The Highlight Report is synonymous with a Status Report, and the names are used interchangeably in TCP.
PMBOK uses Status Reports, which are something typically avoided in Agile. projX and Prince2 use the Highlight Report as the mechanism for the Project Manager to periodically report project status to the Project Board. The Highlight Report, or a portion thereof, can be shared with other stakeholders to apprise them on various aspects of project status. The Highlight Report is informative with project context and is not intended to illuminate exceptions or deviations from exceptions for the first time.
As a tip, it's generally not appreciated to hear bad news for the first time about the project from the Status Report / Highlight Report. Try to ensure that project leadership has the necessary awareness by means of exception reporting, communications and other mechanisms in TCP.