TOP NEWS
- Tokyo shares close higher after volatile day
- German Ifo index rises
- HSBC's $1.9B deal with DOJ at risk
- P&G brings back Lafley to replace McDonald
- Google mulls offer for Waze
- Sears crumbles after earnings
- Judge deals blow to Apple in e-book case
- European shares enjoy technical bounce
- Minor losses for U.S. stocks after rough open
MARKET CURRENTS
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4:35 AM U.S. District Judge Denise Cote has dealt a blow to Apple (AAPL) over charges that it manipulated e-book prices, giving a "tentative view" that the Department of Justice will be able to show "direct evidence" that Apple took part in a conspiracy with publishers to raise prices. Apple is the last man standing in the case after all the publishers involved settled. The trial is due to start on June 3. Comment! [Tech, Consumer]
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4:26 AM Google (GOOG) could reportedly enter the fray for Israeli start-up Waze, which provides a mobile phone app that helps drivers avoid traffic jams and has over 40M users. Waze has been holding talks with Facebook (FB) for a $1B deal while there was chatter earlier this year of Apple offering $500M. Waze could disappoint them all by raising more venture-capital money and staying independent. Comment! [Tech, Consumer, Top Stories]
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4:11 AM German Ifo index of business confidence rises to 105.7 in May from 104.4 in April and tops estimates of 104.5. Current conditions 110 vs 107.3 and 107.2. Expectations static at 101.6, as forecast. The euro (FXE) spikes vs the dollar is now +0.1% after being lower, while the DAX is +0.1%. Comment! [Global & FX, Top Stories]
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4:03 AM District Court Judge John Gleeson is reportedly considering rejecting HSBC's (HBC) $1.9B deal with authorities over money laundering charges involving terrorists and drug dealers. Should Gleeson quash the agreement, HSBC could be left open to criminal prosecution and a ban from operating in the U.S., although the DOJ is questioning whether the judge has the authority to reject the deal. We could hear more details at HSBC's annual meeting today. Shares -0.9% in London. Comment! [Financials, Top Stories]
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3:47 AM European shares enjoy a technical bounce and broadly follow Japanese stocks higher following yesterday's sharp sell-off in both regions. Things got a "bit scary," says technical analyst Valerie Gastaldy. "But my advice to clients is that we shouldn't panic and we should try to buy." EU Stoxx 50 flat, London +0.2%, Paris +0.2%, Frankfurt +0.3%, Italy +0.1%, Madrid -0.2%. Comment! [Global & FX, On the Move]
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3:41 AM The yen is higher vs the dollar as volatility in the currency markets somewhat echo the gyrations in Japanese stock markets. Bank of Japan Governor Haruhiko Kuroda says that the BOJ has no set target for the yen and that stability in Japanese debt market is "extremely desirable." His comments follow the extreme instability yesterday, when 10-year JGB yields rose as high as 1%, prompting the BOJ to step in with a fund-supplying operation. Dollar -0.5% at -¥101.54. Comment! [Global & FX, Top Stories]
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3:17 AM German Q1 GDP (second reading) +0.1% Q/Q (flash +0.1%) vs -0.6% in Q4. On year, -1.4% (-1.4%) vs +0.1%. Private consumption adds 0.4 percentage point but gross capital investment cuts 0.3 point. (PR) Comment! [Global & FX]
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3:08 AM Japanese shares end +0.6% following a volatile session in which stocks rose and fell by over 3% vs the close yesterday, when they slumped 7.3%. The plunge on Thursday was "just a speed bump" given this year's strong returns, says U.S. fund manager Audrey Kaplan. Improving economic conditions "will support the market going forward." Hong Kong flat, China +0.6%, India +0.3%. 1 Comment [Global & FX, Top Stories, On the Move]
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12:05 AM Notable earnings before Friday’s open: ANF, FL, TNP Comment! [Earnings]
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12:00 AM Friday's economic calendar:
8:30 Durable Goods Comment!
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TOP ARTICLES4:51 AM ET FRIDAY MAY 24
PORTFOLIO
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