In Asian Equity Markets Japanese stocks declined on Tuesday as U.S. President Donald Trump’s protectionist policy stance rattled investors while banks led the losses on sliding U.S. and global bond yields. The Nikkei average fell 0.6 percent to 18,787.99 while the broader Topix lost 0.6 percent to 1,506.33. MSCI’s broadest index of Asia-Pacific stocks outside Japan edged up 0.4 percent, while Australian index, S&P/ASX 200, rose 0.62 percent. In China stocks rose led by ferrous metals and oil sectors with the Shanghai Composite Index up 0.02 percent and Hong Kong’s Hang Seng Index gaining 0.28 percent.

In Currency Markets the dollar wallowed near seven-week lows in Asian trade on Tuesday, pressured by concerns about the impact of U.S President Donald Trump’s protectionist trade stance. The dollar index fell 0.1 percent to 100.040, after falling to 99.899 on Monday, its lowest since Dec. 8. The dollar was up 0.1 percent at 112.84 yen but notched a low of 112.52 earlier in the session, its weakest since Nov. 30, and well below its overnight high of 114.45. The euro edged down 0.1 percent to $1.0754 after earlier touching $1.0774, its strongest level since Dec. 8. The pound was slightly lower on the day at $1.2520 after earlier touching $1.2538, its loftiest level against the dollar since Dec. 15.

In Commodities Markets oil climbed on Tuesday as a weaker U.S. dollar and production cuts announced by OPEC and other producers buoyed the market, but an increase in drilling activity in the United States is likely to keep a lid on prices. Brent crude rose 30 cents to $55.53 a barrel. U.S. West Texas Intermediate crude futures added 27 cents to $53.02 a barrel. Spot gold was mostly unchanged at $1,217.42 per ounce, after hitting their strongest since Nov. 22 at $1,219.59 earlier in the session. Among other precious metals, silver was flat at $17.19 per ounce while platinum gained 0.5 percent, to $983.35. Palladium fell by 0.6 percent to $771.80 an ounce.

In US Equity Markets stocks edged lower on Monday as early moves by President Donald Trump highlighting a protectionist stance on trade gave investors cause to rethink the post-election rally. The Dow Jones Industrial Average fell 0.14 percent, to 19,799.85, the S&P 500 lost 0.27 percent, to 2,265.2 and the Nasdaq Composite fell 0.04 percent, to 5,552.94. Energy stocks lost 1.1 percent as oil prices eased on signs of a strong recovery in U.S. drilling. Halliburton also weighed on the sector, down 2.9 percent after the world’s No. 2 oilfield services provider reported a bigger loss in the latest quarter. Qualcomm lost 12.7 percent after Apple filed a $1-billion lawsuit against the chip supplier on Friday.

In Bond Markets Japanese government bond prices tracked a rise by U.S. Treasuries on Tuesday, with the market drawing additional relief as an auction of 40-year debt was well received by investors. The benchmark 10-year JGB yield and the 20-year yield both fell by half a basis point to 0.045 percent and 0.615 percent, respectively. The yield on benchmark 10-year Treasury notes was down 6 basis points at 2.403 percent, marking its steepest single-day fall since Jan. 5. Thirty-year yields declined 6 basis points to 2.985 percent, while two-year yield decreased 5 basis points to 1.147 percent.

US Equity Earnings
Halliburton (HAL) – Q4 Adj. EPS USD 0.04 vs. Exp. USD 0.02 and Q4 revenue USD 4.00bln vs. Exp. USD 4.06bln.
McDonald’s (MCD) – Q4 EPS USD 1.44 vs. Exp. USD 1.41 and Q4 revenue USD 6.03bln vs. Exp. USD 6bln.

US Equity Upgrades
AMERICAN VANGUARD (AVD) UPGRADED TO BUY FROM NEUTRAL AT ROTH CAPITAL
CABOT OIL & GAS (COG) UPGRADED TO OVERWEIGHT FROM EQUAL WEIGHT AT BARCLAYS
COLUMBUS MCKINNON (CMCO) UPGRADED TO BUY FROM NEUTRAL AT SEAPORT GLOBAL
CSX (CSX) UPGRADED TO OUTPERFORM FROM MARKET PERFORM AT BMO CAPITAL
CVR REFINING (CVRR) UPGRADED TO NEUTRAL FROM SELL AT GOLDMAN
ESSEX PROPERTY TRUST (ESS) UPGRADED TO OVERWEIGHT FROM EQUAL WEIGHT AT BARCLAYS
FLOWSERVE (FLS) UPGRADED TO BUY FROM NEUTRAL AT SEAPORT GLOBAL
METLIFE (MET) UPGRADED TO BUY FROM HOLD AT DEUTSCHE BANK
MOTOROLA SOLUTIONS (MSI) UPGRADED TO BUY FROM NEUTRAL AT CITI
PIEDMONT OFFICE REALTY (PDM) UPGRADED TO HOLD FROM SELL AT STIFEL
TIM PARTICIPACOES (TSU) UPGRADED TO OVERWEIGHT FROM EQUAL WEIGHT AT MORGAN STANLEY
WILLIAMS (WMB) UPGRADED TO BUY FROM HOLD AT JEFFERIES
WILLIAMS PARTNERS (WPZ) UPGRADED TO OUTPERFORM FROM MARKET PERFORM AT BMO CAPITAL

US Equity Downgrades
CAMDEN PROPERTY (CPT) DOWNGRADED TO EQUAL WEIGHT FROM OVERWEIGHT AT BARCLAYS
CENOVUS ENERGY (CVE) DOWNGRADED TO SELL FROM BUY AT GOLDMAN
COLUCID PHARMACEUTICALS (CLCD) DOWNGRADED TO EQUAL WEIGHT FROM OVERWEIGHT AT BARCLAYS
HEALTHSTREAM (HSTM) DOWNGRADED TO UNDERWEIGHT FROM EQUAL-WEIGHT AT FIRST ANALYSIS
LEXINGTON REALTY (LXP) DOWNGRADED TO UNDERWEIGHT FROM EQUAL WEIGHT AT BARCLAYS
QUALCOMM (QCOM) DOWNGRADED TO NEUTRAL FROM BUY AT NOMURA
REGIONS FINANCIAL (RF) DOWNGRADED TO NEUTRAL FROM BUY AT COMPASS POINT
TRAVELPORT (TVPT) DOWNGRADED TO EQUAL WEIGHT FROM OVERWEIGHT AT MORGAN STANLEY
VERIZON (VZ) DOWNGRADED TO MARKET PERFORM FROM OUTPERFORM AT WELLS FARGO
WORKIVA (WK) DOWNGRADED TO EQUAL WEIGHT FROM OVERWEIGHT AT MORGAN STANLEY

US Equity Initiations
ACHAOGEN (AKAO) INITIATED WITH A BUY AT GUGGENHEIM
ALLY FINANCIAL (ALLY) INITIATED WITH A POSITIVE AT SUSQUEHANNA
BIOMARIN (BMRN) ASSUMED WITH AN OUTPERFORM AT CREDIT SUISSE
CREDIT ACCEPTANCE (CAAC) INITIATED WITH A NEUTRAL AT SUSQUEHANNA
INCYTE (INCY) INITIATED WITH AN OUTPERFORM AT CREDIT SUISSE
MOLSON COORS (TAP) INITIATED WITH A NEUTRAL AT CREDIT SUISSE
ORANGE SA (ORAN) INITIATED WITH A HOLD AT BERENBERG
SANTANDER CONSUMER (SC) INITIATED WITH A NEUTRAL AT SUSQUEHANNA

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