Bloomberg:
- Tsipras Says Merkel Wants to Find a Solution for Greece Logjam. (video) Prime Minister Alexis Tsipras said German Chancellor Angela Merkel wants to find a solution for Greece, saying a default by the country would mark a failure for Europe. Tsipras made comments in a late-night interview on Star TV on Monday, after months of talks made little progress in breaking the deadlock between Greece and its institutional creditors, raising the specter of a debt default and the country’s possible exit from the euro. “A Greek default and a rupture would be a failure for Europe, for Merkel and for Greece itself,” he said. “The German Chancellor is willing to find a solution for Greece.”
- Hospital workers overwhelmed with wounded in Nepal rescue effort. HOSPITAL workers struggled to treat thousands of wounded after Nepal’s worst earthquake in decades, as the search for survivors entered its fourth day and hopes faded for finding those trapped under rubble. Governments from around the globe rushed to aid one of Asia’s poorest economies following the magnitude 7.8 temblor on April 25 that killed more than 3,862 people and injured at least 7,100. International relief agencies warned of water-borne diseases spreading as millions camped outdoors.
- Sydney home prices surging at 5 times wages fuel bubble woes. Don't count on a wage increase putting that Sydney home within reach. Home prices in Australia's biggest city have surged more than five times faster than wages in each of the past two years, adding to fears of a housing bubble. Wages in New South Wales state, where 60 per cent of the population resides in Sydney, climbed 2.5 per cent in 2013 and 2.4 per cent in 2014, compared to gains of 12.4 per cent and 14.5 per cent respectively for homes in the nation's most populous city and financial hub, according to government and CoreLogic Inc data compiled by Bloomberg.
- China’s BYD Wins Its Biggest Electric-Bus Order in U.S. BYD Co. won an order for as many as 60 electric buses from a U.S. mass-transit operator, the largest sale of its kind for the Chinese electric-vehicle maker. The order was approved Monday by the board of directors of the Long Beach Transit Authority, Sherry Li, a spokeswoman for BYD, said Monday. The transit authority, which serves portions of the Los Angeles metropolitan area, will order 10 battery-powered buses with options for its partner agencies to buy as many as 50 more, Li said. The electric-bus deal is the biggest in the international market so far for BYD, part-owned by Warren Buffett’s Berkshire Hathaway Inc., Li said.
- Pope Summons Scientists on Climate Change, Seeks to Shape Debate. The pontiff’s action on climate change “is the most aggressive of any pope,” John Thavis, author of “The Vatican Diaries”, said in a telephone interview. “Francis won’t just repeat platitudes in the encyclical about our being stewards of creation, he wants to engage scientific and political leaders, and influence public policy.”
- Asia Stocks Outside Japan Drop With Oil; Gold Holds Gain on Fed. Asian stocks outside Japan fell from a seven-year high, while oil retreated. Gold was steady after surging Monday amid speculation that mixed U.S. economic data mean Federal Reserve interest-rate increases will be delayed. The MSCI Asia Pacific excluding Japan Index slipped 0.2 percent by 12:42 p.m. in Tokyo as oil companies dragged Hong Kong shares lower.
- U.S. Bird Flu Outbreak Spreads to Millions of Iowa’s Egg Hens. The bird flu sweeping through U.S. poultry farms is starting to reach alarming levels after Iowa, the biggest U.S. egg producer, said flocks housing as much as 16 percent of the state’s egg-laying chickens may be infected.
- Fed Seen Delaying Liftoff to September to Push Down Unemployment. The Federal Reserve’s long-awaited liftoff on its benchmark interest rate won’t happen until September, according to economists surveyed by Bloomberg News, as officials try to spur inflation and hiring after the economy stumbled in the first quarter. Policy makers meeting on Tuesday and Wednesday in Washington will assess the impact of a harsh winter and a stronger dollar, which may have helped reduce the pace of economic growth to the lowest in a year, economists said. A hiring slowdown last month is adding to caution inside the Federal Open Market Committee, said Thomas Costerg at Standard Chartered Bank in New York.
