STOCK MARKET WATCH -- Monday 14 April 2014

[Tansy_Gold]

[font size=3]STOCK MARKET WATCH, Monday, 14 April 2014[font color=black][/font]

SMW for 11 April 2014

AT THE CLOSING BELL ON 11 April 2014
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Dow Jones 16,026.75 -143.47 (-0.89%)
S&P 500 1,815.69 -17.39 (-0.95%)
Nasdaq 3,999.73 -55.00 (0.00%)


[font color=red]10 Year 2.62% +0.01 (0.38%)
[font color=green]30 Year 3.48% -0.04 (0.00%) [font color=black]


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[font size=2]Market Conditions During Trading Hours[/font]
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[font size=2]Euro, Yen, Loonie, Silver and Gold[center]

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[font color=black][font size=2]Handy Links - Market Data and News:[/font][/font]
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Economic Calendar
Marketwatch Data
Bloomberg Economic News
Yahoo Finance
Google Finance
Bank Tracker
Credit Union Tracker
Daily Job Cuts
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[font color=black][font size=2]Handy Links - Economic Blogs:[/font][/font]
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The Big Picture
Financial Sense
Calculated Risk
Naked Capitalism
Credit Writedowns
Brad DeLong
Bonddad
Atrios
goldmansachs666
The Stand-Up Economist
The Automatic Earth
Wall Street on Parade
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[font color=black][font size=2]Handy Links - Essential Reading:[/font][/font]
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Matt Taibi: Secret and Lies of the Bailout


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[font color=black][font size=2]Handy Links - Government Issues:[/font][/font]
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LegitGov
Open Government
Earmark Database
USA spending.gov
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[font color=black][font size=2]Handy Links - Videos:[/font][/font]
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Charlie Rose talks with Roubini
Charlie Rose talks with Krugman
William Black: This Economic Disaster
Bill Moyers with Kevin Drum and David Corn
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[font color=red]Partial List of Financial Sector Officials Convicted since 1/20/09 [/font][font color=red]
2/2/12 David Higgs and Salmaan Siddiqui, Credit Suisse, plead guilty to conspiracy involving valuation of MBS
3/6/12 Allen Stanford, former Caribbean billionaire and general schmuck, convicted on 13 of 14 counts in $2.2B Ponzi scheme, faces 20+ years in prison
6/4/12 Matthew Kluger, lawyer, sentenced to 12 years in prison, along with co-conspirator stock trader Garrett Bauer (9 years) and co-conspirator Kenneth Robinson (not yet sentenced) for 17 year insider trading scheme.
6/14/12 Allen Stanford sentenced to 110 years without parole.
6/15/12 Rajat Gupta, former Goldman Sachs director, found guilty of insider trading. Could face a decade in prison when sentenced later this year.
6/22/12 Timothy S. Durham, 49, former CEO of Fair Financial Company, convicted of one count conspiracy to commit wire and securities fraud, 10 counts of wire fraud, and one count of securities fraud.
6/22/12 James F. Cochran, 56, former chairman of the board of Fair, convicted of one count of conspiracy to commit wire and securities fraud, one count of securities fraud, and six counts of wire fraud.
6/22/12 Rick D. Snow, 48, former CFO of Fair, convicted of one count of conspiracy to commit wire and securities fraud, one count of securities fraud, and three counts of wire fraud.
7/13/12 Russell Wassendorf Sr., CEO of collapsed brokerage firm Peregrine Financial Group Inc. arrested and charged with lying to regulators after admitting to authorities he embezzled "millions of dollars" and forged bank statements for "nearly twenty years."
8/22/12 Doug Whitman, Whitman Capital LLC hedge fund founder, convicted of insider trading following a trial in which he spent more than two days on the stand telling jurors he was innocent
10/26/12 UPDATE: Former Goldman Sachs director Rajat Gupta sentenced to two years in federal prison. He will, of course, appeal. . .
11/20/12 Hedge fund manager Matthew Martoma charged with insider trading at SAC Capital Advisors, and prosecutors are looking at Martoma's boss, Steven Cohen, for possible involvement.
02/14/13 Gilbert Lopez, former chief accounting officer of Stanford Financial Group, and former controller Mark Kuhrt sentenced to 20 yrs in prison for their roles in Allen Sanford's $7.2 billion Ponzi scheme.
03/29/13 Michael Sternberg, portfolio mgr at SAC Capital, arrested in NYC, charged with conspiracy and securities fraud. Pled not guilty and freed on $3m bail.
04/04/13 Matthew Marshall Taylor,fmr Goldman Sachs trader arrested, charged by CFTC w/defrauding his employer on $8BN futures bet "by intentionally concealing the true huge size, as well as the risk and potential profits or losses associated."
04/04/13 Matthew Taylor admits guilt, makes plea bargain. Sentencing set for 26 June; faces up to 20 years in prison but will likely only see 3-4 years. Says, "I am truly sorry."
04/11/13 Ex-KPMG LLP partner Scott London charged by federal prosecutors w/passing inside tips to a friend in exchange for cash, jewelry, and concert tickets; expected to plead guilty in May.
08/01/13 Fabrice Tourré convicted on six counts of security fraud, including "aiding and abetting" his former employer, Goldman Sachs
08/14/13 Javier Martin-Artajo and Julien Grout charged with wire fraud, falsifying records, and conspiracy in connection with JP Morgan's "London Whale" trade.
08/19/13 Phillip A. Falcone, manager of hedge fund Harbinger Capital Partners, agrees to admit to "wrongdoing" in market manipulation. Will banned from securities industry for 5 years and pay $18MM in disgorgement and fines.
09/16/13 Javier Martin-Artajo and Julien Grout officially indicted on charges associated with "London Whale" trade.
02/06/14 Matthew Martoma convicted of insider trading while at hedge fund SAC (Stephen A. Cohen) Capital Advisors. Expected sentence 7-10 years.
03/24/14 Annette Bongiorno, Bernard Madoff's secretary; Daniel Bonventre, director of operations for investments; JoAnn Crupi, an account manager; and Jerome O'Hara and George Perez, both computer programmers convicted of conspiracy to defraud clients, securities fraud, and falsifying the books and records.








