TOP NEWS
MARKET CURRENTS
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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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23 May, 11:05 PM The smart money is selling, writes Ukarlewitz, commenting on the plummeting Smart Money/Dumb Money Confidence Index from SentimenTrader. The measure has a reasonable track record over the last few years at pointing out market tops and bottoms, and it's screaming "top" right now. Whether it's a 5% correction or something worse remains to be seen, but insiders see something bad coming and they're bailing out. 13 Comments
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23 May, 10:28 PM DISH moves closer to getting financing for its $25.5B bid for Sprint (S), receiving signed commitment letters from 5 banks for $9B, reports the WSJ. Dish hasn't yet paid commitment fees as Charlie Ergen is waiting for Sprint's board to declare Dish's offer potentially superior to SoftBank's (SFTBF.PK) $20.1B bid. Earlier, Dish responded to SoftBank's touting of the benefits of it gaining control of Sprint. 3 Comments [M&A]
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TOP ARTICLES4:17 AM ET FRIDAY MAY 24
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