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.

From Egan-Jones


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