Asia

Japan Consumer Prices Up 1.3% On-Year In March. Japanese consumer inflation rose for a 10th straight month in March as higher energy costs helped push prices up, official data showed Friday. Stripping out volatile fresh food prices, prices rose 1.3% year-on-year in March, the same rate since December, data from the internal affairs ministry showed. Prices were largely driven up by higher energy bills with electricity costs rising 10% and petrol prices rising 2.1%. But there were signs that demand for household goods picked up. Prices of household durable goods such as microwaves climbed 5.3% on-year. (AFP)

China March Industrial Profits Up 10.7% On-Year. Profits earned by China's industrial companies rose 10.7 % in March to 513.2 billion yuan ($159.9 million) from a year earlier, faster than the 9.4 % pace in the January-February period, the government said on Sunday. During the first quarter, profits of industrial companies rose 10.1 %, the National Bureau of Statistics said on its website. Industrial companies include mining firms, manufacturers and power generators. (Reuters)

China Preliminary Q1 Ca Surplus At US$7.2bil. China posted a current account surplus of US$7.2bil and a US$118.3bil surplus on its capital and financial account in the first quarter of 2014, preliminary data from the foreign exchange regulator showed on Friday. The figures, published by the State Administration of Foreign Exchange (SAFE) on its website, are subject to revisions. (Reuters)

Tetangco Signals Philippines May Shun Rates to Curb Liquidity. The Philippines’ benchmark interest rate may not be the best tool to curb surging money supply, central bank Governor Amando Tetangco said, signaling authorities may look to other measures to do the job. “If liquidity growth continues to be strong even as the inflation outlook stays manageable, we will not hesitate to again consider further pre-emptive macroprudential measures,” Tetangco said April 26 at a conference of currency dealers in Cebu, south of Manila. “Tweaking policy rates could produce unintended consequences and only fuel financial stability pressures, so it may not be the best instrument to use.” (Bloomberg)

USA

US Services Sector Expands At Slower Pace In April. The U.S. services sector expanded in April at a slower rate than the previous month as employment creation decelerated, an industry report showed on Friday. Financial data firm Markit said its "flash" services Purchasing Managers Index hit 54.2 in April compared with March's final reading of 55.3. A reading above 50 signals expansion in economic activity. (Reuters)

US Consumer Sentiment Soars To Nine Month High. U.S. consumer sentiment rose in April to a nine-month high as views on current and near-term conditions surged, a survey released on Friday showed. The Thomson Reuters/University of Michigan's final April reading on the overall index of consumer sentiment came in at 84.1, beating an expectation of 83.0 in a Reuters survey and up from 80.0 the month before. The preliminary April reading was 82.6. The headline number was the highest reading since July 2013. (Reuters)

Europe

UK Economic Outlook Is 'Exceptionally Strong' Says CBI. The outlook for the economy over the next three months is "exceptionally strong" according to the employers' organisation the CBI. Its latest monthly survey of 675 firms, indicated that growth expectations were the strongest since the CBI started collecting data in 2003. The data for April showed a growth in output for businesses surveyed. Retail and services showed the strongest output growth, while manufacturers reported solid progress. In a statement the CBI described the outlook for the next three months as "exceptionally strong and broad-based". (BBC)

Currencies

China To Further Ease Currency Controls For Multi-Nationals In Pilot. China will expand a trial programme to make it simpler for multi-national firms to transfer funds within and outside the country, in a move that will further open its tightly controlled capital account. The experiment, which began in 2012 in Beijing and Shanghai, came in response to growing demand from international companies operating in China for more freedom to use their growing amounts of yuan to boost the efficiency of their management of capital. However, Chinese regulators have also been keen to keep any speculative pressures on the currency at bay. The State Administration of Foreign Exchange (SAFE), which manages the country's $3.3 trillion foreign exchange reserves, is expanding the trial programme to any Chinese or foreign company with operations inside or outside China with an annual forex income of over $100 million, the regulator said in a statement on its website late on Friday. (Reuters)

Dollar Up Vs. Ruble As Ukraine Tensions Increase. The dollar rose to a more-than one-week high against the Russian ruble on Friday as tensions between Russia and Ukraine escalated. The dollar rose to 36.032 rubles from 35.776 rubles late Thursday to trade at its highest level since April 15. The dollar fell to ¥102.14 from ¥102.30 late Thursday, in line with lower U.S. yields. The ICE dollar index, which measures the greenback against six rivals, inched down to 79.763 from 79.770 late Thursday. The British pound was at $1.6804 versus $1.6801 late Thursday. The euro was little changed at $1.3836 versus $1.3832 late Thursday. The Australian dollar inched up 92.69 U.S. cents from 92.64 U.S. cents. (Market Watch)

Commodities

Oil Suffers Worst Weekly Loss Since Mid-March. Oil futures closed lower on Friday to tally their worst weekly loss since mid-March, with traders fretting over hefty U.S. crude-supply levels as traders weighed uncertainty surrounding developments in Ukraine. Crude oil for June delivery lost $1.34, or 1.3%, to settle at $100.60 a barrel on the New York Mercantile Exchange. On the ICE Futures exchange, June Brent, the European benchmark, fell 75 cents, or 0.7%, to $109.58 a barrel. (Market Watch)

Gold Rises On Ukraine Worries, Weaker U.S. Equities. Gold rose to close at $1,300 an ounce on Friday, extending the previous day's sharp reversal from a 2-1/2 month low, as violence in Ukraine boosted bullion's safe-haven appeal, and weakness in equity markets also supported gold. Spot gold was up 0.6 % at $1,300.74 by 3:01 p.m. EDT (1901 GMT). Among other precious metals, silver was up 0.1% to $19.62 an ounce, having dropped close to a five-month low at $18.91 an ounce in the previous session. Platinum rose 0.8 % to $1,417.50 an ounce, palladium gained 1 % to $806.75 an ounce. (Reuters)