06 April 2012: Trading quiet over easter, Spanish yield rise again

  • Asian equities retreat amidst thin trading: Asian stocks were under pressure amidst very thin trading in Europe over Easter. Higher yields in Spain are putting pressure risk assets.
  • Stocks: Trading is closed on most markets, but in Asia, FTSE Asia Pacific has lost 0.3%, while Tokyo slumped again, today by 1%; Shaghai’s composite is little changed, while Taiwan and Malaysia post small gains
  • Currencies: Yen is trading weaker agaist dollar at 82.27; Euro against dollar is little changed
  • Spanish yields rise again: Spanish bond yields have risen to multi-month highs; the 10-year yields have jumped to 5.81%, highest since December last year. Amid fears that ECB’s boost to eurozone economy is fading, Italian and Portugese bond yields also jumped. The rise is Spanish yields is seen from its disappointing bond auction earlier this week
  • Facebook to list shares on NASDAQ: Facebook has chosen NASDAQ for its $5bn IPO; this will be the largest ever IPO in the US on the index. The decision is disappointing for NYSE as it was expected to be Facebook’s choice of index for floating its stock; NYSE is NASDAQ’s rival and home to other social media companies, LinkedIn and Yelp
  • Samsung to posty record quarterly profits: Samsung has taken over Apple in smartphone sales and are set to report a record Q1 profit of $5.1bn, beating analyst expectations. Samsung have sold 44mn smartphones in the first 3 months of this year.
  • BlueGold hedge fund liquidates portfolio: After a painful 2011, BlueGold, one of the largest commodity trading funds, is liquidating its portfolio to return money to its investors. BlueGold saw its portfolio drop 34% last year, but in the past, BlueGold returned an astounding 209% in 2008 and 55% in 2009.
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