The 6am Cut London | FT Alphaville

The 6am Cut London

Asian equities rose on Friday morning after strong Thursday closes in Europe and the US. The relief at North Korea’s rocket test failure helped South Korea’s Kospi rise 1.2%. (Financial Times)  In an unusual admission, North Korea officially confirmed the failure. (Reuters)

However gains were pared and commodities fell as China’s Q1 GDP growth came in at 8.1%, the slowest rate since 2009. (Bloomberg) Expectations among forecasters averaged on an 8.3% figure. (Wall Street Journal)

Bank of America is embarking on bulk sales of foreclosed homes for the second time in five months, seeking bids on several hundred single-family homes. (Reuters)

US equity funds suffered their worst outflows of the year in the week to Wednesday, according to data from Lipper, as investors became decisively risk-averse following a five-day losing streak for US equities. (Financial Times)

A trustee for MF Global says he may sue unspecified individuals over the loss of customer funds. (Bloomberg)(Statement)

Singapore’s GDP rose 9.9% in Q1, sending the Singaporean dollar higher. The Q4 growth rate was 2.5%. (Bloomberg)


Oil markets should heed the lessons of Libor over prices that are ‘reported’ rather than traded, says Gillian Tett. (Financial Times)

The ETN that barked: What the VelocityShares incident says about exchange-traded notes. (Financial Times)

Goldman is paying attention to proxy fights. This year, it’s held discussions with three investors who later dropped their proposals rather than submit them for shareholder votes. (Wall Street Journal)

A rise in unusual US earthquakes has been linked to shale gas fracking, says a USGS study. (Bloomberg)


Asian equities advanced following on from strong sessions for US and European markets overnight. South Korea’s Kospi index rose 1.2 per cent by mid-morning in Seoul, the most in six weeks, while the Korean won was the region’s best performing currency, rising 0.7 per cent against the US dollar, says the FT.  [More]