One Minute Macro Update: April 13, 2011
- Chinese cos go on global bond spree; Mainland groups have borrowed $12.2B this yr.
- Japan cuts its economic assessment as earthquake damage mounts.
- Obama said to call for cuts in entitlements, higher taxes.
- Oil hovers above $106 in Asia as investors eye crude demand amid 2-month rally.
- OPEC sees higher demand for its oil in 2011 at 29.9M barrels/day, up 400,000 bbls YoY.
- Swedish government expects public finance surplus in 2011, tax cuts in 2012.
- Taiwan halts plans to build atomic reactors after Japan crisis.
- US Import prices increased 2.7% in March on crude oil, food.
- US lacks credibility on debt, says IMF. Stringent austerity measures needed.
- ASML Holding's Q1 net tripled to €395M, sales nearly doubled to €1.45B.
- Aspen Insurance Hldgs says initial loss estimate for the Tohoku Earthquake at ~$160M.
- BofA Chief says foreclosures inevitable as re-defaults top 50%.
- Citigroup ordered to pay $54.1M to two wealthy investors for losses they suffered on a series of risky municipal bond funds.
- Deutsche Bank plans to restructure its US ops, which would allow it to operate with a thinner capital cushion.
- Eagle Rock announces agreement to acquire Crow Creek Energy for $525M.
- Everest Re expects $320M in losses from the March 11 quake and tsunami in Japan.
- Fastenal beats by $0.02, reports Q1 EPS of $0.54. Revs rose 23.0% to $640.6M.
- Foxconn Technology Group is considering $12B of investments in Brazil.
- Hitachi, GE submit proposal to dismantle crippled Fukushima nuclear plant.
- Jackson Hewitt receives notice regarding NYSE listing criteria.
- JPMorgan's March net income rises from $3.3B to $5.6B.
- OMV may sell 36% Borealis stake to IPIC to postpone potential share sale.
- Rio Tinto Q1 iron ore production 42 million tonnes, down 3% vs year ago.
- Schneider Electric says not in talks with Tyco International.
- Wal-Mart will reduce space for electronics in US stores as sales decline.
- Williams Inds sees Q3 revs at $191-193M vs. its prev view of $209-215M.
Economic Calendar: Data on MBA Mortgage Index, Retail Sales, Business Inventories, Crude Inventories, Fed's Beige Book to be released today.
Earnings Calendar: ABCB, ADTN, GLA, IGTE, JPM, MFRI, SUPR, TAYD, WWON, ZANE
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