DJIA chart reading : upside biased with possible pullback correction.
Hang Seng chart reading : side way range bound.
Fed's Bernanke signals no rush to reverse stimulus
WASHINGTON, April 27 (Reuters) - Federal Reserve Chairman Ben Bernanke signaled on Wednesday that the U.S. central bank is in no rush to scale back its support for the economy with the labor market still in a "very, very deep hole."
The Fed trimmed its forecast for 2011 economic growth in a nod to a weak start to the year and bumped up its projections for inflation, which caused some jitters in financial markets.
Geithner Says ‘Unfair and Broken’ Tax System Is Cause of U.S. Deficit Woes (Source: Bloomberg)
Treasury Secretary Timothy F. Geithner said the U.S. needs to overhaul its tax code in order to rein in the national debt and preserve economic growth. “Americans have to understand that deficits matter, that deficits are not just the result of spending choices, but also of an unfair and broken tax system,” Geithner said in a speech in Detroit today.
Pending Sales of Existing Homes in U.S. Increase 5.1%, More Than Estimated (Source: Bloomberg)
The number of Americans signing contracts to buy previously owned homes rose more than forecast in March, a sign the industry that triggered the recession may begin to stabilize. The index of pending home resales climbed 5.1 percent after a revised 0.7 percent increase the prior month, the National Association of Realtors said today in Washington. The median forecast in a Bloomberg News survey called for a 1.5 percent rise.
Bernanke Begins Public Dialogue With Pledge to Maintain Record Stimulus (Source: Bloomberg)
Ben S. Bernanke, at the first press conference by a Federal Reserve Chairman following a policy meeting, said the economy still requires monetary support while the need to contain inflation means further easing is unlikely. The 57-year-old former Princeton University professor stepped before the television cameras in a top-floor conference room in the Fed’s Washington headquarters yesterday and began a dialogue with the American public about the central bank’s goals and strategies. He explained the tension between reducing an 8.8 percent unemployment rate and keeping a lid on inflation.
Initial Jobless Claims in U.S. Increase to Three-Month High (Source: Bloomberg)
New applications for unemployment benefits in the U.S. unexpectedly rose last week to the highest level in three months, a sign progress in the labor market may be stalling. Jobless claims increased by 25,000 to 429,000 in the week ended April 23, the most since late January, Labor Department figures showed today in Washington. The government anticipates a drop in unadjusted applications during the Good Friday holiday week, something that didn’t happen this year, a Labor Department spokesman said.
U.S. Economy’s Growth Cooled in First Quarter to 1.8% Rate (Source: Bloomberg)
The U.S. economy slowed more than forecast in the first quarter as government spending declined by the most since 1983 and household purchases cooled.
Tornadoes Ravage U.S. South, Killing Hundreds in Six States (Source: Bloomberg)
The worst day of tornadoes in 37 years tore through the U.S. Southeast, killing hundreds of people, causing millions in damage and cutting power to a nuclear plant. At least 280 people died in six states, with Alabama hardest-hit, as high winds tore apart homes and businesses, the Associated Press reported. As many as a million people were without power, Alabama’s governor said. Earlier this week the same weather system killed 11 people in Arkansas.
Exxon Profit Surges as Consumers and Lawmakers Fume Over Gasoline Prices (Source: Bloomberg)
Exxon Mobil Corp. (XOM), the world’s largest company by market value, posted its largest profit in almost three years as soaring gasoline prices fueled discontent among consumers and policymakers. With U.S. motorists paying the most for gasoline since prices reached a record $4.11 a gallon in the summer of 2008, Exxon said today that its first-quarter net income jumped 69 percent to $10.7 billion. The Irving, Texas-based company is sitting on a cash pile of $13.2 billion, even after distributing more than $7 billion to shareholders in buybacks and dividends.
GE sees best profit outlook in a decade, execs say
SALT LAKE CITY, April 27 (Reuters) - General Electric Co sees its best earnings growth prospects in a decade as the global economic recovery drives demand for the heavy energy and aviation equipment it makes, top executives said.
Rising oil prices have not yet taken a toll on global growth rates, Chief Executive Jeff Immelt said at the company's shareholder meeting on Wednesday.
World Bank raises China 2011 GDP forecast, urges more tightening
BEIJING, April 28 (Reuters) - The World Bank on Thursday raised its forecast of China's economic growth in 2011 for the second time in as many months and said it was too early for Beijing to halt policy tightening, not least because of inflationary risks.
In its latest quarterly update of the world's second-largest economy, the bank slashed its projection of China's 2011 current account surplus to 3.6 percent of gross domestic product -- comfortably below the 4 percent ceiling mooted by U.S. Treasury Secretary Timothy Geithner for G20 countries.
