The iPod maker Apple Inc reported a jump in quarterly profit and sales late Wednesday, but issued a conservative outlook.

Autodesk Inc upped its first-quarter forecast, before some items, to a range of 47 cents to 48 cents.

Amazon.com, Inc said full-year operating income may be as much as $940M, below its earlier forecast of $985M.

Credit Suisse Group reported a $2.1B writedown on losses related to the credit crisis.

Ford Motor Company reported a $100M profit in the first quarter, from a net $282M loss a year earlier citing cost reductions in North America and strong international profit led by Europe.

LSI Logic Corporation reported a first-quarter profit of 10 cents a share, excluding certain items, topping analysts' estimates.

Motorola, Inc posted a first-quarter continuing operations loss of $194M, compared with a year-ago loss of $218 million.

Starbucks Corp slashed its earnings outlook as it said fewer customers were coming into its stores amid a slowing economy.

Wendy's International, Inc agreed to sell itself to billionaire investor Nelson Peltz's Triarc Cos. for about $26.78 a share in an all-stock deal.

“The euro and energy prices are the two primary factors contributing to the breakdown in the Ifo,” said Michael Malpede, a senior currency analyst at MF Global Ltd. “The euro represents a pretty significant threat to the European economy,” he added.

EUR/USD holds $1.5653 area, off recent lows at $1.5638. Traders note, remarking too that further dollar gains may be seen now that the dollar index has broken a series of tops around 72.00.

The euro dropped the most against the dollar since June 2004 and slumped versus the yen as reports showed German and French business confidence fell this month.
The Munich-based Ifo institute said its German business climate index, based on a survey of 7,000 executives, fell to 102.4, from 104.8 in March. Economists had forecast a drop to 104.3. An index of sentiment among 4,000 French manufacturers slid to 106 in April from a revised 108 in March, Insee, the Paris-based national statistics office, said today.
European policy makers have been wary inflation will quicken after the cost of crude surged 82% in the past year.
New home sales totaled 526,000 during March, which is below the consensus forecast of 580,000 units. New home sales during February were revised lower from 590,000 to 575,000.
Futures on the Chicago Board of Trade show an 86 percent chance the U.S. central bank will cut the target rate for overnight lending between banks by a quarter-point on April 30. The balance of bets is for no reduction.

From JPM: "After this drop in sales, housing starts are still running below sales, but clearly there is going to be just that much more pressure for builders to slash starts and get inventories under control."

USD/JPY: Y104.00, Y103.20, Y100.00
USD/CAD: C$99.95
AUS/USD: $0.9380, $0.9870

Stocks slumped Thursday, as investors mulled disappointing tech profit forecasts and weak readings on housing and manufactured goods.
Stocks rose Wednesday as investors welcomed upbeat earnings from Boeing, Yahoo and others. But the tone was more mixed Thursday.
After the close Wednesday, Apple reported quarterly sales and earnings that topped forecasts, but also issued current-quarter guidance that was short of expectations.
Also after the close Wednesday, Amazon.com reported earnings that topped forecasts, but issued a full-year profit outlook that was short of analysts' estimates. Shares fell nearly 5%.
Also late Wednesday, Qualcomm reported higher quarterly profit and raised its current-quarter forecast.
Motorola reported a steeper quarterly loss versus a year earlier, missing analysts' forecasts, due to a big drop in its mobile phone unit. The company also forecast a bigger current-quarter loss than what analysts are expecting. Shares fell more than 4%.
Economic news. Durable goods orders fell for a third straight month in March, the Commerce Department reported. New home sales in March fell to a 16-year low, and February sales were revised lower, in the latest reading on the hard-hit housing sector.
U.S. light crude oil for June delivery fell to $116.65 a barrel.

Kazuya Ito, fund manager at Daiwa SB Investments: “The Fed is expected to halt its easing cycle after carrying out an expected 0.25% cut next week, and the Bank of Japan is also expected to eventually return to the stance of normalizing interest rates.”

Stocks have fallen further after disappointing new home sales data.New home sales totaled 526,000 during March, which is below the consensus forecast of 580,000 units. New home sales during February were revised lower from 590,000 to 575,000.

Analysts at ML note: "Net effect of durables was to push our estimate for Q1 GDP from -0.1% to +0.3%. About half of the upward adjustment was due to stronger investment (tied to the elevation in shipments) and the other half was due to higher inventories. However, the softness in orders together with an inventory offset, imply somewhat weaker economic performance in Q2. Indeed, we now see Q2 tracking at -2.0%, versus our prior estimate of -1.5%."

Analysts at Dresdner Lleinwor are concerned about the outlook for inflation and do not want to ease policy too aggressively at this point." From UBS: est -25, and language of statement to be "similar to last time but perhaps less suggestion of more easing to follow--still downside risk on growth"; Fed to ease 25 in both June and Aug, end the yr at 1.5%.

Stocks have fallen further after disappointing new home sales data. All three of the major indices are at their morning lows.