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[font size=3][font color=red]This thread contains opinions and observations. Individuals may post their experiences, inferences and opinions on this thread. However, it should not be construed as advice. It is unethical (and probably illegal) for financial recommendations to be given here.[/font][/font][/font color=red][font color=black]

[Demeter]

1. Watch the lunar eclipse!

On April 15th at 6 minutes past midnight Pacific Time (3:06 a.m Eastern Time), the Moon will enter the sunset-colored colored shadow of Earth, producing a total eclipse of the Moon:

http://spaceweather.com/

[Demeter]

2. What Is Jamie Dimon Thinking?

NOTHING GOOD, I'LL WARRANT...

http://www.fool.com/investing/general/2014/04/12/what-is-jamie-dimon-thinking.aspx

Of all the big bank executives, none writes an annual letter quite like Jamie Dimon, the chairman and CEO of JPMorgan Chase. While it's obviously structured to put the bank in the best light possible, its organization and content nevertheless reveals what the nation's preeminent banker is thinking about his own business, the industry, and the economy.

Dimon's most recent letter, released earlier this week, revolves around three central concepts: the condition of JPMorgan, the ongoing legal and regulatory changes in the industry, and the prospects for the global economy going forward.

The first point centers on a goal Dimon has echoed for years now -- that of a "fortress" balance sheet. When it comes to banking, this is a function of liquidity and capital, both of which have gained in importance since the financial crisis. The idea here is that, even if JPMorgan were to be besieged by another financial crisis, it would have the means to retrench and survive the onslaught of frozen capital markets and elevated default rates.

Although it's probably impossible to say what is actually sufficient in terms of both liquidity and capital given a severe economic scenario akin to the last crisis, there's no question that JPMorgan has a considerable amount of both. Of its $2.4 trillion in assets, a full $741 billion are so-called "high-quality liquid assets," meaning they are "super safe and can provide cash to the company should it need cash to survive." In terms of capital, meanwhile, it handily satisfies all of the current regulatory capital requirements imposed on the industry...

MORE

[xchrom]

3. French 2015 budget to be based on 3 percent deficit goal - finance minister

http://uk.reuters.com/article/2014/04/14/uk-france-deficit-idUKBREA3D0B720140414

(Reuters) - Finance Minister Michel Sapin said on Monday France's budget for next year would assume a public deficit target of 3 percent of national output for the year, as promised to EU partners.

