Breakfast Bites: Alcoa’s better than expected earnings report in combination with the ECB’s openness to resuming its debt purchase program to cut Spain’s borrowing costs has given an early jolt to the market.
- Mortgage applications in the U.S. dropped by -2.2% for the week ending April 6th, the 8th week in the last 9 that fewer homes were financed
- Prices of goods imported into the U.S. rose more than forecast in March, reflecting higher costs for fuel and industrial materials such as metals. The 1.3 percent gain in the import-price index was the biggest since April 2011
- Last night Alcoa reports adjusted Q1 EPS 10c, consensus (4c). Reports revenue $6B, consensus $5.77B. Confirms forward looking guidance
- A plethora of Fed speak Lockhart, Rosengren, George & Bullard
- ECB Board member Benoit Coeure suggested the lender could help reduce Spain’s borrowing costs by reviving its bond purchasing program called the securities markets program……can you say backstop???
- Italy successful auctions 11 billion euros in short term bills meeting its target for the auction.
- An 8.6-magnitude earthquake hit off the westernmost province of Indonesia, triggering tsunami warnings in the region