- Fed Rule Making Has Insurers on Edge. Major shift for industry traditionally regulated by states.
- Hillary’s Cynical Song of Self. The Clintons are counting on America to digest their ethical lapses the way a python swallows a goat.
- Md. gov calls up National Guard after roving gangs attack police, torch patrol car and store. (video) Maryland's governor called up the National Guard late Monday hours after rioting gangs attacked police, injuring 15, torched cars and went on widespread looting sprees in a downtown section of Baltimore. Gov. Larry Hogan issued a statement late Monday saying he was declaring a state of emergency and calling up the National Guard. "These acts of violence and destruction of property cannot and will not be tolerated," he said at a late-night press conference. In addition, he said he was deploying 500 state troopers and had asked for 5,000 officers from neighboring states to deal with the violence.
- China’s stock-rally paradox is living on borrowed time. How long can China’s stock markets and economy continue to head in opposite directions? Last week for example, Shanghai shares hit fresh seven-year highs, even as data showed growth had fallen to six-year lows.
- Apple(AAPL) boosts buybacks, earnings beat on strong iPhone sales. (video) Apple reported quarterly earnings and revenue that beat analysts' expectations. The company reported second-quarter earnings of $2.33 per share on revenue of $58 billion on Monday. Analysts expected tech giant Apple to report earnings of $2.16 a share and $56.08 billion in revenue, according to a consensus estimate from Thomson Reuters.
- Why I've taken some money out of the market: El-Erian. (video) Asset prices have been pushed higher thanks to the Federal Reserve's monetary policy, but because there's uncertainty over whether the central bank will be able to deliver better economic fundamentals, Allianz chief economic advisor Mohamed El-Erian said he's taken some money out of the market.
Business Insider:
Australian Financial Review:
- Australia's AAA Credit Rating Vulnerable, Murray Says. Any credit downgrade for the government due to budget pressures would impact on the nation's largest banks, citing David Murray, who chaired an inquiry into the financial system. Deterioration in federal budget increases urgency for banks to set aside extra capital, Murray said. "The AAA rating of the Commonwealth is looking increasing vulnerable, with little room to move," Murray said. "Once the banks fall in under a lower rating, that should be causing a rethinking of their position."
- None of note
- Asian equity indices are -.50% to +.25% on average.
- Asia Ex-Japan Investment Grade CDS Index 107.0 +1.0 basis point.
- Asia Pacific Sovereign CDS Index 60.0 -.75 basis point.
- S&P 500 futures -.05%.
- NASDAQ 100 futures +.02%.
Earnings of Note
Company/Estimate
- (AET)/1.94
- (AKS)/-.24
- (BSX)/.21
- (BP)/.07
- (BMY)/.51
- (COH)/.35
- (GLW)/.33
- (CMI)/2.15
- (F)/.26
- (JBLU)/.40
- (LXK)/.77
- (MRK)/.75
- (PH)/1.99
- (PFE)/.49
- (UPS)/1.09
- (VLO)/1.70
- (WHR)/2.37
- (WWW)/.34
- (WYN)/.92
- (AKAM)/.61
- (BWLD)/1.63
- (ESRX)/1.10
- (IACI)/.35
- (PNRA)/1.43
- (TWTR)/.04
- (X)/.23
- (WDC)/1.91
- (WYNN)/1.33
9:00 AM EST
- The S&P/CS City MoM SA for February is estimated to rise +.7% versus a +.87% gain in January.
- The Consumer Confidence Index for April is estimated to rise to 102.2 versus 101.3 in March.
- Richmond Fed Manufacturing Index for April is estimated to rise to -2.0 versus -8.0 in March.
- None of note
- The UK GDP report, $5B T-Note auction, US weekly retail sales reports and the (CHTR) annual meeting could also impact trading today.
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