After saying earlier this month France wanted to negotiate the "rhythm" of its deficit reduction with Brussels, Sapin has since stressed that Paris would nonetheless respect its EU-mandated targets and timeline.

"The goal is for France to reduce its debt," Sapin told Europe 1 radio. "That's why it must be 3 percent of the deficit in 2015, not over. Three percent for 2015 - it's on that base that we are building our budgetary strategy and we will build our budget for 2015."

The European Commission and euro zone finance ministers have said Paris - which already last year was granted a two-year delay to reduce its public deficit to within EU limits by the end of 2015 - needs to honour its commitments.

[xchrom]

4. Poland aims for narrower fiscal deficit in 2015 - government document

http://uk.reuters.com/article/2014/04/14/uk-poland-debt-idUKBREA3D0KX20140414

(Reuters) - Poland plans to cut its fiscal deficit to 2.5 percent of economic output in 2015, a smaller shortfall than previously planned and currently forecast by the European Commission, a draft government document seen by Reuters showed.

Poland, the largest economy in central and eastern Europe, is under the Commission's excessive deficit procedure and has been given until 2015 to cut its fiscal gap to below the target ceiling of 3 percent of GDP.

Countries under the excessive deficit procedure must present updates each year on their deficit reduction plans, also called "convergence programmes".

Reuters has seen a copy of this year's update for Poland, which must be approved by the government by the end of April and then sent to Brussels.

[xchrom]

5. EU to approve bank rules before May election slows legislative machine

http://uk.reuters.com/article/2014/04/13/us-eu-regulations-idUKBREA3C0CM20140413

(Reuters) - The European Union will sign off on a slew of major reforms this week to allow failing banks to be wound down without public money, clearing its desk before elections in May that may lead to a slower pace of legislation.

This week is the final plenary session of the European Parliament before it breaks up ahead of the vote in May.

The welter of rules the bloc has approved since the worst financial crisis in a generation began unfolding from a corner of the U.S. housing market in 2007 is fundamentally reshaping the banking and securities industry.

The rule changes also strengthen the bloc's grip on capital markets at the expense of national governments to an extent few federalists would have dared to dream of, as policymakers want to avoid more taxpayer bailouts of banks and euro zone countries.

[xchrom]

6. Thais brace for recession as crisis nears crunch time

http://uk.reuters.com/article/2014/04/14/uk-thailand-economy-idUKBREA3D0CF20140414

(Reuters) - The golden Buddha statues, amulets and lucky charms that festoon Sakuntala Mettawong's tiny Bangkok cellphone shop are not helping business.

It's peak time, but customers are scarce at the usually bustling mobile phone bazaar in the MBK Center, which sits on the fringe of a mile-long cluster of gleaming malls that symbolise the rapid growth of Thailand's consumer class.

"Business has been very bad. Many shops have left here, some moved to find cheaper spots or changed hands," said Sakuntala, almost drowned out by the noise of bored shop owners playing computer games behind her.

"The top phone models are more difficult to sell ... more people are selling their phones back to shops, to use simple ones, or sell because they need money."

[Demeter]

7. Funnies that aren't, so much

[Demeter]

9. Nation Stunned to Learn Congress Accomplished Something Fifty Years Ago Posted by Andy Borowitz

Millions of Americans were in a state of shock this past week after learning that Congress had accomplished something fifty years ago. Although the incident was widely reported throughout the week, the revelation that Congress had achieved something positive and substantial for the country a half century ago left many incredulous and baffled.

Adding to their disbelief were reports that the accomplishment came as the result of collaboration between a Democrat in the White House and Republicans in Congress. Making the scenario even more far-fetched, politicians of both parties came to an agreement without the interference of corporate paymasters operating them like puppets.

Tracy Klugian, thirty-four, was one of many Americans who found “the whole thing hard to swallow.”

“I searched for it on Google, and it’s true: Congress did actually get something done for the good of the country and all,” he said. “Still, when I first heard about it, it sounded like a hoax.”



Above: President Lyndon Johnson signing the Civil Rights Act, 1964. Photograph courtesy Cecil Stoughton, White House Press Office.

[Demeter]

10. It's not really a joke (well, the joke's on freedom-loving US patriots)

Soon after the 2004 U.S. coup to depose President Jean-Bertrand Aristide of Haiti, I heard Aristide's lawyer Ira Kurzban speaking in Miami. He began his talk with a riddle:

"Why has there never been a coup in Washington D.C.?"

