DJIA chart reading : upside biased with possible pullback correction.
Hang Seng chart reading : correction range bound little upside biased.
U.S. Stocks Extend Gains After Consumer Confidence Data Tops Estimates (Source: Bloomberg)
U.S. stocks extended gains after a gauge of consumer confidence exceeded economists’ forecasts, building on an earlier rally triggered by higher-than-estimated earnings. The Standard & Poor’s 500 Index rose 0.5 percent to 1,341.54 at 10:03 a.m. in New York. The Dow Jones Industrial Average advanced 52.07 points, or 0.4 percent, to 12,531.95 . The Conference Board’s confidence index rose to 65.4 from a revised 63.8 reading in March, figures from the New York-based private research group showed today. The median forecast of economists surveyed by Bloomberg News called projected an advance to 64.5.
Asian Stocks Rise as U.S. Consumer Confidence Gains; Canon Jumps (Source: Bloomberg)
Asian stocks rose, with the regional benchmark index heading for its highest close in almost two months, after a report showed U.S. consumer confidence increased, boosting the outlook for Asian exporters. Samsung Electronics Co., Asia’s largest maker of chips, flat screens and mobile phones, gained 3 percent in Seoul. Canon Inc., the world’s biggest maker of cameras, climbed 5.4 percent in Tokyo. Origin Energy Ltd., Australia’s No. 1 energy retailer, increased 4.3 percent in Sydney after it and partner ConocoPhillips signed an agreement last week to supply liquefied natural gas to China Petrochemical Corp. Australia resumed trading today following holidays.
Treasuries Snap Three-Day Gain Before Durable Goods Data, Five-Year Sale (Source: Bloomberg)
Treasuries snapped a three-day gain before data that may show durable goods orders rose and as the government prepares to sell $35 billion in five-year notes. Federal Reserve Chairman Ben S. Bernanke is scheduled to speak to reporters at the conclusion of a policy meeting today as the end of the central bank’s second round of bond buying, known as quantitative easing or QE2, approaches in June. The Fed has kept demand for government bonds “deceptively” high, Pacific Investment Management Co., which runs the world’s biggest bond fund, said in a report.
Geithner Says U.S. Needs ‘Credible Strategy’ for Reducing Budget Deficits (Source: Bloomberg)
Treasury Secretary Timothy F. Geithner said the U.S. needs a “credible strategy” to reduce its budget deficits over time, without moving too quickly and choking off economic recovery. “You have to commit to bring the budget deficit down to a level that will put our overall debt burden on a declining path as a share of the economy,” Geithner said today in remarks at the Council on Foreign Relations in New York. The Obama administration wants to move onto that path by about 2015, he said.
Consumer Confidence in U.S. Increases More Than Estimated Amid Job Gains (Source: Bloomberg)
Confidence among U.S. consumers increased more than forecast in April, signaling the improving labor market is helping Americans weather rising fuel costs. The Conference Board’s confidence index rose to 65.4 from a revised 63.8 reading in March, figures from the New York-based private research group showed today. The median forecast of economists surveyed by Bloomberg News called projected an advance to 64.5.
Geithner Says U.S. Will Never Weaken Dollar to Gain an Advantage in Trade (Source: Bloomberg)
Treasury Secretary Timothy F. Geithner today reaffirmed the U.S. commitment to a “strong dollar” and said the country won’t weaken the currency to gain an advantage over its trading partners. “Our policy has been and will always be, as long as at least I’m in this job, that a strong dollar is in our interest as a country,” Geithner said in remarks at the Council on Foreign Relations in New York. “We will never embrace a strategy of trying to weaken our currency to try to gain economic advantage.”
Home Prices in 20 U.S. Cities Drop Most in More Than Year on Foreclosures (Source: Bloomberg)
Residential real-estate prices dropped in the 12 months to February by the most in more than a year, putting the market on the verge of eclipsing the nadir reached during the U.S. recession.
Dollar Declines to Lowest Versus Euro Since December 2009 on Rate Outlook (Source: Bloomberg)
The dollar fell to its lowest level against the euro since December 2009 on speculation the Federal Reserve will keep interest rates low. The U.S. currency dropped to as low as $1.4702 per euro before trading at $1.4681 as of 7:26 a.m. in Tokyo.
Dollar Falls to 16-Month Low Against Euro Amid Fed Speculation (Source: Bloomberg)
The dollar fell to a 16-month low versus the euro on speculation the Federal Reserve will consider further easing measures to support the U.S. economy after its bond-buying program expires in June. The euro advanced for a fourth day against the yen before a report that economists say will show the region’s industrial orders increased, adding to evidence that the European Central Bank may raise interest rates. The Australian dollar climbed to a record before a government report forecast to show inflation quickened in the first quarter.
S&P 500 Index Rises to Highest Level Since June 2008 on Improving Earnings (Source: Bloomberg)
U.S. stocks rose, sending the Standard & Poor’s 500 Index to its highest level since June 2008, as earnings at companies from 3M Co. (MMM) to United Parcel Service Inc. (UPS) and Ford Motor Co. (F) topped analysts’ estimates. 3M, the maker of products including Scotch tape, rose 1.9 percent. UPS, the world’s largest package-delivery company and considered a proxy for economic growth, added 0.9 percent after also raising its earnings forecast. Ford, the second-largest U.S. automaker, gained 0.8 percent after reporting a 22 percent jump in profit as vehicle prices increased. Delta Air Lines Inc. (DAL) soared 11 percent as the second-biggest carrier reported a smaller loss than analysts estimated amid higher fares.
