Comcast

Moving onto overnight markets, apart from China we are seeing broad based gains across most Asian equities. Bourses in Japan, Korea and Australia are up +0.2%, +0.2% and +0.5% respectively whereas the Hang Seng and the Shenzhen Composite indices are down -0.2% and -1.1% as we type. The gains in broader Asia Pacific followed what was another constructive session for risk assets yesterday during US trading hours. The S&P 500 (+0.38%) rose for its 5th consecutive day partly driven by better corporate earnings from the likes of GE and Morgan Stanley. Staying on the results season, we’ve had 70 of the S&P 500 companies  reporting so far and the usual trend is starting to emerge in which earnings beats are faring better than revenue beats. Indeed the beat:miss ratio for earnings has been strong at 77%:23% whereas revenue beats/misses are more balanced at 50%:50%. Looking ahead, markets should get ready for another big week of US earnings.

With revenues meeting estimates to the dot, and with largely meaningless non-GAAP EPS (because after all NFLX is valued on a 2024 foward basis), Netflix is choppy after hours as algos try to determine what is more important for them:the miss in domestic subs, which rose 2.25 million on expectations of a 2.31 million increase, of the beat in international (and very much money-losing although now expected to be profitable in 2014) subs, which rose 1.75MM vs estimates of 1.64MM.

• Putin playing the long game over Russian kin in Ukraine (Reuters)
• U.S.-Russia Relations Come Full Circle After Ukraine (WSJ)
• Japan PM makes offering to Yasukuni Shrine, angers China, South Korea (Reuters)
• In Gold Miners' Talks, Scale Is Crucial: Combined Barrick-Newmont Would Be Able to Trim Costs (WSJ)
• SEC Said to Weigh Shining Light on Brokers’ Stock Routing (BBG)... and protmply unweigh it
• Exelon Beating Facebook in S&P 500 After Valuation Scare (BBG)
• Court Case May Help Define 'Insider Trading' (WSJ)
• Spanish banks face tough rivalry in small companies bet (Reuters)

• J.P. Morgan's Dimon Describes Year of Pain (WSJ)
• SAC Faces a Final Reckoning for 14 Years of Insider Scam (BBG)
• New Standards for $693 Trillion Swaps Market Increase Risk of Blowup (BBG)
• China says no major stimulus planned; March trade weak (Reuters)
• As we said in 2012 would happen: Record Europe Dividends Keep $3 Trillion From Factories (BBG)
• Blame it on the algo: Deutsche Bank Said to Find Improper Communication in FX Case (BBG)
• Coke Sticks to Its Strategy While Soda Sales Slide (WSJ)
• Ukraine’s Rust Belt Faces Ruin as Putin Threatens Imports (BBG)
• RBC Joins Goldman in Suing Clients After Singapore Crash  (BBG)
• U.S. House panel to look at aluminum prices, warehousing (Reuters)
• Brooklyn Apartment Rents Jump to a Record as Leases Surge (BBG)

• Top Medicare Doctor Paid $21 Million in 2012, Data Shows (BBG)
• Separatists build barricades in east Ukraine, Kiev warns of force (Reuters)
• Greece launches sale of five-year bond (FT)
• High-Frequency Trader Malyshev Mulls Accepting Outside Investors (BBG)
• U.S. defense chief gets earful as China visit exposes tensions (Reuters)
• GM Workers Who Built Defective Cars Fret About Recall (BBG)
• Kerry, Congress Agree: Superpower Status Not What It Was (BBG)
• Crimeans Homeless in Ukraine Seek Solace in Kiev Asylums (BBG)
• JPMorgan's Dimon says U.S. banks healthy, Europe lagging (Reuters)

• Russia's Gazprom says Ukraine did not pay for gas on time (Reuters)
• Ukraine Moves to Keep Control in East (BBG)
• Banks Set to Report Lower Earnings as Debt Trading Slumps (BBG)
• More DeGeners and Obama selfies needed: Samsung's lower first-quarter estimate highlights smartphone challenges (Reuters)
• Citi Is Bracing to Miss a Profit Target (WSJ)
• Another slam from GM? Safety group calls for U.S. probe of Chevy Impala air bags (Reuters)
• Japan drugmaker Takeda to fight $6 billion damages imposed by U.S. jury (Reuters)
• EU court rules against requirement to keep data of telecom users (Reuters)
• White House may ban selfies with president after Ortiz-Obama photo promotes Samsung (Syracuse)

• Why did Yellen use criminals in her employment case studies? Hilsenrath explainz (Hilsenrath)
• GM avoided defective switch redesign in 2005 to save a dollar each (Reuters)
• Xuzhou Zhongsen Said to Avert Bond Default on Guarantor Aid  (BBG)
• France's New Finance Minister Faces Fiscal Challenge (WSJ)
• The magic is gone: Draghi’s Attempt to Talk Down Euro Lost on Traders (BBG)
• Another John Kerry smashing success: U.S. Gambit on Mideast Peace Talks Falters (WSJ)
• Combat-Ready China Military Seen as Xi’s Goal in Graft Battle (BBG)
• Huge earthquake off Chile's north coast triggers tsunami (Reuters)
• Pressure rises on Gross as investors pull $3.1 billion from Pimco's flagship fund (Reuters)

Netflix isn't as expensive as it appears.  Be cautious getting caught up in the latest fear frenzy over net neutrality.

