Asian stocks rose for the first time in three days as new-home construction in the US beat forecasts and the yen weakened, helping the Nikkei rise 0.9%. The MSCI Asia Pacific index gained 0.5% cent after dropping 1.2% over the past two days. (Bloomberg)(Financial Times)
Credit Suisse is facing a shareholder revolt over pay after ISS, the proxy adviser, asked investors to block the bank's plan to issue 27m shares – worth more than SFr700m ($760m) at current market prices - for employee bonuses. (Financial Times)
"Intel's gross profit margin fell harder than expected in the opening months of this year as it geared up for a new generation of microprocessors that are seen as vital to the struggling PC industry's hopes for a rebound." (Financial Times)
BHP Billiton reaffirmed its full-year production guidance in spite of a lacklustre performance from its iron ore and petroleum assts in the past quarter. (Financial Times)
The Chinese government warned the number of H7N9 infections could rise after two more deaths were confirmed, bringing the toll to 16. The two victims were in Shanghai, the site of most of the 77 confirmed cases so far. (Reuters)
787 battery decision expected 'soon': Federal Aviation Administration chief Michael Huerta told a US congressional committee on Tuesday he expects to decide "very soon" whether to approve Boeing's redesigned 787 Dreamliner battery system, potentially ending a three-month ban on flights by the high-tech jet. (Reuters)
COMMENT AND CURIOUS:
- Martin Wolf: The deflation dog that did not bark. (Financial Times)
- The IMF is also completely fed up with this austerity caper. (Wall Street Journal)
- Wither Tokyo's bar scene as techies replace traders. (Bloomberg)
- Central banks' gold holdings lost $560bn. (Bloomberg)
- China's specific type of financial crisis. (Financial Times)
- John Kay: Fair value is not the same as market price. (Financial Times)
OVERNIGHT MARKETS: MIXED
Asian markets
Nikkei 225 up +120.11 (+0.91%) at 13,342
Topix up +13.42 (+1.20%) at 1,133
Hang Seng down -10.95 (-0.05%) at 21,661
US markets
S&P 500 up +22.21 (+1.43%) at 1,575
DJIA up +157.58 (+1.08%) at 14,757
Nasdaq up +48.14 (+1.50%) at 3,265
European markets
Eurofirst 300 down -8.74 (-0.74%) at 1,166
FTSE100 down -39.02 (-0.62%) at 6,305
CAC 40 down -24.69 (-0.67%) at 3,686
Dax down -30.05 (-0.39%) at 7,683
Currencies
€/$ 1.32 (1.32)
$/¥ 98.12 (97.52)
£/$ 1.54 (1.54)
Commodities ($)
Brent Crude (ICE) up +0.37 at 100.28
Light Crude (Nymex) up +0.01 at 88.73
100 Oz Gold (Comex) down -7.90 at 1,379
Copper (Comex) up +0.35 at 331.00
10-year government bond yields (%)
US 1.72%
UK 1.75%
Germany 1.28%
CDS (closing levels)
Markit iTraxx SovX Western Europe -0.98bps at 100.76bp
Markit iTraxx Europe -0.23bps at 111.34bp
Markit iTraxx Xover -1.99bps at 445.97bp
Markit CDX IG -3.22bps at 82.12bp
Sources: FT, Bloomberg, Markit
