUAL WEIGHT AT MORGAN STANLEY
CRANE (CR) UPGRADED TO OUTPERFORM FROM PERFORM AT OPPENHEIMER
DANAHER (DHR) UPGRADED TO OUTPERFORM FROM NEUTRAL AT CREDIT SUISSE
LEGGETT & PLATT (LEG) UPGRADED TO STRONG BUY FROM MARKET PERFORM AT RAYMOND JAMES
MARATHON OIL (MRO) UPGRADED TO OUTPERFORM FROM SECTOR PERFORM AT SCOTIABANK
MARVELL (MRVL) UPGRADED TO BUY FROM SELL AT UBS
RICHMONT MINES (RIC) UPGRADED TO MARKET PERFORM FROM UNDERPERFORM AT BMO CAPITAL
TWILIO (TWLO) UPGRADED TO OUTPERFORM FROM MARKET PERFORM AT JMP SECURITIES

US Equity Downgrades
AMC (AMC) ENTERTAINMENT DOWNGRADED TO NEUTRAL FROM OUTPERFORM AT CREDIT SUISSE
CARMAX (KMX) DOWNGRADED TO UNDERWEIGHT FROM EQUAL WEIGHT AT MORGAN STANLEY
CORNING (GLW) DOWNGRADED TO MARKET PERFORM FROM OUTPERFORM AT BERNSTEIN
DECKERS BRANDS (DECK) DOWNGRADED TO HOLD FROM BUY AT EVERCORE ISI
FOSSIL (FOSL) DOWNGRADED TO HOLD FROM BUY AT EVERCORE ISI
GRACO (GGG) DOWNGRADED TO HOLD FROM BUY AT WUNDERLICH
IMAX (IMAX) DOWNGRADED TO NEUTRAL AT CREDIT SUISSE
MICHAEL KORS (KORS) DOWNGRADED TO HOLD FROM BUY AT EVERCORE ISI
MOBILEYE (MBLY) DOWNGRADED TO EQUAL WEIGHT FROM OVERWEIGHT AT MORGAN STANLEY
NATIONAL CINEMEDIA (NCMI) DOWNGRADED TO UNDERPERFORM FROM OUTPERFORM AT CREDIT SUISSE
NUSTAR ENERGY (NS) DOWNGRADED TO HOLD FROM BUY AT STIFEL
PACKAGING CORP. (PKG) DOWNGRADED TO NEUTRAL FROM BUY AT DA DAVIDSON
PVH CORP. (PVH) DOWNGRADED TO HOLD FROM BUY AT EVERCORE ISI
RALPH LAUREN (RL) DOWNGRADED TO HOLD FROM BUY AT EVERCORE ISI
REGAL ENTERTAINMENT (RGC) DOWNGRADED TO UNDERPERFORM FROM NEUTRAL AT CREDIT SUISSE
ROADRUNNER (RRTS) DOWNGRADED TO NEUTRAL FROM OUTPERFORM AT BAIRD
SALESFORCE (CRM) DOWNGRADED TO BUY FROM CONVICTION BUY AT GOLDMAN
THE BANCORP (TBBK) DOWNGRADED TO MARKET PERFORM FROM OUTPERFORM AT RAYMOND JAMES
TIM PARTICIPACOES (TSU) DOWNGRADED TO REDUCE FROM HOLD AT HSBC
TIME WARNER (TWX) DOWNGRADED TO NEUTRAL FROM BUY AT MOFFETTNATHANSON
UNDER ARMOUR (UAA) DOWNGRADED TO HOLD FROM BUY AT EVERCORE ISI
UNDER ARMOUR (UAA) DOWNGRADED TO MARKET PERFORM FROM OUTPERFORM AT FBR CAPITAL
UNDER ARMOUR (UAA) DOWNGRADED TO UNDERPERFORM FROM BUY AT BUCKINGHAM
UPS DOWNGRADED (UPS) TO MARKET PERFORM FROM OUTPERFORM AT BMO CAPITAL
VF CORP. (VFC) DOWNGRADED TO HOLD FROM BUY AT EVERCORE ISI

US Equity Initiations
BIOVERATIV (BIVV) INITIATED WITH A BUY AT JEFFERIES
HOWARD BANCORP (HBMD) INITIATED WITH A STRONG BUY AT RAYMOND JAMES
NORTHWEST NATURAL GAS (NWN) INITIATED WITH A MARKET PERFORM AT WELLS FARGO
SHELL MIDSTREAM (SHLX) INITIATED WITH AN OVERWEIGHT AT JPMORGAN
SOCIAL REALITY (SRAX) INITIATED WITH A BUY AT CHARDAN
TECHNIPFMC (FTI) INITIATED WITH AN EQUAL WEIGHT AT BARCLAYS