DJIA chart reading : side way range bound little upside biased.
Hang Seng chart reading : correction range bound little upside biased.
Asian Stocks Rise to Highest Level in Six Weeks as U.S. Earnings Increase (Source: Bloomberg)
Asian stocks rose, pushing the regional index to its highest level in six weeks, after U.S. companies including Apple Inc. reported increased profits, signaling the global economic recovery is accelerating, and commodity shares gained.
Allies Send Military Advisers, Equipment to Strengthen Libyan Rebel Forces (Source: Bloomberg)
The U.S. and its allies, a month into their air campaign in Libya, are being drawn more deeply into a conflict they expected would quickly topple leader Muammar Qaddafi .
U.S. Stock Rally Sends Dow to Highest Since 2008 as Intel, Yahoo! Surge (Source: Bloomberg)
U.S. stocks rallied, sending the Dow Jones Industrial Average to its highest level since June 2008, as sales at companies from Intel Corp. (INTC) to Yahoo! Inc. exceeded estimates and commodity producers gained. Intel climbed 7.8 percent, the most since March 2009, after the world's largest chipmaker also forecast revenue that may top projections. Yahoo! Inc., the most-visited U.S. Web portal, jumped 4.7 percent. United Technologies Corp. (UTX), the maker of Pratt & Whitney jet engines and Carrier air conditioners, rose 4.3 percent after lifting the lower end of its sales forecast. Alcoa Inc. (AA) and Chevron Corp. (CVX) added at least 1.2 percent as commodity prices advanced amid a weaker U.S. dollar.
U.S. home building rises, foreclosures a threat
WASHINGTON, April 19 (Reuters) - U.S. home building and permits for future construction rebounded strongly last month from February's weather-depressed levels, but a glut of housing on the market will make further gains difficult.
Housing starts rose 7.2 percent to an annual rate of 549,000 units from an upwardly revised 512,000-unit pace in February, the Commerce Department said on Tuesday.
Existing Home Sales in U.S. Rise on Growing Demand for Distressed Property (Source: Bloomberg)
Sales of U.S. previously owned homes rose in March as a mounting supply of properties in or near foreclosure lured investors.
Advance in U.S. Existing-Home Sales Probably Failed to Recover Lost Ground (Source: Bloomberg)
A gain in U.S. sales of existing homes during March probably failed to make up for a drop the previous month, a sign that the housing market is struggling to rebound, economists said before a report today. Purchases rose 2.5 percent to a 5 million annual rate after dropping 9.6 percent in February, according to the median forecast of 74 economists surveyed by Bloomberg News. Sales in January of existing homes, which make up 90 percent of the market, climbed to the highest level in eight months as buyers used all-cash transactions to obtain distressed properties.
Banks Lag S&P as Slow Loan Growth Eclipses Higher Dividends (Source: Bloomberg)
Bank stocks are underperforming the Standard & Poor’s 500 Index, even after Federal Reserve stress tests showed some financial institutions have regained enough strength to boost dividends and buy back their shares.
Apple Profit Nearly Doubles After IPhone's Verizon Debut (Source: Bloomberg)
Apple Inc. reported profit that almost doubled as rising demand for Mac computers and the iPhone, newly available from Verizon Wireless, outweighed lower- than-predicted sales of the iPad tablet.
China says imported inflation rising, firms under pressure
BEIJING, April 20 (Reuters) - China is facing quickening imported inflation and higher raw material costs could push some firms and industries deeper into the red, the Ministry of Industry and Information Technology said on Wednesday.
"Energy and raw material prices are climbing and the rising costs will be passed to downstream businesses and lead to greater losses in some industries," the ministry said in a statement without naming any specific sector.
China Mobile’s Rural Users Lift Subscriptions Past 600 Million (Source: Bloomberg)
China Mobile Ltd. (941) became the world’s first phone company to exceed 600 million subscribers as it signed up more rural customers in the first quarter. China Mobile added 16.8 million subscribers in the first quarter, an almost 3 percent increase from the 584 million customers at the end of December, the company said yesterday.
Japan Stocks Gain for Second Day as U.S. Earnings Show Recovery (Source: Bloomberg)
Japanese stocks advanced for a second day after U.S. companies including Apple Inc. (AAPL) reported increased profits and oil prices surged, signaling the global economic recovery is accelerating. Sony Corp. (6758), Japan’s biggest electronics exporter, gained 1.3 percent. Mitsubishi Corp. (8058), the country’s No. 1 commodities trader, rose 1.1 percent after crude and metal prices gained. Inpex Corp. (1605), Japan’s largest oil explorer, advanced 3 percent. The Nikkei 225 (NKY) Stock Average rose 0.9 percent to 9,691.51 as of 9:02 a.m. in Tokyo. The broader Topix gained 0.6 percent to 842.35, with seven shares advancing for each that fell.
Low Birthrate is Biggest Threat to South Korean Economy, Governor Kim Says (Source: Bloomberg)
The biggest threat to South Korea’s economic health isn’t from North Korean aggression or Chinese competition, according to Kim Moon-Soo, governor of the country’s largest province and a potential presidential candidate. It’s from the country’s low birthrate. South Korea will face “a very big obstacle to our growth” unless families have more babies, Gyeonggi Governor Kim said in an interview at Bloomberg’s headquarters in New York. The government needs to be “more active” in providing child care and lowering families’ education cost, he said.
