Recap 4-13-12

Main Items:

  • UMichigan Consumer Confidence declined to 75.7 in April vs 76.2 exp and prev
  • US CPI declined to 2.7% YoY in March as exp vs 2.9% prev. Core CPI increases to 2.3% vs 2.2% exp and prev
  • North Korea‘s long-range missile test failed minutes after launch and disintegrated into 20 pieces before falling into the ocean. US will halt thousands of shipments of planned food aid to North Korea after rocket launch

· JPM Beat, Rev 26.7B vs 24.2B exp; EPS $1.31 vs $1.17 exp; 1Q includes 2.5B expense for litigation reserve (nothing further in ’12), 1Q provision for credit losses 726MM, Tier 1 Ratio of 10.4%, sees redeeming 10B of TRUPS, sees 2Q Credit card losses 4.25%, 1Q AUM 1.4T, Sees Durbin cutting consumer net by $600MM annually, Dimon says housing getting very close to the bottom.

· Wells Fargo EPS Beat, 75c vs 73c exp; Rev 21.6B, Return on Ave equity 12.1%, 1Q Provision for credit losses 2B, Tier 1 Ratio of 7.81% under Basel III, 1Q Net charge offs were 2.4B,

Overseas:

  • China:
  1. Read GDP growth slowed to 8.1% YoY in 1Q vs 8.4% exp and 8.9% prev
  2. IP YTD YoY increased to 11.6% in March vs 11.3% exp and 11.4% prev
  3. Fixed Assets Investment slowed to 20.9% YoY in March vs 21% exp and 21.5% prev
  4. Retail Sales YTD YoY was stable at 14.8% as exp vs 14.7% prev

UK PPI Output Core declined to 2.5% in March vs 2.6% exp and 3.0% prev South Korea kept policy rates unchanged as exp Upcoming Data:

  • Mon: US Empire Mfg, Retail Sales, NAHB Housing Mkt Idx
  • Tues: UK CPI, EU CPI, German ZEW, US Housing Starts, BoC
  • Wed: BoC Minutes, UK Employment, Japan Trade
  • Thurs: US Jobless Claims, Philly Fed, Existing Home Sales, EU Cons Conf
  • Fri: German IFO, PPI, Canada CPI,

Commentary:

None.

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