The 6am Cut London | FT Alphaville

The 6am Cut London

US markets close higher and Asia rises after Bernanke’s speech indicates the Fed remains prepared to provide further support to the US economy. (Financial Times) Bernanke is up against structural unemployment arguments. (Wall Street Journal)

Bond markets are confused and not overly reassured by Germany and Finland’s support for a eurozone firewall expansion. Although Spanish yields fell 8 basis points on Tuesday, there’s concern about the country’s growth and revised debt-to-GDP targets. (Financial Times)

– China’s industrial profits for Jan-Feb are down 5.2%, year-on-year. (Reuters)

– DSK is now being investigated in relation to a prostitution ring. (Reuters) His lawyer rejects the preliminary ‘aggravated pimping’ charge. (Wall Street Journal).

Rio is considering selling its diamond assets. BHP has already put its diamond mines on the block. (Bloomberg)

Goldman eyes fully electronic bond trading: It would be one of the first banks to do so. (Financial Times)

Bumi is set to announce Nat Rothschild will become a non-executive director. (Financial Times)

A non-state Chinese bank, China Misheng Banking, is raising $1.4bn in HK share sale (Bloomberg)

US petrol prices closing in on $4/gallon. Refinery closures could drive prices higher still. (Financial Times)

BATS’ board isn’t seeking Ratterman’s removal, according to sources. (Wall Street Journal) It’s still not clear whether company bonuses will be paid. (Financial Times)

The UK government held talks with Gulf investors, including the Abu Dhabi SWF, over buying a stake in RBS. (Financial Times)

Huawei seeks to overturn Australian ban; hopes it can get supplier contracts for $42bn network. (Financial Times)

BMW is recalling about 1.3m vehicles worldwide. The recall applies to all BMW 5 and 6 Series models built between 2003 and 2010. (Wall Street Journal)


Spanish crisis calls for a fiscal union, says HSBC’s Stephen King. (Financial Times)

Foreign investors weren’t the cause of last year’s steep rise in the Swiss franc. (Dow Jones)

Sony’s incoming chief executive has a daunting task ahead of him. (Reuters)

Jefferies’ chief says it’s shrugged off attack from ‘vandals’, and halved its eurozone sovereign holdings within weeks of the MF Global’s collapse. (Financial Times)