Equity markets finished modestly higher, while sales of government debt in several periphery countries earlier in the day went reasonably well, calming markets. (Financial Times)
Apple again beat earnings estimates on the back of strong international sales of the iPhone. The company reported after the close of trading, but shares were up 7 per cent in after-market. (Financial Times, also Business Insider)
There was more drama over the government’s involvement in NewsCorp’s bid for British Sky Broadcasting, as the FT reports: “In evidence presented to an official inquiry into the press, James Murdoch, News Corp’s deputy chief operating officer, laid bare the intimate relationship between his company and the office of Jeremy Hunt, the media minister who was acting in a quasi-judicial capacity in deciding on News Corp’s £8.3bn bid for full control of British Sky Broadcasting.” (Financial Times, also FT Alphaville)
François Hollande, now the frontrunner in the French presidential elections, said that he wants to “complete” the European fiscal pact with ideas that would promote economic growth, politicians and electorates across Europe continue to question the wisdom of austerity measures. (Financial Times)
Home prices in the US appear to be stabilising, as the Case-Shiller index reported a slight gain in February after seasonal adjustments. (Reuters)
A cow in California has mad-cow disease. (Wall Street Journal)
Wednesday is FOMC day! The statement will be out at 12:30pm, with the new projections for the economy and the federal funds rate released just before the presser at 2:15pm. We recommend our colleague Robin Harding’s excellent preview. (FT Money Supply)
FURTHER FURTHER READING
– Q&A with Jens Weidman on austerity.
– Democracy is having its say in Europe.
– The CIO forty under forty list.
– Felix on the problem with NetFlix.
– A roundup of lessons from the financial crisis.
– Swaps regulation faces questions that should have been addressed three years ago.