U.S. equities are on the mend
U.S. equities are on the mend after yesterday's themes of weak China data and financial sector concerns were flipped on their head by the firmer inflation round in China overnight and a rash of better than expected earnings from the likes of JP Morgan, Citi and Wells. Retail sales figures came in close to expectations, while PPI was a bit warmer than expected. Meanwhile, Deutsche plans to lay off another 10k in staff, bringing their total layoffs to nearly 20k, though DB shares are 2.4% higher. U.S. banks are some 1.5% higher, though Wells is lagging as markets are still in punishment mode on its shares. The Dow is 105-points firmer, S&P gained 11-points and NASDAQ is 23-points higher in pre-open action. In Asia, gains were modest with the Nikkei 225 up 0.5%, while the HK Hang Seng gained 0.8% and in Europe the Euro Stoxx 50 is 1.8% firmer. Still on tap are Yellen and Mester on the Fedspeak front and soon will be the releases of business inventories, consumer sentiment and the Treasury budget.