In Asian Equity Markets Japan’s Topix index rose to a 26-year high on Thursday, while the Nikkei share average broke the 23,000 level for the first time since January 1992 as financial and securities shares rallied. The Topix was up 1.4 percent at 1,843.31 at the end of morning trade, after earlier rising as high as 1,844.05, its loftiest level since November 1991. The Nikkei jumped 2 percent to 23,368.16. MSCI’s broadest index of Asia-Pacific stocks outside Japan was up 0.3 percent and in close reach of a 10-year high set the previous day. Australian stocks rose 0.4 percent and to their highest level since January 2008 while South Korea’s KOSPI added 0.2 percent. Shanghai advanced 0.1 percent and Hong Kong’s Hang Seng climbed 0.6 percent.

 

In Currency Markets the dollar held steady versus a basket of currencies on Thursday, but its near-term outlook was seen clouded by worries over possible delays to U.S. President Donald Trump’s tax reform plans. Against the yen, the dollar edged up 0.1 percent to 113.98 yen, but remained below an eight-month high of 114.735 yen set on Monday. The euro held steady at $1.1592, staying above a low of $1.1553 set on Tuesday, which was the euro’s lowest level since July 20. The New Zealand dollar rose to as high as $0.6974 in early Asian trade on Thursday, its highest level since Oct. 24. The dollar last stood at 94.903 versus a basket of six major currencies, staying below a three-month high of 95.150 set in late October.

 

In Commodities Markets  oil prices held steady on Thursday after falling late in the previous session, supported by ongoing supply cuts led by OPEC and Russia. Brent futures were at $63.66 per barrel, up 0.3 percent, from their last close. U.S. West Texas Intermediate crude was at $56.94 per barrel, up 0.2 percent.  U.S. crude stockpiles rose 2.2 million barrels in the week to Nov. 3, to 457.14 million barrels, the EIA said on Wednesday, contrary to analysts’ expectations for a decrease of 2.9 million barrels. U.S. crude production inched up 67,000 barrels per day to 9.62 million bpd, the highest on record. U.S. gold futures for December delivery lost 0.2 percent to $1,281.40.

 

In US Equity Markets stocks  closed at a record high on Wednesday as videogame makers rallied and Apple’s market value climbed above $900 billion.  The Dow Jones Industrial Average edged up 0.03 percent to end at 23,563.36, while the S&P 500 gained 0.14 percent to 2,594.38. The Nasdaq Composite added 0.32 percent to 6,789.12. The tech sector was boosted 0.5 percent by a 2.17 percent rise in Qualcomm after the smartphone chipmaker launched a server processor aimed at challenging Intel. Intel declined 0.17 percent. Snapchat owner Snap fell 14.62 percent a day after reporting much-slower-than expected advertising revenue and user growth. Snap said China’s Tencent bought a 12-percent stake in the company.

 

In Bond Markets U.S. Treasury yields edged higher on Wednesday with the yield curve close to its flattest level in a decade, as investors reduced their existing bond holdings to make room for this week’s government and corporate bond supply. The 10-year Treasury note yield rose 2.0 basis points at 2.327 percent after touching a near three-week trough of 2.304 percent earlier Wednesday. The 30-year bond yield hovered at a near six-week low reached on Tuesday. The two-year yield increased 1.6 basis points to 1.645 percent.

 

 

Economic Calendar

• 14:30 GMT+0 US Unemployment Claims
• 15:30 GMT+0 CHF SNB Chairman Jordan Speaks

 

US Equity Upgrades

• AARON’S (AAN) UPGRADED TO BUY FROM HOLD AT LOOP CAPITAL
• ARISTA NETWORKS (ANET) UPGRADED TO OUTPERFORM FROM SECTOR PERFORM AT RBC CAPITAL
• ATLAS AIR (AAWW) UPGRADED TO BUY FROM HOLD AT STIFEL
• CHUBB (CB) UPGRADED TO OVERWEIGHT FROM NEUTRAL AT JPMORGAN
• FIRST HORIZON (FHN) UPGRADED TO STRONG BUY FROM OUTPERFORM AT RAYMOND JAMES
• GENERAL MILLS (GIS) UPGRADED TO HOLD FROM SELL AT SOCIETE GENERALE
• GREAT AJAX (AJX) UPGRADED TO BUY FROM NEUTRAL AT COMPASS POINT
• GREEN DOT (GDOT) UPGRADED TO BUY FROM NEUTRAL AT BTIG
• HAIN CELESTIAL (HAIN) UPGRADED TO OUTPERFORM FROM MARKET PERFORM AT BERNSTEIN
• IZEA (IZEA) UPGRADED TO BUY FROM HOLD AT CRAIG-HALLUM
• QUALCOMM (QCOM) UPGRADED TO OUTPERFORM FROM MARKET PERFORM AT RAYMOND JAMES
• QUALCOMM (QCOM) UPGRADED TO OUTPERFORM FROM SECTOR PERFORM AT RBC CAPITAL
• STEWART (STC) UPGRADED TO MARKET PERFORM FROM UNDERPERFORM AT KEEFE BRUYETTE
• SUPERNUS (SUPN) UPGRADED TO BUY FROM HOLD AT STIFEL
• TAKE-TWO (TTWO) UPGRADED TO OUTPERFORM FROM NEUTRAL AT BAIRD
• UMPQUA (UMPQ) UPGRADED TO OUTPERFORM FROM MARKET PERFORM AT KEEFE BRUYETTE
• VIRTU FINANCIAL (VIRT) UPGRADED TO NEUTRAL FROM SELL AT CITI

