Frontrunning: April 28

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  • Most Dealers See Fed Keeping Rates Near Zero (Reuters)
  • Japan Economic Data Underscore Impact of Disasters (WSJ)
  • China’s Population Flocks to Cities, Grows Older, Census Shows (Bloomberg)
  • China Property Slowdown Poses Growth Risks, World Bank Says (Bloomberg)
  • Asian Currencies to Appreciate Against Greenback in Second Half, ‘Mr Yen’ Says (Taipei Times)
  • Syria's Assad Facing Dissent over Deraa Crackdown (Reuters)
  • Spain Calls Draghi ‘Excellent’ Choice for ECB President, Isolating Merkel (Bloomberg)
  • German Unemployment Falls Below 3 Million to 19-Year Low (Bloomberg)
  • U.S. Failure on S. Korea FTA Would Cede Market, Locke Say (Bloomberg)
  • Moody’s Cuts New Jersey’s Credit Rating (FT)

European Economic Developments:

  • Germany Import Price Index for March 1.1% m/m 11.3% y/y – in line with expectations.Previous 1.1% m/m 11.9% y/y.
  • Germany Unemployment Change for April -37k – in line with expectations.Previous -55K.
  • Germany Unemployment Rate (s.a) for April 7.1% - higher than expected.Consensus 7.0% Previous 7.1%.
  • France Consumer Spending for March -0.7% m/m 2.6% y/y – lower than expected.Consensus 0.2% m/m 3.7% y/y. Previous 0.9% m/m 5.5% y/y.
  • Italy Business Confidence for April 103 – in line with expectation.Consensus 103.5. Previous 103.5.
  • Sweden Consumer Confidence for April 17.6 – in line with expectations.Consensus 17.5. Previous 19.0.
  • Sweden Manufacturing Confidence s.a. for Q1 7 – lower than expected.Consensus 12. Previous 12.
  • Sweden Economic Tendency Survey for April 109.8 – lower than expected.Consensus 112.0. Previous 112.3.
  • Sweden PPI for March 0.0% m/m 1.7% y/y – lower than expected.Consensus 0.4% m/m 2.1% y/y. Previous 0.0% m/m 0.3% y/y.
  • Sweden Trade Balance (Kronor) for March 9.6B – higher than expected.Consensus 9.0B. Previous 11.0B.
  • UK GfK Consumer Confidence Survey -31 – lower than expected.Consensus -27. Previous -28.

Key Highlights:

  • Asian stocks rise on Fed’s low-rate pledge.
  • Bernanke says ending bond buying unlikely to have major impact.
  • Fed says pace of recovery 'moderate'; Bond buying to end in June.
  • Japan core consumer prices fall 0.1% in March from year earlier.
  • Japan Industrial production fell 15.3% in March from February. Jobless rate unchanged.
  • Aetna toacquire Prodigy for $600M.
  • Aflac Q1 profit falls 38% to $395M, hit by investment losses. Revs rose 1% to $5.12B.
  • Akamai's Q1 profit climbed 24%, as revenue rose by 15% to $276M.
  • Allstate Corp. profit more than quadrupled to $519M on lower damage claims.
  • BB&T, PNC are said to be interested in bidding for RBC’s US retail bank.
  • Boeing's Q1 profit rises 12.9% to $586M on lower tax rates. Revs slip 2% to $14.91B.
  • CIT Group Q1 profit down 55%
  • Community Health Sys Q1 profit falls 12% to $61.3M on losses related to sold operations.
  • Exelon said to be near $7.7B deal for Constellation Energy.
  • Express Scripts announces increase in share repurchase authorization by 50M shares.
  • Honda Q4 profit down 52%.
  • Hynix Semiconductor's Q1 net profit fell 66% as sales declined and prices remained weak.
  • Hyundai Motor Q1 profit up 47% on new models.
  • Jarden Corp. swung to Q1 profit of $19M as revs jumped 25% to $1.5B.
  • Lincoln National posts 20% higher profit at $339.4M as revs rose 7.4% to $2.71B.
  • Liz Claiborne's Q1 loss widens to $96.3M as net sales slid 12% to $513.2M.
  • Lubrizol's Q1 profit rose 4.4% to $169.5M; revs up 15.2% to $1.52B.
  • Norfolk Southern Corp. reported Q1 EPS of $1.00 vs. average analyst est. of $0.90.
  • Panasonic Corp. to cut its global work force by 40,000 people, mostly overseas.
  • Procter & Gamble's March net income rise frrom $2.58B to $2.87B.
  • Sokol violated Berkshire ethics on Lubrizol, Board report finds.
  • Sprint's March quarter loss was $439M versus $865M last year.
  • Starbucks profit up 20% on climbing sales; raises commodities tab forecast.
  • Teradyne Q1 net income 41c vs. 24c; revs up 18.1% at $377.2M.