US new home sales rebound, market still seen weak
WASHINGTON, April 25 (Reuters) - Sales of new U.S. homes rose in March and the number of new properties on the market was its lowest since the 1960s, but
further gains will be hampered by the broader property glut.
Single-family home sales rose 11.1 percent to a seasonally adjusted annual rate of 300,000, the Commerce Department said on Monday, up from a near record low
pace of 270,000 in February when harsh winter weather hit the economy.
China unveils new wanted, not-wanted industry list
BEIJING, April 25 (Reuters) - China's economic planning agency on Monday published a new list of industries that it would encourage, restrict or ban, a
blueprint that could have a far-reaching impact on investment activity China over the coming years.
The list will serve as a guideline for Chinese regulators in making policies on tax, bank credit, land and trade, and will also be a reference for Beijing to
decide which foreign investors are welcomed.
China Said to Raise Biggest Banks’ Capital Adequacy Targets (Source: Bloomberg)
China’s banking regulator set capital targets for the nation’s five biggest lenders above the minimum 11.5 percent ratio amid concern that credit risks may rise, three people with knowledge of the matter said. Industrial & Commercial Bank of China (601398) Ltd., the world’s largest lender, and three rivals were told last month to maintain capital adequacy ratios of at least 11.8 percent in 2011, one of the people said, declining to be identified as the plan isn’t public. Agricultural Bank of China Ltd. (1288), the nation’s fourth biggest, should target 11.7 percent, two of them said.
Japanese Stocks Rise on U.S. Confidence, Quake Recovery Outlook (Source: Bloomberg)
The Nikkei 225 Stock Average rose for the first time in four days after U.S. consumer confidence gained and Japan’s government said 90 percent of the country’s earthquake-stricken factories will resume production by July. Advantest Corp., the world’s biggest maker of tools used to test memory chips, climbed 1.6 percent. Canon Inc., which has lost 13 percent this year, jumped after Nomura Holdings Inc. said the company’s mid-term growth prospects are “positive.” Kao Corp., Japan’s biggest maker of household products, advanced 1.9 percent after the company forecast a 13 percent gain in profit this fiscal year.
Japan’s Retail Sales Slump Most in 13 Years After Earthquake (Source: Bloomberg)
Japan’s retail sales tumbled the most in 13 years last month as the nation’s record earthquake shut stores and discouraged households from spending money.
South Korea’s Growth Accelerates, Adding Price Pressure (Source: Bloomberg)
South Korea’s economic growth accelerated in the first quarter on exports, bolstering the case for the central bank to raise interest rates to damp inflation.
Euro-Area Governments' Debt Reaches Record 85.1% of GDP as Crisis Festers (Source: Bloomberg)
Euro-area debt reached a record in 2010, making it harder for the bloc’s better-off countries to bear the costs of the fiscal crisis triggered by Greece. Debt rose in all 16 countries that were using the euro last year, lifting the bloc’s average to 85.1 percent of gross domestic product from 79.3 percent in 2009, the European Union’s statistics office in Luxembourg said today.
Greek Deficit Tops Forecasts as Merkel Aide Says Debt Must Be Restructured (Source: Bloomberg)
Greece’s budget deficit exceeded goverment estimates and the euro area’s overall debt reached a record, narrowing Europe’s options for putting an end to the fiscal crisis. Greece’s shortfall was 10.5 percent of gross domestic product in 2010, higher than a 9.4 percent estimate made by the Greek government in February, official European Union figures showed today.
Greek 2010 Budget Gap Wider Than Estimated as Euro-Area Debt Hits Record (Source: Bloomberg)
Greece’s 2010 budget gap was more than a percentage point wider than the government estimated after a review by Europe’s statistics agency, the latest blow to the nation’s finances as it seeks to avoid a debt restructuring. Last year’s shortfall was 10.5 percent of gross domestic product, compared with 15.4 percent of GDP in 2009, Eurostat said in a statement today from Luxembourg. In February, the Greek government had said it met its revised target for a 9.4 percent deficit in 2010.
Bollard May Keep New Zealand Rate at Record Low to Revive Growth (Source: Bloomberg)
New Zealand will probably keep interest rates at a record low until at least the second half of the year to spur an economic recovery from the nation’s deadliest earthquake in 80 years.
Auto production faces bigger hit after Japan quake
TOKYO, April 25 (Reuters) - Toyota Motor Co may slip to No. 3 in the automaker production rankings behind General Motors and Volkswagen due to Japan's
earthquake and nuclear crisis, which slashed local output by almost two-thirds in March alone.
A shortage of parts in the wake of the March 11 earthquake and tsunami has savaged Japan's auto sector supply chain, while damage to a major nuclear plant
has disrupted power supplies.
FOREX-Euro hits 16-mo high; no respite in sight for dollar
NEW YORK, April 26 (Reuters) - The euro hit a 16-month high against the dollar on Tuesday, with no respite in sight seen for the greenback if the U.S.
Federal Reserve keeps monetary policy accommodative.
The Federal Open Market Committee, the Fed's policy making arm, starts its two-day meeting on Tuesday. The post-meeting news conference by Fed Chairman Ben
Bernanke on Wednesday -- the first regularly scheduled news briefing by a Fed chief in the U.S. central bank's 97-year history -- will be closely watched to see how the Fed plans to exit from its ultra-loose policy.
Euro up before Fed, silver slide ripples out
The euro jumped ahead of a U.S. Federal Reserve meeting expected to give no hint of looming policy tightening while silver tumbled after soaring to near record highs, dragging gold and oil with it. The eurorose to a 16-month high against an under-pressure dollar, climbing around half a percent to $1.4653, with expectations the Fed will keep policy loose likely to see it hover near recent peaks.
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