The answer: "Because there is no U.S. Embassy in Washington D.C."

This introduction was greeted with wild applause by a mostly Haitian-American audience who understood it only too well...

America's Coup Machine: Destroying Democracy Since 1953

http://www.alternet.org/world/americas-coup-machine-destroying-democracy-1953?akid=11712.227380.s0mAHK&rd=1&src=newsletter981068&t=12

...To place the coup in Ukraine in historical context, this is at least the 80th time the United States has organized a coup or a failed coup in a foreign country since 1953. That was when President Eisenhower discovered in Iran that the CIA could overthrow elected governments who refused to sacrifice the future of their people to Western commercial and geopolitical interests. Most U.S. coups have led to severe repression, disappearances, extrajudicial executions, torture, corruption, extreme poverty and inequality, and prolonged setbacks for the democratic aspirations of people in the countries affected. The plutocratic and ultra-conservative nature of the forces the U.S. has brought to power in Ukraine make it unlikely to be an exception...

Iran (1953); Guatemala(1954); Thailand (1957); Laos (1958-60); the Congo (1960); Turkey (1960, 1971 & 1980); Ecuador (1961 & 1963); South Vietnam (1963); Brazil (1964); the Dominican Republic (1963); Argentina (1963); Honduras (1963 & 2009); Iraq (1963 & 2003); Bolivia (1964, 1971 & 1980); Indonesia (1965); Ghana (1966); Greece (1967); Panama (1968 & 1989); Cambodia (1970); Chile (1973); Bangladesh (1975); Pakistan (1977); Grenada (1983); Mauritania (1984); Guinea (1984); Burkina Faso (1987); Paraguay (1989); Haiti (1991 & 2004); Russia (1993); Uganda (1996);and Libya (2011). This list does not include a roughly equal number of failed coups, nor coups in Africa and elsewhere in which a U.S. role is suspected but unproven.

[Demeter]

23. The Joke's on US: 5 Insidious Ways the US Has Tried Pulling Off Coups Through 'Democracy Promotion'

http://www.alternet.org/world/how-usaid-ned-and-iri-destabilize-foreign-governments?akid=11694.227380.Qd8FFr&rd=1&src=newsletter979261&t=16&paging=off&current_page=1#bookmark

ANYBODY IN THIS COUNTRY CAN PLAY THIS GAME, APPARENTLY, EVEN THE REPUBLICANS AND THE DEMOCRATS.

I MUST BE INCREDIBLY GULLIBLE, FOOLISH, AND DOWN-RIGHT STUPID TO THINK THAT THE USA EVER MEANT ANY OF THAT FINE RHETORIC ABOUT OUR NATION'S FOUNDING PRINCIPLES....AT HOME OR ABROAD.

READ IT AND WEEP.

[Demeter]

33. MORE

[Demeter]

8. Whether Report

as in, whether I really want to go out in a possible tornado....

the temperature is high: 66F at 7 AM. The winds are higher...18 mph with gusts of 22 (that they will admit to), and spatterings of rain. Not a promising day. I hope my pansies survive it. The snowdrops were blasted by the heat already...a very short blooming season for them this year.

Another whether...will the DJIA break through the 16K floor? Stay tuned! This should be suspenseful.

[xchrom]

12. i hate tornado weather.

and the older i get the more windy weather works my nerves.

[Demeter]

14. It's giving me a headache

Partly sinus headache from the rapidly fluctuating air pressure, partly hung over from yesterday's party (and we didn't even have alcohol!)

I am unbelievably tired...fighting off a cold, too, probably. And they were predicting snow showers for tomorrow, but I see that the forecast has been updated. People were rooting for snow, so we could break a record...

[xchrom]

15. i have bad sinuses too. wind seems to be the worst.

i hope you had a good time at your party?

you know, this is the start of pesach.

i hope you don't get a cold.

[Demeter]

18. It was an excellent party

Unfortunately, I didn't flush out any possible board member candidates. But otherwise,

[xchrom]

22. wonderful! nt

[Demeter]

28. I think part of the pain is dehydration

I'm going to be working on that...

[xchrom]

11. Eurozone industrial output grows 0.2% in February

http://www.bbc.com/news/business-27021755

Industrial output in the 18-nation eurozone grew by 0.2% in February, in line with analysts' expectations.