ICBC Leads Chinese Banks in Curbing Bad Loans as Net Surges (Source: Bloomberg)
Industrial & Commercial Bank of China (1398) Ltd. led the nation’s biggest banks in curbing defaults in the first quarter, helping alleviate concern that their asset quality may deteriorate following a two-year credit boom. Bad loans at Beijing-based ICBC, the world’s most profitable bank, dropped almost 4 percent from the end of 2010 as earnings for the three-month period climbed 29 percent from a year earlier, according to an exchange filing yesterday. China Construction Bank Ltd., the world’s second-largest lender by market value, said bad loans fell by 157 million yuan to 64.6 billion yuan as net income increased 34 percent. Bank of China Ltd. (3988), the nation’s third-largest by assets, said such debt fell 1.8 percent as profit climbed 28 percent. The results show concerns that credit to local governments and developers would lead to a surge in arrears may be overblown.
Chinese banks this month were ordered to conduct new stress tests on real estate loans, demand faster repayment on government borrowings and increase deposits set aside as reserves to the highest level in at least two decades.
BOJ reckons Japan in recession, stands pat on policy
TOKYO, April 28 (Reuters) - The Bank of Japan kept monetary policy unchanged on Thursday even as it lowered growth forecasts and estimated the economy tipped into recession early this year, disappointing analysts who felt the grim readings after last month's earthquake called for more policy easing.
Japan's recovery from the quake would accelerate from October, the BOJ said in its twice-yearly outlook report on the economy. At the same time, it revised up economic forecasts for the year ending in March 2013 and raised its estimate for core consumer price inflation in the current fiscal year.
BOJ Bets on Japan Power Restoration in Rejecting More Stimulus (Source: Bloomberg)
The Bank of Japan raised its growth forecast for next year on optimism the economy will bounce back on reconstruction work and restored power supplies after factory output dropped by a record in March.
South Korea’s Slower Output Growth May Fail to Deter Rate Increase in May (Source: Bloomberg)
South Korea’s industrial production expanded at the slowest pace in six months in March, a moderation that may fail to deter the central bank from raising interest rates next month.
Pound Passes $1.67 for First Time Since 2009 on Outlook for BOE Tightening (Source: Bloomberg)
The pound advanced against the dollar as investors bet the Bank of England will raise rates ahead of its U.S. counterpart after the Federal Reserve renewed its pledge to keep rates near zero to stimulate the economy. Sterling declined for a fifth day versus the euro as data showed U.K. consumer confidence fell to the weakest level in two years. Ben S. Bernanke, speaking yesterday at the first press conference by a Fed chairman following a policy meeting, said the U.S. still requires monetary support. Gross domestic product data today showed the U.S. economy grew at a slower pace than forecast in the first quarter.
German Unemployment Declines to 19-Year Low as Export Boom Drives Demand (Source: Bloomberg)
German unemployment fell below 3 million for the first time in almost 19 years in April in adjusted terms, increasing the likelihood that household spending will boost economic growth.
Libyan Rebels Fight to Keep Control of Key Border Crossing (Source: Bloomberg)
Pro- and anti-Qaddafi forces fought for control of a key western Libyan border crossing into Tunisia, near an area where a regime offensive against the Berber minority has gone on with little foreign attention. Competing claims of success at the Wazin border crossing highlighted the fighting yesterday in Libya’s western mountains and nearby areas, where U.S. officials say government forces have been attacking Berbers, also called Amazigh, an indigenous ethnic group that joined the rebellion after long suffering discrimination under Muammar Qaddafi’s rule.
FOREX-Dollar stays weak after Fed, euro may test $1.50
LONDON, April 28 (Reuters) - The dollar plumbed a three-year low against a currency basket on Thursday, while the euro was set to attack a key psychological level of $1.50, as the view that U.S. interest rates would stay low spurred more dollar selling.
The dollar dropped across the board, with the Australian dollar charging through previous highs to a 29-year peak above $1.0900 and looking poised to break $1.10 while both the euro and sterling vaulted to 17-month highs.
Dollar keeps falling after Fed, stocks buoyant (Source: Reuters)
The dollar slid to three-year lows, helping U.S. crude oil up to a 2-1/2 year high, and stocks rose worldwide as investors bet ultra-loose U.S. policy will continue to drive money into riskier assets. "With the prospect of ultra easy monetary policy continuing for the foreseeable future in the world's largest economy, traders are feeling more confident about holding the bullish view and risk appetite is expected to be high," said Jonathan Sudaria, a night dealer at Capital Spreads in London.
