Equity markets fell pretty much everywhere today, though Spain in particular stood out as the IBEX decline 2.4 per cent and now close to its crisis era lows. There was a strong auction of Spanish sovereign debt earlier in the day, but it was followed a series of disappointing US economic indicators, including another jump in initial unemployment claims. (Financial Times)
Shares of luggage maker Tumi and software company Splunk climbed impressively in their first day of trading. (Dealbook)
Bank of America reported improved results for the first quarter, following the lead of its rivals earlier in the week, but continues to struggle with its mortgage business. (Financial Times)
“Wall Street has enjoyed its best quarter for bond trading in two years, rounded off with a surge in revenues at Morgan Stanley and Bank of America Thursday in spite of a steep decline in risk-taking and the introduction of new regulations,” the FT’s Tom Braithwaite and Tracy Alloway report. (Financial Times)
Hedge fund assets have just hit a record high, according to data from Hedge Fund Research Inc. (Wall Street Journal)
“Bob Diamond has promised higher dividends and pledged to forgo parts of his bonus for 2011 until Barclays has improved profitability, in a last-minute bid by the bank’s chief executive to fend off an investor rebellion over his pay package,” the FT reports. (Financial Times)
In the US we’ll have regional unemployment data at 10am, and earnings season continues with eTrade, General Electric, Kimberly Clark and McDonalds, among others.
FURTHER FURTHER READING
– How much is a good central banker worth?
– On Mitt Romney’s economics.
– Pimco is buying and holding Spanish and Italian bonds.
– What a Hollande victory would mean for Merkel.
– Goldman board muppet of the day.