Growth was driven by a 0.6% increase in intermediate goods and a 0.5% increase in non-durable consumer goods.

Electronic components manufacturing saw the strongest growth in eurozone intermediate goods output, with an 11.5% increase, Eurostat said.

Energy output decreased by 1.7% overall, with a fall of 11% in coal and lignite mining.

There was a 1.2% drop in durable consumer goods.

[xchrom]

13. Real wages to rise for first time in six years, EY says

http://www.bbc.com/news/business-27010326

Wages are set to rise by more than inflation for the first time in almost six years, says an economic forecaster.

EY says a "long period of low inflation" means average earnings could rise faster than the cost of living as early as this month.

It believes low inflation and a strong pound will keep an interest rate rise on hold until the end of 2015.

The auditor also thinks the UK economy will see "decent but unspectacular" growth of 2.9% this year.

[Demeter]

30. And how is this miracle to be accomplished? Break a few corporate arms?

Since labor actions are off the boards in UK and US....and regulation has been abandoned...

is this one of those self-regulating market things?

Color me skeptical.

[xchrom]

16. WORLD STOCKS DROP ON UKRAINE JITTERS, US EARNINGS

http://hosted.ap.org/dynamic/stories/W/WORLD_MARKETS?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2014-04-14-07-31-10

BEIJING (AP) -- Global stock markets fell Monday amid renewed concerns about the crisis in Ukraine and forecasts of lower American corporate profits.

Investor sentiment was hit after Ukraine's government said Sunday it was sending troops to try to quash a pro-Russian insurgency in eastern Ukraine. Ukrainian and Western officials have accused Moscow of instigating the protests, saying the events echoed those in Crimea, which was annexed by Russia last month.

That has raised the prospect of more sanctions against Russia, possibly affecting the energy trade that is so valuable to both Russia and Europe.

In Europe, Russia's MICEX index suffered most, dropping 1.4 percent. Germany's DAX was down 0.6 percent to 9,263.14 and France's CAC-40 shed 0.4 percent to 4,347.87. They were not supported by data showing industrial production rose 0.2 percent in February. Though the rise was up from no growth in January, it is still relatively weak.

[xchrom]

17. INVESTORS ASK IF STOCK DROP IS JUST THE START

http://hosted.ap.org/dynamic/stories/U/US_WALL_STREET?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2014-04-12-00-06-19

NEW YORK (AP) -- Is the selling over or has it just begun?

That's the question investors are asking after the biggest weekly drop in the Standard and Poor's 500 index since January. The stock market hasn't had a correction, or fall of 10 percent from recent highs, since 2011.

It is inching close to one, at least in technology stocks.

Investors drove the stock market lower for two straight days at the end of the week. Big drops in once-soaring tech stocks sent the Nasdaq below 4,000, and the index has fallen for three weeks in a row.

"The market has been trying to come back, but each time the selling just picks up," said Quincy Krosby, a market strategist at Prudential. "The buyers are just not stepping in."

[Demeter]

20. The Greater Fool Theory....is just a theory

[xchrom]

19. POLITICS TEST SILICON VALLEY'S RUSSIAN TIES

http://hosted.ap.org/dynamic/stories/U/US_RUSSIA_SILICON_VALLEY?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2014-04-13-14-15-41

SAN MATEO, Calif. (AP) -- Entrepreneurs and investors say Silicon Valley's fast-growing financial ties with Russia's tech sector are being slowed down by current political tensions between the White House and the Kremlin.

"It's safe to say a lot of investors here are taking a step back to see how the situation will unfold," said Alexandra Johnson, who manages a $100 million venture fund called DFJ VTP Aurora, a Menlo Park, Calif., branch of Russian bank VTB.

For decades, Russia's sophisticated scientists and engineers remained at arm's length from Silicon Valley's venture capitalists and marketing mavens. That changed in recent years with a flurry of investment, largely sparked in 2010 when then-Russian President Dmitry Medvedev visited the region and met with high-tech leaders.

Russians investors, including billionaire Yuri Milner, who has large stakes in Facebook and Twitter, poured an estimated $2 billion into U.S. tech firms over the past three years, according to Johnson, who organized a technology symposium with venture capitalists and entrepreneurs last month in San Mateo, south of San Francisco.