 

US Equity Downgrades

• ALCENTRA CAPITAL (ABDC) DOWNGRADED TO UNDERPERFORM FROM OUTPERFORM AT RAYMOND JAMES
• AMPLIFY SNACK BRANDS (BETR) DOWNGRADED TO HOLD FROM BUY AT SUNTRUST
• ANDERSONS (ANDE) DOWNGRADED TO NEUTRAL FROM BUY AT BUCKINGHAM
• BROWN & BROWN (BRO) DOWNGRADED TO SELL FROM NEUTRAL AT CITI
• CBL & ASSOCIATES (SBL) DOWNGRADED TO UNDERPERFORM FROM NEUTRAL AT MIZUHO
• COGNEX (CGNX) DOWNGRADED TO UNDERWEIGHT FROM NEUTRAL AT JPMORGAN
• CORELOGIC (CLGX) DOWNGRADED TO MARKET PERFORM FROM OUTPERFORM AT WILLIAM BLAIR
• E.L.F. BEAUTY (ELF) DOWNGRADED TO NEUTRAL FROM OVERWEIGHT AT PIPER JAFFRAY
• ELLINGTON FINANCIAL (EFC) DOWNGRADED TO NEUTRAL FROM BUY AT B. RILEY FBR
• MALLINCKRODT (MNK) DOWNGRADED TO EQUAL WEIGHT FROM OVERWEIGHT AT BARCLAYS
• MALLINCKRODT (MNK) DOWNGRADED TO MARKET PERFORM FROM OUTPERFORM AT WELLS FARGO
• MALLINCKRODT (MNK) DOWNGRADED TO NEUTRAL FROM BUY AT GOLDMAN SACHS
• NATIONAL CINEMEDIA (NCMI) DOWNGRADED TO UNDERWEIGHT FROM NEUTRAL AT JPMORGAN
• ONEMAIN HOLDINGS (OMF) DOWNGRADED TO NEUTRAL FROM BUY AT BOFA/MERRILL
• ROCKWELL COLLINS (COL) DOWNGRADED TO NEUTRAL FROM OUTPERFORM AT CREDIT SUISSE
• SALLY BEAUTY (SBH) DOWNGRADED TO UNDERWEIGHT FROM EQUAL WEIGHT AT MORGAN STANLEY
• SCOTTS MIRACLE-GRO (SMG) DOWNGRADED TO NEUTRAL FROM OVERWEIGHT AT JPMORGAN
• SNAP (SNAP) DOWNGRADED TO HOLD FROM BUY AT STIFEL
• SNAP (SNAP) DOWNGRADED TO SECTOR PERFORM FROM OUTPERFORM AT RBC CAPITAL
• SNAP (SNAP) DOWNGRADED TO SELL FROM NEUTRAL AT UBS
• SNAP (SNAP) DOWNGRADED TO UNDERWEIGHT FROM NEUTRAL AT JPMORGAN
• TAUBMAN CENTERS (TCO) DOWNGRADED TO NEUTRAL FROM BUY AT MIZUHO
• VERITIV (VRTV) DOWNGRADED TO MARKET PERFORM FROM OUTPERFORM AT WELLS FARGO

 

US Equity Initiations

• ACCENTURE (ACN) INITIATED WITH A BUY AT PIVOTAL RESEARCH
• ABEONA THERAPEUTICS (ABEO) INITIATED WITH A BUY AT SUNTRUST
• ACORDA THERAPEUTICS (ACOR) INITIATED WITH A BUY AT H.C. WAINWRIGHT
• ASSEMBLY BIOSCIENCES (ASMB) INITIATED WITH A BUY AT JEFFERIES
• COGNIZANT (CTSH) INITIATED WITH A BUY AT PIVOTAL RESEARCH
• COGENTIX MEDICAL (CGNT) RESUMED WITH A BUY AT ROTH CAPITAL
• OMEROS (OMER) INITIATED WITH A BUY AT H.C. WAINWRIGHT