WASHINGTON, April 27 (Reuters) - Federal Reserve Chairman Ben Bernanke signaled on Wednesday that the U.S. central bank is in no rush to scale back its support for the economy with the labor market still in a "very, very deep hole."
The Fed trimmed its forecast for 2011 economic growth in a nod to a weak start to the year and bumped up its projections for inflation, which caused some jitters in financial markets.
Geithner Says ‘Unfair and Broken’ Tax System Is Cause of U.S. Deficit Woes (Source: Bloomberg)
Treasury Secretary Timothy F. Geithner said the U.S. needs to overhaul its tax code in order to rein in the national debt and preserve economic growth. “Americans have to understand that deficits matter, that deficits are not just the result of spending choices, but also of an unfair and broken tax system,” Geithner said in a speech in Detroit today.
Pending Sales of Existing Homes in U.S. Increase 5.1%, More Than Estimated (Source: Bloomberg)
The number of Americans signing contracts to buy previously owned homes rose more than forecast in March, a sign the industry that triggered the recession may begin to stabilize. The index of pending home resales climbed 5.1 percent after a revised 0.7 percent increase the prior month, the National Association of Realtors said today in Washington. The median forecast in a Bloomberg News survey called for a 1.5 percent rise.
Bernanke Begins Public Dialogue With Pledge to Maintain Record Stimulus (Source: Bloomberg)
Ben S. Bernanke, at the first press conference by a Federal Reserve Chairman following a policy meeting, said the economy still requires monetary support while the need to contain inflation means further easing is unlikely. The 57-year-old former Princeton University professor stepped before the television cameras in a top-floor conference room in the Fed’s Washington headquarters yesterday and began a dialogue with the American public about the central bank’s goals and strategies. He explained the tension between reducing an 8.8 percent unemployment rate and keeping a lid on inflation.
Initial Jobless Claims in U.S. Increase to Three-Month High (Source: Bloomberg)
New applications for unemployment benefits in the U.S. unexpectedly rose last week to the highest level in three months, a sign progress in the labor market may be stalling. Jobless claims increased by 25,000 to 429,000 in the week ended April 23, the most since late January, Labor Department figures showed today in Washington. The government anticipates a drop in unadjusted applications during the Good Friday holiday week, something that didn’t happen this year, a Labor Department spokesman said.
U.S. Economy’s Growth Cooled in First Quarter to 1.8% Rate (Source: Bloomberg)
The U.S. economy slowed more than forecast in the first quarter as government spending declined by the most since 1983 and household purchases cooled.
Tornadoes Ravage U.S. South, Killing Hundreds in Six States (Source: Bloomberg)
The worst day of tornadoes in 37 years tore through the U.S. Southeast, killing hundreds of people, causing millions in damage and cutting power to a nuclear plant. At least 280 people died in six states, with Alabama hardest-hit, as high winds tore apart homes and businesses, the Associated Press reported. As many as a million people were without power, Alabama’s governor said. Earlier this week the same weather system killed 11 people in Arkansas.
Exxon Profit Surges as Consumers and Lawmakers Fume Over Gasoline Prices (Source: Bloomberg)
Exxon Mobil Corp. (XOM), the world’s largest company by market value, posted its largest profit in almost three years as soaring gasoline prices fueled discontent among consumers and policymakers. With U.S. motorists paying the most for gasoline since prices reached a record $4.11 a gallon in the summer of 2008, Exxon said today that its first-quarter net income jumped 69 percent to $10.7 billion. The Irving, Texas-based company is sitting on a cash pile of $13.2 billion, even after distributing more than $7 billion to shareholders in buybacks and dividends.
GE sees best profit outlook in a decade, execs say
SALT LAKE CITY, April 27 (Reuters) - General Electric Co sees its best earnings growth prospects in a decade as the global economic recovery drives demand for the heavy energy and aviation equipment it makes, top executives said.
Rising oil prices have not yet taken a toll on global growth rates, Chief Executive Jeff Immelt said at the company's shareholder meeting on Wednesday.
World Bank raises China 2011 GDP forecast, urges more tightening
BEIJING, April 28 (Reuters) - The World Bank on Thursday raised its forecast of China's economic growth in 2011 for the second time in as many months and said it was too early for Beijing to halt policy tightening, not least because of inflationary risks.
In its latest quarterly update of the world's second-largest economy, the bank slashed its projection of China's 2011 current account surplus to 3.6 percent of gross domestic product -- comfortably below the 4 percent ceiling mooted by U.S. Treasury Secretary Timothy Geithner for G20 countries.