[xchrom]

21. SPAIN EYES STRONGER ECONOMIC TIES WITH UAE VISIT

http://hosted.ap.org/dynamic/stories/M/ML_EMIRATES_SPAIN?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2014-04-14-06-18-31

ABU DHABI, United Arab Emirates (AP) -- King Juan Carlos of Spain began a visit to the Persian Gulf region on Monday by telling United Arab Emirates officials that deepening ties with their oil-rich country was a top priority, highlighting the role wealthy Arab states could play in shoring up the battered Spanish economy.

The Spanish head of state made the comments at the start of an economic forum in the Emirati capital Abu Dhabi, his first stop on a tour of six Gulf nations planned in the next few months. He was accompanied by a high-level delegation that includes several Spanish government ministers and representatives of major Spanish companies.

"The important official and business delegation that has come with me to Abu Dhabi today shows that the United Arab Emirates is at the top of our political and economic agenda," the king said in a chandelier-lit ballroom at the lavish beachfront Emirates Palace hotel.

The visit to the OPEC member nation is expected to focus in large part on boosting trade and investment as Spain struggles to grow its economy and generate much-needed jobs after emerging from a double-dip recession last year. The eurozone's fourth-largest economy is grappling with a near-record unemployment rate of 26 percent.

[xchrom]

24. US RETAIL SALES UP STRONG 1.1 PERCENT IN MARCH

http://hosted.ap.org/dynamic/stories/U/US_RETAIL_SALES?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2014-04-14-08-39-16

WASHINGTON (AP) -- U.S. retail sales in March rose by the largest amount in 18 months, led by strong gains in sales of autos, furniture and a number of other products.

The Commerce Department said Monday that retail sales rose 1.1 percent in March, the best showing since September 2012. The government also revised February to a 0.7 percent gain, more than double its previous estimate. Sales had fallen in January and December.

Sales of autos climbed 3.1 percent while sales at general merchandise stores, a category that covers retailers such as Wal-Mart and Target and department stores, increased 1.9 percent, the strongest one-month gain since March 2007, before the country went through the recession.

The strong March gain was evidence that the economy is emerging from a harsh winter with some momentum.

[xchrom]

25. Obama’s Shrinking Budget Deficits Silence Foreign Fiscal Critics

http://www.bloomberg.com/news/2014-04-14/obama-s-shrinking-budget-deficits-silence-foreign-fiscal-critics.html


Six months ago, global finance officials meeting in Washington berated the U.S. for failing to put its fiscal house in order. This time, the critics were silent.

The Congressional Budget Office is projecting the 2014 deficit will be the lowest in six years and down more than 60 percent from the record $1.4 trillion in 2009. With the annual April 15 tax filing deadline looming, the U.S. has received about $80 billion more in income taxes this fiscal year than it had 12 months earlier.

The Treasury’s coffers are swelling as the almost five-year economic expansion gains momentum, generating more corporate and personal income-tax revenue and reducing spending on social services. Stronger growth, in turn, will depend less on government spending to fuel growth than it has in the past.

“Without fiscal stimulus, we’ll see over the next year or two if the economy is really standing on its own two feet,” said Ira Jersey, a fixed-income and interest-rate strategist at Credit Suisse Group AG in New York. “We suspect it is. This means further improvement of the deficit over the next few years.”

[xchrom]

26. Citigroup Posts Surprise Profit Gain on Loss Reserves

http://www.bloomberg.com/news/2014-04-14/citigroup-posts-surprise-profit-gain-on-loss-reserves.html

Citigroup Inc., the third-biggest U.S. bank, reported an unexpected profit increase, beating analysts’ estimates as the company recouped funds previously set aside for loan losses.

First-quarter net income climbed 3.5 percent to $3.94 billion, or $1.23 a share, from $3.81 billion, or $1.23, a year earlier, the New York-based company said today in a statement. Excluding accounting charges and a tax item, profit was $1.30 a share. The average estimate of 27 analysts surveyed by Bloomberg was $1.14.

Chief Executive Officer Michael Corbat, 53, is getting help from an improving global economy that’s making it easier for consumers and businesses to repay loans. Citigroup released $673 million in loan-loss reserves set aside in earlier years, exceeding the $500 million at Wells Fargo & Co. and the $227 million estimate of Matt O’Connor, a Deutsche Bank AG analyst.

