The weekend wrapup 4.28.2012

Americas:

• DJIA +1.5%, S&P 500 +1.8%, NASDAQ +2.3%

• Another month, another FOMC statement and Q&A. This month’s however was pretty meh; little has changed since the March meeting and aside from the Bernank saying that he’ll scramble the choppers when shit hits the fan, there’s barely anything to go on with this one. Definitely not the statement QE3 fans have been hoping for.

• Meanwhile, real GDP figures for the US have slipped from 3% to 2.2% (2.5% expected). And while personal consumption, home sales, and consumer sentiment figures all jumped to the upside, jobless claims were still pretty high.

• Mexico however has been looking good. Growth in the region hit 6.24% last month, inflation has been more or less kept at bay, exports should continue to do well, and Latinas are ridiculously hot. Not that I’m gonna move there or anything.

Europe:

• FTSE 100 +0.30%, DAX +0.24%, CAC-40 +0.70%

• Citing that GDP targets are unlikely to be met, Standard & Poor downgraded Spain two notches to bbb+ just as their unemployment rate hit 24.4% (highest ever was 24.5%). Here’s the Banco de Espana to tell you just how exaggerated the whole thing is.

• After the downgrade, bunds and 2 yr notes continued to strengthen, with 2 yr yields hitting new lows.

• Officials in the EU are looking to relax budget deficit targets for tapped out eurozone states, all thanks to the French. Grab your popcorn people, this could get really interesting.

• Consumer confidence and retail sales in Sweden jump while the Krona keeps on keepin’ on. The country’s exports (around 50% of their output) however are really starting to hurt, especially since a huge chunk of it goes to their neighbors. With today’s paradigm though, will this even matter for the SEK?

Australasia:

• Nikkei +0.8%, S&P/ASX -0.3%, Kospi +0.5%, Shanghai -0.2%, Hang Seng +0.5%

• The BoJ increased their asset purchase program yesterday by 10 trillion Yen. This could’ve been enough to weaken the Yen and maybe even turn risk back on had they not messed with it, but you know the drill. BoJ talk big game -> whip out small package -> disappoint. Rinse, repeat. Sometimes I wonder if they even want their stuff to work.

• The RBNZ kept rates steady, just as expected. Governor Bollard however did note that if the Kiwi’s strength over commodities continues, they might be forced to “reassess” their monetary policy settings.

• Despite trimming forecasts last week, South Korean growth seems to be gaining some traction; public spending is on the up, export figures have improved, and econ growth is picking up as well.

• Meanwhile, in China, the Yuan is hitting new highs. The global downturn however seems to be taking its toll.

And now for my clip of the week:

Saw this on Barry Ritholtz's TBP and thought it was worth a share. Enjoy.