Asian markets were mixed with Japanese stocks rising almost 3% after the BoJ's new measures announced yesterday. However the Hang Seng fell 2.4% on growing fears around the bird flu outbreak that has killed five people in China, and Korea's Kospi fell 2%, leading the MSCI Asia Pacific down 1.4%. (Bloomberg)
The scathing HBOS report is out and in it, the Parliamentary Committee on Banking Standards accuses HBOS's former chairman, Lord Stevenson, and former chief executives Sir James Crosby and Andy Hornby, of presiding over a "colossal failure". The commission said the HBOS "catastrophe" should be seen as a case study of how not to run a bank and called on regulators to consider barring the three directors from any future role in the sector. However the comission's chairman, Andrew Tyrie, stopped short of saying Sir James or Lord Stevenson should be stripped of their titles. (Financial Times)
US non-farm payrolls due out today are expected to show a March gain of 200,000 jobs according to Dow Jones' survey of economists, or 190,000, according to Bloomberg's. February posted a 236,000 gain. (Wall Street Journal)(Bloomberg)
Former MF Global CEO Jon Corzine helped to bring down the brokerage, according to a report by the company's court-appointed trustee. "Unusually for a chief executive, Mr Corzine executed some of the trades personally, "even placing trades in the middle of meetings"." The document said Corzine and his management team engaged in "negligent conduct". (Financial Times)
"Samsung Electronics on Friday said that first-quarter operating profit would be stronger than expected, as the world's largest electronics company by sales stepped up sales of lower-end smartphones in emerging markets despite growing price competition and slowing demand in developed markets." (Financial Times)
Enron's Skilling may get to leave jail early: About 6.25 years into a 24-year sentence, Jeffrey Skilling may be able to leave jail early if prosecutors reach and agreement with the former Enron CEO that would result in a resentencing. Victims of Enron's fraud and bankruptcy were notified by the Department of Justice of the possibility, but it's not clear whether an agreement will be reached or by how much his sentence could be reduced. (Reuters)
COMMENT AND CURIOS:
- Gavyn Davies on the risk the BoJ's strategy will work too well. (FT blog)
- Soros says new BoJ strategy may trigger a yen "avalanche". (Bloomberg)
- Will your Twitter feed make it onto Bloomberg terminals? (Financial Times)
- Foreign companies that might start regretting China-focused strategies. (Wall Street Journal)
- Big Pharma fears the implications of big data and more transparency. (Financial Times)
OVERNIGHT MARKETS: MIXED
Asian markets
Nikkei 225 up +375.66 (+2.97%) at 13,010
Topix up +36.60 (+3.53%) at 1,074
Hang Seng down -528.90 (-2.37%) at 21,809
US markets
S&P 500 up +6.29 (+0.40%) at 1,560
DJIA up +55.76 (+0.38%) at 14,606
Nasdaq up +6.38 (+0.20%) at 3,225
European markets
Eurofirst 300 down -12.65 (-1.06%) at 1,181
FTSE100 down -76.16 (-1.19%) at 6,344
CAC 40 down -28.80 (-0.77%) at 3,726
Dax down -57.36 (-0.73%) at 7,817
Currencies
€/$ 1.29 (1.29)
$/¥ 96.88 (96.33)
£/$ 1.52 (1.52)
Commodities ($)
Brent Crude (ICE) up +0.13 at 106.47
Light Crude (Nymex) up +0.03 at 93.29
100 Oz Gold (Comex) down -0.60 at 1,551
Copper (Comex) unchanged 0.00 at 334.55
10-year government bond yields (%)
US 1.76%
UK 1.74%
Germany 1.24%
CDS (closing levels)
Markit iTraxx SovX Western Europe +0.34bps at 103.72bp
Markit iTraxx Europe -0.41bps at 120.32bp
Markit iTraxx Xover +4.23bps at 479.38bp
Markit CDX IG -1.23bps at 88.02bp
Sources: FT, Bloomberg, Markit
