Bloomberg:
- Earnings Engine Conks Out in Nasdaq's Worst Week Since February. Disappointing earnings reports erased $68 billion from shares of Netflix Inc., Microsoft Corp. and Alphabet Inc. and sent the Nasdaq 100 Index to its biggest weekly drop since February. Netflix saw its stock fall the most among the trio after rattling investors with forecasts for weakening subscriber growth overseas. The Los Gatos, California-based online video provider slid 14 percent, the largest drop since September. Concerns about a turnaround plan sent Microsoft down 7 percent while Google’s parent declined 5.4 percent on margin concerns.
- Sovereign-Debt Debate Divides EU as Schaeuble Pushes for Limits. European Union finance ministers split over whether to impose restrictions on banks’ holdings of government bonds, as German Finance Minister Wolfgang Schaeuble found scant support from skeptical colleagues for his push to overhaul existing rules. The Netherlands, which holds the EU’s rotating presidency, laid out five options for tackling the risks posed by banks’ state-debt pile for the bloc’s 28 finance ministers to discuss in Amsterdam on Friday. Schaeuble backed the Dutch initiative, while others, led by the Italian, Pier Carlo Padoan, warned that changes could destabilize the financial system and said the issue was too big for Europe to crack on its own.
- Carry Trade Gains Traction as Currency Volatility Turns Lower. Conditions in the $5.3 trillion foreign-exchange market have turned supportive for one of the most popular trading strategies -- the carry trade. Returns from the technique, in which investors borrow in currencies with low interest rates and use the proceeds to buy an asset with higher rates, advanced this week to the highest levels since December, according to a Deutsche Bank AG index. The results were aided by rallies this month of 4 percent for both South Africa’s rand and Canada’s dollar against the euro.
- Bond Traders Rule Out April Rate Rise as Fed Forecasters on Hold. Futures traders see zero chance that the Federal Reserve will raise interest rates when it meets next week, even as an improved outlook for U.S. inflation and economic growth bolsters the case for tighter monetary policy. Treasuries fell this week by the most since November as data showed jobless claims dropped to the lowest since 1973 while oil extended a two-month surge. As the U.S. central bank attempts to tighten policy while its major global peers continue easing, it’s stuck in a cycle that’s hindering its shot at normalization, according to Goldman Sachs Asset Management.
- Ford(F) Says Regulatory Scrutiny on Automakers Is Rising Globally. Regulators around the world are getting tougher on automakers after a series of cheating scandals on fuel economy and emissions, with China set to become the strictest, according to Ford Motor Co. Chief Executive Officer Mark Fields.
- Halliburton(HAL) Reports $2.1 Billion Charge on Job Cuts, Assets. Halliburton Co. booked a $2.1 billion expense in the first quarter for cutting jobs and writing off assets, giving some results early and delaying the full earnings release as it strives to wrap up a takeover of rival Baker Hughes Inc. The world’s largest provider of fracking services eliminated 6,000 more jobs in the quarter to reduce costs, according to a statement Friday. The release of its full earnings report is being postponed to May 3 from April 25 because of the deadline to complete the deal with Baker Hughes by the end of this month, Houston-based Halliburton said.
Wall Street Journal:
- North Korea Launches Missile From Submarine. Missile launches from submarines can pose a more serious threat to regional security, experts say. North Korea appeared to have launched a missile from a submarine off its east coast on Saturday, South Korea’s defense ministry said, the latest attempt by Pyongyang to bolster its strategic military capabilities against the U.S. and its Asian allies.
- Brazil’s Rousseff: Impeachment Process Has ‘All the Features of a Coup’. Remarks come after a speech about climate change at the U.N. Brazil’s embattled President Dilma Rousseff on Friday resumed her campaign to characterize her impeachment as a coup-d’état plotted by former allies and an opposition that failed to beat her in the elections. Ms. Rousseff, who risks being removed from office in the next few weeks and replaced by Vice President Michel Temer, made her case to reporters after delivering a speech about climate policies at a United Nations event.
- Brazil’s Giant Problem. Corruption is just a symptom of Brazil’s deeper issue: a vast state apparatus that has tried to be the country’s engine of economic growth. When construction began in 1956 on Brazil’s new capital, everything about it pointed to the country’s ambitions as a rising global power. Its architect Oscar Niemeyer designed curving, futuristic government palaces, embodying hopes for a utopian modernity. Brasília rose in just 41 months, laid out in the shape of an airplane, a seeming reflection of the nation’s impatience to soar.
Barron's:
- Had bullish commentary on (AAPL), (MHK), (TSLA), (TYL), (H) and (MAR).
- Had bearish commentary on (AFS).
Fox News:
- In front, Trump shows no signs of 'toning it down' on campaign trail. (video) Donald Trump showed no signs Saturday of “toning it down” on the campaign trail, attacking the Republican establishment and presidential rivals -- after attempts to be “more presidential” and assurance from a top adviser a day earlier that the GOP front-runner would show more restraint. Trump said at a rally in Bridgeport, Conn., that “being presidential is easy” but boring. “I have to keep you people entertained and awake,” Trump told the crowd of about 1,000.
CNBC:
- Woman who ran Obamacare warns of BIG insurance prices hikes. Marilyn Tavenner's crystal ball didn't foresee the initial epic flop of HealthCare.gov when she actually ran the agency in charge of the website. Now, as an insurance lobbyist, she sees big jumps in Obamacare insurance premiums next year.
Zero Hedge:
Business Insider:
- Ted Cruz invokes Curt Schilling as he continues all-out assault on Donald Trump over 'bathroom laws'. "I am the father of two daughters, and lemme tell you, no one in their right mind wants to see a grown adult man, a stranger, alone in the bathroom with little girls," Cruz added.
Financial Times:
- Caterpillar says business in Brazil has ‘basically tanked’. Caterpillar on Friday said its business in Brazil had “basically tanked” as the country suffers from intensifying political turmoil and a deepening recession. The comments by chief financial officer Bradley Halverson came as the world’s largest seller of mining and construction equipment — which is seen as a bellwether for global industrial demand — cut its full-year sales and profit forecasts.
The Telegraph:
- China risks global 'steel war' as tempers flare. China is on a collision course with the world’s leading powers over excess steel output after it refused to sign up to an emergency global plan to cut capacity and eliminate subsidies. The clash comes as fresh data confirms fears that China is still cranking up production and even reopening shuttered plants supposedly due for closure, despite the massive glut on the world market. Chinese mills produced a record 70.65m tonnes in March, 51pc of global output and five times as much as the whole EU.
- Obama infuriates the Brits as he threatens to send UK 'to the back of the queue' if they vote to leave the European Union. Obama faced a furious backlash overseas this morning over what has been called a 'downright hypocritical' push for Britain to stay in the European Union. In a highly controversial intervention in the EU referendum campaign, Obama pleaded with British voters in a local newspaper and then the press conference not to cut ties with Brussels.
Shana:
- Iran's Oil Production Boosted by 1M Barrels/Day Since January. Production rises will continue until Iran's pre-sanctions oil market share is retained, citing Oil Minister Bijan Namdar Zanganeh.
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