- Ukraine Troops Move on Rebel Stronghold Defying Putin. Ukraine sent armored vehicles and artillery to retake Slovyansk, a stronghold for pro-separatist forces, defying President Vladimir Putin’s demand to pull back troops with Russia’s army massed across the border. Interior Ministry forces were dispatched at 4:30 a.m. local time to drive out militants and free hostages, including eight international monitors, minister Arsen Avakov said on Facebook. Rebels shot down two helicopters, killing two pilots, the Defense Ministry said. Acting Ukrainian President Oleksandr Turchynov said in a statement “many” rebels were killed, wounded or captured.’’ The United Nations Security Council is preparing to hold an emergency meeting at Russia’s request.
- Bank of America(BAC) Seen Entering Side Door of Russia Bank Loan Deal. Bank of America Corp. found a side door into a loan for a Russian bank last month to avoid publicity as tensions escalated in the Ukraine, according to four people with knowledge of the matter. When the financing for Credit Bank of Moscow was announced in a March 27 statement, Bank of America wasn’t among the 17 lenders listed. The U.S. lender pulled out of the group before the deal was completed and rejoined after the announcement when the borrower increased the loan under a so-called accordion feature, said the people, who asked not to be identified because the information is private.
- European Stocks Retreat on Clashes in Eastern Ukraine. European stocks declined, paring their third weekly gain, as Ukrainian forces clashed with pro-Russian separatists in the east of the country. Software AG slid 2.1 percent after first-quarter sales missed analysts’ estimates. Royal Bank of Scotland Group Plc rallied the most since January 2012 after saying quarterly profit tripled and impairments fell. Deutsche Telekom AG, which owns two-thirds of T-Mobile US Inc. (TMUS), added 1.1 percent as people familiar with the matter said Sprint Corp. may bid for the American mobile-phone operator. The Stoxx Europe 600 Index retreated 0.2 percent to 337.76 at the close of trading.
- Iron Ore Shipments From Port Hedland to China at Record. Iron ore exports to China from Australia’s Port Hedland surged to a record in April as stockpiles in the biggest buyer reached an all-time high. Shipments from the world’s largest bulk export terminal totaled 28.9 million metric tons last month compared with 27 million tons in March and 19.3 million tons a year earlier, data on the port authority’s website show. Total exports were also a record 34.8 million tons last month, up from 34.4 million tons in March and 26 million tons in April 2013, the data show. Stockpiles at ports in China rose 1.3 percent to a record 105.19 million tons in the week ended April 25 and have climbed 29 percent this year, according to Beijing Antaike Information Development Co. Iron ore entered a bear market in March and has lost 21 percent this year on prospects for increased global supply.
- Ukraine Launches Offensive to Regain Slovyansk. Operation Meets Resistance From Militants Who Shoot Down Two Helicopters. Ukraine launched an assault Friday to regain control of the pro-Russian separatist stronghold of Slovyansk, meeting stiff resistance from militants who shot down two helicopters in the most serious fighting since Kiev began losing control near Russia's border. Two Ukrainian soldiers and many militants were killed, Ukraine's acting president said.
- Crisis in Ukraine: Streaming Coverage:
- Boehner announces special committee on Benghazi, Kerry subpoenaed. House Republicans moved on two fronts Friday to dig for answers on Benghazi, with Speaker John Boehner announcing a special committee to investigate and a key panel subpoenaing Secretary of State John Kerry to testify. In a significant shift, Boehner announced that the House will vote on establishing a select committee to investigate, on the heels of newly released emails that raised additional questions about the White House's response. Top Republicans claimed those emails should have been released to Congress months ago, and Boehner signaled those concerns prompted him to rethink the need for a select committee.
- Treasurys recover losses on Ukraine fears. Yields recover from jobs-induced spike; 10-year yield at 2.60%.
ZeroHedge:
- Where The April Job Additions Were. (graph)
Business Insider:
Real Clear Politics:
Reuters:
- Fed seen hiking rates in June 2015 as U.S. job creation surges. The Federal Reserve could start raising benchmark interest rates in just over a year, based on trading in U.S. short-term interest-rate futures after a government report showed employers added many more jobs than expected in April.
- Brazil manufacturing sector shrinks in April -PMI. Brazil's manufacturing activity shrank in April, ending a four-month run of meager expansion, as new orders and output cooled, a private survey showed on Friday. The HSBC Purchasing Managers' Index for the Brazilian manufacturing sector fell to a seasonally adjusted 49.3 in April from 50.6 in March. The 50 mark separates contraction from expansion.
- Chinese anatomy of a property boom on its last legs. (graph) So now we know what China’s biggest property developer really thinks about the Chinese housing boom. A leaked recording of dinner speech by Vanke Group’s vice-chairman Mao Daqing more or less confirms what the bears have been saying for months. It is a dangerous bubble, and already deflating.
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