Asian stocks fell with the Nikkei down 0.9% as the yen strengthened against the dollar by 0.2% to 99.52. The Hang Seng rose 0.3% and China's Shanghai Composite swung between gains and losses before the release of China's economic growth data next week. The MSCI Asia Pacific index was 0.2% lower. (Bloomberg)
Eurogroup to consider Portugal's repayment schedule today: Portugal could struggle to avoid a second international rescue even if it, alongside Ireland, is granted more time to repay its existing bailout loans by eurozone finance ministers meeting in Dublin today. (Financial Times) A delay to Portugal's payment schedule of up to seven years is being discussed, but Germany has reservations. A leaked 'troika' paper prepared ahead of the meeting makes clear that Portugal will have a very hard time avoiding a second bailout, since its financing needs in 2014 and 2015 – its first years after bailout funding runs out in July 2014 – will be substantially higher than they were during the pre-crisis period. (FT Brussels Blog)
Tougher European bank stress tests to be floated at today's eurogroup meeting: "The push is being led by several key officials in Brussels and Frankfurt, who want to see a new round of much-tougher stress tests before the European Central Bank becomes the euro zone's main banking policeman next year, according to four European officials familiar the talks." Germany, the Netherlands and Finland reportedly back the changes. (Wall Street Journal)
Myanmar has opened a long-awaited auction for 30 offshore oil and gas exploration blocks, which is expected to attract fierce bidding competition despite even though it comes amid signs that Myanmar is likely to review, and possibly renegotiate, existing natural resources deals as it prepares to sign up to the Norway-based Extractive Industries Transparency Initiative. (Financial Times)
"Singapore's GDP shrank an annualised 1.4 % in the three months through March 31 from the previous quarter. The Monetary Authority of Singapore said it won't change the slope and width of the currency trading band that it uses as the main policy tool." (Bloomberg)
Man Group is preparing a sweeping reorganisation of its core quant fund business, AHL, in an effort to diversify its revenue base and regain ground lost to competitors. The division is to launch new funds and is poised to embark on a hiring spree, say people at the company. (Financial Times)
COMMENT AND CURIOS:
- Chinese official apologises for 'groundless' investment data sourced from internet. (Bloomberg)
- The Winklevii, bitcoin moguls. (NYT Dealbook)
- JP Morgan analysts say banks such as JPM are un-investable. (NYT Dealbook)
- The time Thatcher grabbed my lapels and railed against the single currency. (Financial Times)