“We expect that there is enough juice left in credit costs” to boost quarterly results for the industry, Chris Kotowski, an Oppenheimer & Co. analyst, wrote in an April 3 note. He assigns the equivalent of a buy rating to Citigroup’s stock.

[xchrom]

27. High-Frequency Traders Get Curbs as EU Reins In Flash Boys

http://www.bloomberg.com/news/2014-04-13/high-frequency-traders-set-for-curbs-as-eu-reins-in-flash-boys.html

European Union lawmakers are poised to approve some of the toughest restrictions in the world on high-frequency trading, the first crackdown in the aftermath of Michael Lewis’s latest book, “Flash Boys.”

The curbs are part of revamped EU markets legislation ranging from commodity derivatives speculation to investor protection. The high-frequency trading limits include standards meant to keep the price increment for securities from being too small, mandatory tests of trading algorithms and requirements that market makers provide liquidity for a set number of hours each day.

“With these rules the EU is putting in place one of the strictest set of regulations for high-frequency trading in the world,” EU financial services chief Michel Barnier said in an e-mail. “While HFT trading might bring some benefits, we need to make sure that it doesn’t cause instability, and isn’t a source of market abuse. That’s what these rules set out to achieve.”

High-frequency trading in stocks grabbed the headlines after the plunge known as the flash crash in May 2010, during which the Dow Jones Industrial Average briefly lost almost 1,000 points. Controversy returned with the publication of Lewis’s book on March 31. Lewis argues that the $22 trillion U.S. stock market is rigged in favor of speed traders, who he says prey on slower investors by getting faster access to information.

[abelenkpe]

32. Restrictions?

I still don't understand why HFT is legal at all.

[xchrom]

29. World-Leading $25 Hourly Wage Roils Swiss Businesses

http://www.bloomberg.com/news/2014-04-13/world-leading-25-hourly-wage-floor-roils-swiss-businesses-jobs.html

Jasmin Eicher has already axed her sole full-time employee to keep afloat her shop selling cards, candles and paper in a Zurich suburb. If Switzerland approves what would be the world’s highest minimum wage, she says the only option would be to close her door.

The Swiss will vote in a national referendum May 18 on whether to create a minimum wage of 22 francs ($25) per hour, or 4,000 francs a month. While about 90 percent of workers in Switzerland already earn more than that, employers say setting Switzerland’s first national wage floor would push up salaries throughout the economy. When adjusted for currency and purchasing power, it would be the highest minimum in the world.

“We couldn’t pay it,” said Eicher, standing behind the counter in her shop in Schlieren. The employee she let go earned 3,500 francs a month. Now she’s by herself, working 10 hours a day, six days a week, and her hopes of hiring a cheaper helper would be dashed if the proposal passed.

“Of course I understand about people not earning enough, but not everyone is worth 4,000 francs. Here in Switzerland we’re already so well-off,” she said.

[xchrom]

31. Trillion-Dollar Firms Dominating Bonds Prompting Probes

http://www.bloomberg.com/news/2014-04-14/trillion-dollar-firms-dominating-bonds-prompting-probes.html

Bill Gross and Larry Fink manage a $3 trillion pile of bonds -- an amount almost as big as Germany’s economy. Their firms, Pacific Investment Management Co. and BlackRock Inc. (BLK), doubled holdings since 2008, outpacing the market’s growth of 50 percent.

Some of the largest hedge-fund firms, including Bridgewater Associates LP and BlueCrest Capital Management LLP, have also more than doubled their investments in debt, data compiled by Bloomberg show. At the same time, Wall Street banks are shrinking their stakes in bonds, Federal Reserve data show.

The lopsided bond market has caught the attention of the U.S. Securities and Exchange Commission. Not only is the SEC examining whether the biggest players get preferential prices and access because of their influence, it’s also worried about what happens when the five-year bond rally ends as U.S. policy makers prepare to raise interest rates.

“It’s going to be interesting to see who’ll take the other side of the trade if there’s a meaningful sell-off, which presents a huge risk,” said Arthur Tetyevsky, a credit-trading strategist at Imperial Capital LLC in New York. “We’re much closer to the end of the rally, that’s for sure.”

[Demeter]

34. FFS!! One hundred points in the last half hour? just so the fairies can justify

their existence? On what news?

If this market isn't rigged, I'll eat my hat.