ICBC Leads Chinese Banks in Curbing Bad Loans as Net Surges (Source: Bloomberg)
Industrial & Commercial Bank of China (1398) Ltd. led the nation’s biggest banks in curbing defaults in the first quarter, helping alleviate concern that their asset quality may deteriorate following a two-year credit boom. Bad loans at Beijing-based ICBC, the world’s most profitable bank, dropped almost 4 percent from the end of 2010 as earnings for the three-month period climbed 29 percent from a year earlier, according to an exchange filing yesterday. China Construction Bank Ltd., the world’s second-largest lender by market value, said bad loans fell by 157 million yuan to 64.6 billion yuan as net income increased 34 percent. Bank of China Ltd. (3988), the nation’s third-largest by assets, said such debt fell 1.8 percent as profit climbed 28 percent. The results show concerns that credit to local governments and developers would lead to a surge in arrears may be overblown.
Chinese banks this month were ordered to conduct new stress tests on real estate loans, demand faster repayment on government borrowings and increase deposits set aside as reserves to the highest level in at least two decades.
BOJ reckons Japan in recession, stands pat on policy
TOKYO, April 28 (Reuters) - The Bank of Japan kept monetary policy unchanged on Thursday even as it lowered growth forecasts and estimated the economy tipped into recession early this year, disappointing analysts who felt the grim readings after last month's earthquake called for more policy easing.
Japan's recovery from the quake would accelerate from October, the BOJ said in its twice-yearly outlook report on the economy. At the same time, it revised up economic forecasts for the year ending in March 2013 and raised its estimate for core consumer price inflation in the current fiscal year.
BOJ Bets on Japan Power Restoration in Rejecting More Stimulus (Source: Bloomberg)
The Bank of Japan raised its growth forecast for next year on optimism the economy will bounce back on reconstruction work and restored power supplies after factory output dropped by a record in March.
South Korea’s Slower Output Growth May Fail to Deter Rate Increase in May (Source: Bloomberg)
South Korea’s industrial production expanded at the slowest pace in six months in March, a moderation that may fail to deter the central bank from raising interest rates next month.
Pound Passes $1.67 for First Time Since 2009 on Outlook for BOE Tightening (Source: Bloomberg)
The pound advanced against the dollar as investors bet the Bank of England will raise rates ahead of its U.S. counterpart after the Federal Reserve renewed its pledge to keep rates near zero to stimulate the economy. Sterling declined for a fifth day versus the euro as data showed U.K. consumer confidence fell to the weakest level in two years. Ben S. Bernanke, speaking yesterday at the first press conference by a Fed chairman following a policy meeting, said the U.S. still requires monetary support. Gross domestic product data today showed the U.S. economy grew at a slower pace than forecast in the first quarter.
German Unemployment Declines to 19-Year Low as Export Boom Drives Demand (Source: Bloomberg)
German unemployment fell below 3 million for the first time in almost 19 years in April in adjusted terms, increasing the likelihood that household spending will boost economic growth.
Libyan Rebels Fight to Keep Control of Key Border Crossing (Source: Bloomberg)
Pro- and anti-Qaddafi forces fought for control of a key western Libyan border crossing into Tunisia, near an area where a regime offensive against the Berber minority has gone on with little foreign attention. Competing claims of success at the Wazin border crossing highlighted the fighting yesterday in Libya’s western mountains and nearby areas, where U.S. officials say government forces have been attacking Berbers, also called Amazigh, an indigenous ethnic group that joined the rebellion after long suffering discrimination under Muammar Qaddafi’s rule.
FOREX-Dollar stays weak after Fed, euro may test $1.50
LONDON, April 28 (Reuters) - The dollar plumbed a three-year low against a currency basket on Thursday, while the euro was set to attack a key psychological level of $1.50, as the view that U.S. interest rates would stay low spurred more dollar selling.
The dollar dropped across the board, with the Australian dollar charging through previous highs to a 29-year peak above $1.0900 and looking poised to break $1.10 while both the euro and sterling vaulted to 17-month highs.
Dollar keeps falling after Fed, stocks buoyant (Source: Reuters)
The dollar slid to three-year lows, helping U.S. crude oil up to a 2-1/2 year high, and stocks rose worldwide as investors bet ultra-loose U.S. policy will continue to drive money into riskier assets. "With the prospect of ultra easy monetary policy continuing for the foreseeable future in the world's largest economy, traders are feeling more confident about holding the bullish view and risk appetite is expected to be high," said Jonathan Sudaria, a night dealer at Capital Spreads in London.
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