DJIA chart reading : upside biased.
Hang Seng chart reading : correction range bound little upside biased.
U.S. Growth Probably Slowed as Fuel Costs Rose (Source: Bloomberg)
The U.S. economy probably grew at a slower pace in the first quarter as a jump in gasoline prices caused consumers to cut back, economists said a report this week will show.
Coburn Says Medicare, Medicaid Must Be Part of Budget Talks (Source: Bloomberg)
Medicare and Medicaid programs must be part of the U.S. effort to reduce the budget deficit, Senator Tom Coburn said. “You can’t have Medicare out of the equation,” Coburn, an Oklahoma Republican and member of the Senate Budget Committee, said on NBC’s “Meet the Press” program broadcast today. “You can’t have Medicaid out of the equation. To lead on this issue and create a false predicate that says we can solve our problems without addressing our entitlements hurts the country.”
Profits Top Forecasts as Companies Wring Out More Savings (Source: Bloomberg)
First-quarter earnings have beaten forecasts so far, as companies from Apple Inc. to Novartis AG and LG Chem Ltd. wring more profit from operations worldwide and an economic pickup buoys sales.
Treasuries Advance Before Fed Meets on Bets Budget Efforts to Hurt Economy (Source: Bloomberg)
Treasuries rose for a second week as investors speculated that efforts to cut the Federal budget deficit may damp economic growth and awaited a policy statement next week from the Federal Reserve. Ten-year note yields fell to the lowest level in a month even as Standard & Poor’s put the U.S. government on notice that it risks losing its AAA credit rating. Gains were tempered by advances in stocks. The U.S. will sell $99 billion in notes in the coming week, and the Federal Open Market Committee opens its two-day meeting on April 26.
Treasuries Fail to Extend Two-Week Advance as U.S. Prepares Note Auctions (Source: Bloomberg)
Treasuries failed to extend a two- week gain as the U.S. prepared to auction $99 billion of notes over the next three days, starting with $35 billion of two-year debt tomorrow.
China Should Use Currency to Curb Inflation, Government Researchers Say (Source: Bloomberg)
Two prominent Chinese state researchers added to calls for the government to use the yuan to help curb inflation that accelerated to a 32-month high in March. “A moderate acceleration in the yuan’s appreciation would help China effectively deal with imported inflation”, Ba Shusong, a researcher at the State Council’s Development Research Center, said in Shanghai today. Wang Yong, a professor at the central bank’s training center, said policy makers should let the currency rise faster and widen its daily trading band by an “appropriate margin” in the second half of the year.
Japan Stocks Rise on Toyota Post-Quake Production Plan (Source: Bloomberg)
Japan’s Topix index rose for a fourth day led by Mitsubishi UFJ Financial Group Inc. after Credit Suisse Group AG raised the lender’s share price estimate. Tokyo Electric Power Co. rose on a report other utilities may be asked to share the cost of the Fukushima nuclear accident.
ECB’s Stark Says Debt Restructuring Risks Starting Crisis Exceeding Lehman (Source: Bloomberg)
European Central Bank Chief Economist Juergen Stark said a debt restructuring by a euro country risked triggering a banking crisis that could “worst case” exceed the effects of the failure of Lehman Brothers Holdings Inc., according to the transcript of an interview posted by German television station ZDF on its website. There is “no painless way” for countries that sought aid to reduce debt, while a restructuring may cut off the respective country from the financial markets for an unforeseeable time, Stark was quoted as saying.
U.K. GDP May Have Risen 0.5% in First Quarter as Economy Lacked Momentum (Source: Bloomberg)
Britain’s economy probably resumed growth in the first quarter with less momentum than needed to restore the pace of the recovery, economists say. Gross domestic product rose 0.5 percent after contracting the same amount in the fourth quarter, according to the median forecast of 27 economists in a Bloomberg News survey. The Office for National Statistics in London will publish the data at 9:30 a.m. on April 27.
Draghi Said to Be Seen by Sarkozy as Next European Central Bank President (Source: Bloomberg)
French President Nicolas Sarkozy considers Bank of Italy Governor Mario Draghi the leading candidate to succeed Jean-Claude Trichet at the helm of the European Central Bank, a person familiar with the matter said.
Portugal 2010 Deficit Revised Wider to 9.1% of GDP After Highways Included (Source: Bloomberg)
Portugal’s 2010 budget deficit was revised to 9.1 percent of gross domestic product from 8.6 percent after the government added three highways onto its accounts, the National Statistics Agency said today in an e- mailed statement. The government in March reported an 8.6 percent deficit for 2010, missing its target of 7.3 percent. Accounting changes ordered by Eurostat, the European Union’s statistics agency, forced the state to add more than 2 billion euros ($2.9 billion) to the 2010 deficit for impairment costs stemming from the 2008 seizure of Banco Portugues de Negocios SA and also for charges linked to the public-transportation system.
Australian Dollar Rises to Record on Prospects for Global Economic Growth (Source: Bloomberg)
The Australian dollar rose to a record high on prospects the global economy is improving. The currency climbed to $1.0776 as of 9:46 a.m. in Sydney from $1.0738 last week in New York.
Australia Needs to Make ‘Difficult’ Budget Decisions, Swan Says (Source: Bloomberg)
Australia needs to curb spending and make “difficult budget decisions” because tax revenue won’t grow as quickly as it did between 2004 and 2007 during the mining industry’s previous boom, Treasurer Wayne Swan said.
Vietnam Inflation Rate Rises to Highest Since 2008, Adding Rate Pressure (Source: Bloomberg)
Vietnam’s inflation accelerated to the fastest pace since 2008, putting pressure on the government to tighten policy further after almost doubling a key interest rate in less than six months. Consumer prices climbed 17.51 percent in April from a year earlier, according to figures released by the General Statistics Office in Hanoi today. The rate is the highest since December 2008 and compares with the 13.89 percent pace last month. Prices rose 3.32 percent in April from March.
Yen, Dollar Fall on Prospects Interest Rates Remain Near Zero (Source: Bloomberg)
The yen and dollar fell versus most of their major peers on speculation the central banks in Japan and the U.S. will this week keep interest rates near zero, while policy is being tightened elsewhere. The euro rose toward a 16-month high versus the dollar on prospects European Central Bank officials will signal that further rate increases will be necessary to contain inflation. Australia’s dollar climbed to a record as rising gold prices boosted the outlook for the nation’s resource exports, spurring demand for higher-yielding assets.
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