• U.S. Small-Cap Rally Sends Valuation 26% Above 1990s  (BBG)
• Russian troops seize Ukraine marine base in Crimea (Reuters)
• Apple in Talks With Comcast About Streaming-TV Service (WSJ)
• Top J.P. Morgan Executive in China to Leave Bank (WSJ)
• Treasury's Lew to undergo treatment for enlarged prostate (Reuters)
• Billionaire Sought by U.S. Holds Key to Putin Gas Cash  (BBG)
• Israel closes embassies around the world as diplomats strike (Reuters)
• Herbalife to Nominate Three More Icahn Candidates to Board (BBG)
• Australian ship homes in on possible debris from Malaysia plane (Reuters)
• California DMV Investigating Potential Credit Card Breach (WSJ)

• Australia says nothing spotted in search for plane (AP)
• Putin looks to Asia as West threatens to isolate Russia (Reuters)
• China Billionaire Builds Metals With Dreyfus, Glencore Hires (BBG)
• China Beige Book Says Economy Slowing (BBG)
• Caterpillar Said to Be Focus of Senate Overseas Tax Probe (BBG)
• US Cancels Summit With Divided Group of Gulf Nations (WSJ)
• Cyprus defense minister suffers aneurysm (AP)
• Abe to zero in on economy as tax hike looms (Nikkei)
• Europe strikes deal to complete banking union (Reuters)

• Lost Jet’s Path Seen as Altered via Computer (NYT)
• Fed Links Low Rates to “Persistent Headwinds” in Economy (Hilsenrath)
• Top German Court Clears Euro-Zone Bailout Fund (WSJ)
• U.S., EU set sanctions as Putin recognizes Crimea "sovereignty" (Reuters)
• Indian wealth effect: Sensex, Nifty hit life highs as domestic-focused firms rally (Reuters)
• China bond default has positive effect on local government groups (FT) - unless it's negative
• Russia tensions  risk higher gas prices (FT)
• China Home-Price Growth Slows in Big Cities on Tight Credit (BBG)
• ECB's Weidmann says German surpluses "here to stay" (Reuters)
• Microsoft Office for iPad (AAPL) to be introduced this month (The Verge)

• China premier warns on economic slowdown as data fans stimulus talk (Reuters)
• Li says China defaults ‘unavoidable’ (FT)
• Russia Said to Ready for Iran-Style Sanctions in Worst Case (BBG)
• Rescue the tapes from the Bank of England’s dustbins  (FT)
• Obama Warns Putin of Cost to Russia for Annexing Ukraine (BBG)
• The TVIX is back: Credit Suisse VIX Note That Ran Amok in 2012 Back on Top (BBG)
• U.S. Risks National Blackout From Small-Scale Attack (WSJ)
• U.S. Investigators Suspect Missing Airplane Flew On for Hours (WSJ)
• Malaysia says no evidence missing plane flew hours after losing contact (Reuters)
• Missed Alarms and 40 Million Stolen Credit Card Numbers: How Target Blew It (BBG)
• Death Toll in NYC Building Blast Rises to Six; Search Continues (BBG)

• China worries chill markets, copper slumps (Reuters)
• Peak dot com dot two idiocy: Candy Crush Saga maker King seeks $7.56 bln valuation from IPO (BBG)
• Obama Meeting With Yatsenyuk Raises Stakes in Ukraine (BBG)
• Federal prosecutors open criminal probe of GM recall (Reuters)
• Pimco Cuts Government Debt on Outlook for Fed Buying (BBG)
• Missing Malaysian Jetliner Confuses World That’s Online 24/7 (BBG)
• Mortgage Giants Face Endgame (WSJ)
• Russia Calls U.S. Aid to Ukraine Illegal Amid Standoff (BBG)
• U.S. judge freezes assets of Mt. Gox bitcoin exchange boss (Reuters)
• Ousted Libyan PM flees country after tanker escapes rebel-held port (Reuters)
• Senate-CIA Dispute Erupts Into a Public Brawl (WSJ)

• Putin rebuffs Obama as Ukraine crisis escalates (Reuters)
• Behind the $100 Billion Commodity Empire That Few Know (BBG)
• Initial Public Offerings Hit Pace Not Seen in Years (WSJ)
• Russian Parliament Will Back Crimea Split From Ukraine (WSJ)
• Nakamoto Named as Bitcoin Father Denies Involvement, Flees Press (BBG)
• Chaori Can’t Make Payment in China’s First Onshore Default (BBG)
• Zombies Spreading Shows Chaori Default Just Start (BBG)
• Pimco's Gross declares El-Erian is 'trying to undermine me' (Reuters)
• U.S. Fighters Circle Baltics as Putin Fans Fear of Russia (BBG)

• No need to use military force in Ukraine for now: Putin (Reuters)
• Russia Orders Drill Troops Back to Bases (WSJ)
• Ukraine premier agrees to reforms for aid package (FT)
• Japan Base Wages Rise for First Time in Nearly Two Years (WSJ)
• Only the algos are trading: Citigroup Joins JPMorgan in Seeing Trading-Revenue Drop  (BBG)
• Vietnam sends blogger to prison for critical posts (AP)
• At White House, Israel's Netanyahu pushes back against Obama diplomacy (Reuters)
• Obama to offer new tax breaks for workers in election year budget pitch (Reuters)
• China Banks Show Too-Connected-to-Fail Link to Shadow Loans (BBG)
• Ex-BOK Deputy Lee Named to Head South Korea Central Bank (BBG)
• No mortgage origination problem in the UK: Mortgage approvals climb to six year high (Telegraph)