Thailand Raises Benchmark Interest Rate to 2.75% as Inflation Accelerates (Source: Bloomberg)
Thailand raised interest rates for the sixth time in less than a year as Asian nations step up efforts to damp inflation stoked by surging commodity prices, and the central bank signaled that it would do more. The Bank of Thailand increased the benchmark one-day bond repurchase rate by a quarter of a percentage point to 2.75 percent, it said in Bangkok today. The move was predicted by all 20 economists surveyed by Bloomberg News.
ECB Raising Rates May Turn Into Mistake Weakening Euro, Standard Life Says (Source: Bloomberg)
The European Central Bank’s policy of raising interest rates may not be “appropriate” and could drive the euro down 16 percent or more as the region’s fiscal crisis persists, according to Standard Life Investments. The currency may weaken below its “fair value” of $1.20 to $1.25, said Ken Dickson, investment director for currencies at the Edinburgh-based company, which oversees about 157 billion pounds ($256 billion).
Spain Sells 3.4 Billion Euros of Treasury Bonds at Auction, Close to Goal (Source: Bloomberg)
Spain sold 3.4 billion euros ($4.9 billion) of bonds and demand rose even as its borrowing costs increased amid expectations Greece may restructure its debt. The Treasury said it sold 2.49 billion euros of 10-year bonds at an average yield of 5.472 percent, compared with 5.162 percent at the previous auction on March 17. It also sold 885 million euros of bonds maturing Jan. 31, 2024 at 5.667 percent.
Germany’s Producer-Price Inflation Unexpectedly Slowed to 6.2% Last Month (Source: Bloomberg)
German producer-price inflation unexpectedly slowed in March. Producer prices rose 6.2 percent from a year earlier after increasing an annual 6.4 percent in February, the Federal Statistics Office in Wiesbaden said in an e-mailed statement today. Economists forecast an acceleration to 6.6 percent, according to the median of 18 estimates in a Bloomberg News survey. In the month, prices rose 0.4 percent, half the 0.8 percent gain predicted by economists. Energy prices showed the biggest annual gains, the statistics office said, with light heating oil up 35.2 percent and diesel 19.5 percent more expensive. Excluding energy costs, producer-price inflation was at 4.4 percent in March.
Australian Dollar Pares Loss as Stocks Gain Before Data on Producer Prices (Source: Bloomberg)
The Australian dollar pared losses as stocks gained before the release of producer price data for the first quarter. The so-called Aussie traded at $1.0709 as of 10:24 a.m. in Sydney, after reaching as low as $1.0677.
Australia Won’t ‘Manipulate’ Currency Now at Record, Rudd Says (Source: Bloomberg)
Australia won’t “manipulate” its currency, which yesterday reached a record, and countries that do will “pay a price,” Foreign Minister Kevin Rudd said. Rudd in an interview ruled out intervention in the so- called Aussie, which has gained 15 percent in the past year against the dollar. Spurred by revenue from shipments of coal and iron ore to China, the currency’s surge has hurt Australian tourism, manufacturing and education.
Brazil Raises Interest Rate to 12% to Lower Inflation From Two-Year High (Source: Bloomberg)
Brazil’s central bank slowed the pace of rate increases on a less-than-unanimous vote, saying they need to implement policy adjustments “for a sufficiently long period” to bring inflation to target next year. Policy makers, led by central bank President Alexandre Tombini, voted 5-2 to raise the Selic rate by a quarter point to 12 percent from 11.75 percent, as expected by 15 of 58 analysts surveyed by Bloomberg. Forty-one analysts forecast a half-point increase and two predicted a pause. The bank said that two board members voted for a half-point increase.
FOREX-Euro surges to 15-mth highs; dlr, yen slide
LONDON, April 20 (Reuters) - The euro surged to its highest in 15 months against a weaker dollar on Wednesday, boosted by better risk appetite and after a bond auction from Spain was well received by investors.
The response to the Spanish bond auction provided a fillip to the common currency which is eyeing its Jan. 13, 2010 high of $1.4582. Traders said, before that the euro would have to clear option barriers at $1.4550 and $1.4600.
Supply chain biggest near-term challenge-GM CEO
NEW YORK, April 19 (Reuters) - General Motors Co has a better grasp of how to handle disruptions in its global network of suppliers, said GM's chief executive, who also reiterated the automaker's outlook for vehicle sales this year.
CEO Dan Akerson said on Tuesday ensuring that shortages do not disrupt GM's supply chain is its biggest near-term challenge.
Toyota cuts US output, may lower 2011 sales target
NEW YORK, April 19 (Reuters) - Japanese automaker Toyota Motor Co said on Tuesday it would cut U.S. vehicle production and may have to lower its 2011 U.S. sales target despite some improvement in the flow of parts from Japan.
Toyota also said that from April 26 to June 3 it would cut production by 70 percent at its North American assembly plants. Workers will have four-hour shifts three days a week instead of eight-hour shifts three days a week.
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