Michael Klawitter, currency strategist at Dresdner Kleinwort - "Picking a peak is tricky. But over a three-month horizon, I'm very confident that we're at the top of the range for euro/dollar, and that risks are heavily biased to the downside."

Better than expected US durable goods and weekly claims data are the main reasons for relative optimism: CAC-40 is -5pts, Xetra-DAX + 32pts, FTSE-100 -51pts.

The negative tone indicated among futures as eased a bit, but continue to indicate stocks will open in negative ground:S&P futures vs fair value: -5.0. Nasdaq futures vs fair value: -9.0. Earnings results have been predominately positive.
Apple (AAPL) reported after yesterday's close it topped the conesnsus earnings estimate for its most recent quarter. Qualcomm (QCOM), another name in the tech sector, also beat its consensus earnings estimate.
Among the tech companies reporting, mobile phone maker Motorola (MOT) beat earnings estimates by 2 cents but missed on revenues and lowered its guidance. Elsewhere in tech, Apple (AAPL) reported a jump in quarterly profit and sales late Wednesday, but the iPod maker's conservative outlook sent shares lower in after-hours trading. And Amazon.com (AMZN) also posted robust results, but shares of the company fell 5% in after-hours trading as investors expressed disappointment with the company's profit margins.
Automaker Ford (F) surprised analysts early Thursday and swung to a profit, largely on strong sales overseas.
3M (MMM) and Dow Chemical (DOW) also beat estimates.
Microsoft (MSFT) and American Express (AXP) report after the market close.
In major corporate news, Wendy's (WEN) agreed to be bought by Nelson Peltz's Triarc Companies in an all-stock deal.
Oil prices retreated. A barrel of U.S. crude fell 89 cents to $117.41 a barrel in electronic trading.

"the picture for the US manufacturing sector remains weak and today's durables data don't change the outlook for Q1 business investment that - according to our calculations - will be a drag for growth in Q1." Also, "we confirm our call for a -0.1% decline in GDP growth in Q1 (q/q annualized). More weakness is also expected in Q2 and a modest technical recession cannot be ruled out."

The pare skids to earlier mentioned bids at $1.5700/20 area after Initial claims came out at lowest level since mid-Feb. Further losses may extend down to $1.5670.

The euro dropped against the dollar and yen as an industry report showed German business confidence fell to the lowest in more than two years in April, indicating the currency's strength may be curbing economic growth.

The 15-nation currency also retreated from near a record high against the U.S. dollar as French business confidence declined to a 16-month low, prompting traders to bet the European Central Bank won't raise interest rates to curb inflation. The dollar rose against the yen on speculation the Federal Reserve will pause its rate-cut campaign after next week. The New Zealand dollar slid after the country's central bank signaled it may lower borrowing costs later this year.

ex transport +1.5% and ex defense +0.3%.

David Cohen, head of Asian economic forecasting at Action Economics - "They (Fed policy makers) will be biased toward a steady rate going forward and will probably express more concern about inflation. Further rate cuts may not be the most effective way to handle a further deterioration in the economy and the worsening mortgage crisis."

Manuel Oliveri, economist at UBS - "If earnings releases remain constructive, and macroeconomic data fails to disappoint, this will provide the Fed with room to assess the impact of its aggressive easing so far."

The euro dropped against the dollar and yen as an industry report showed German business confidence fell to the lowest in more than two years in April, indicating the currency's strength may be curbing economic growth.
The 15-nation currency also retreated from near a record high against the U.S. dollar as French business confidence declined to a 16-month low, prompting traders to bet the European Central Bank won't raise interest rates to curb inflation. The dollar rose against the yen on speculation the Federal Reserve will pause its rate-cut campaign after next week. The New Zealand dollar slid after the country's central bank signaled it may lower borrowing costs later this year.

The data ``marked something of a watershed in terms of euro- dollar,'' said Adam Cole, head of global currency strategy in London at Royal Bank of Canada, the nation's biggest lender. ``It makes euro gains much harder to come by'' and the currency may decline to $1.40 by the end of the year, he said. That compares with an average forecast of $1.48 in a Bloomberg survey.
The Munich-based Ifo institute said its business climate index, based on a survey of 7,000 executives, fell to 102.4, from 104.8 in March. Economists surveyed by Bloomberg News had forecast a drop to 104.3.
An index of sentiment among 4,000 French manufacturers slid to 106 in April from a revised 108 in March, Insee, the Paris- based national statistics office, said today. Economists expected 108, according to a Bloomberg survey.
``The euro-area economy cannot remain insulated from the slowdown in the U.S. for too long, and support for the euro should wane,'' said Carsten Fritsch, a currency strategist in Frankfurt at Commerzbank AG, Germany's second-largest bank. ``Talk about possible interest-rate increases is not appropriate; there's a higher risk of cuts.''
Dollar gains may be limited on speculation Commerce Department reports will show sales of new homes slid to a 13-year low in March and growth in durable goods orders stalled.

Resistance 3: Y104.60

Resistance 2: Y104.05
Resistance 1: Y103.90
Current price: Y103.58
Support 1: Y102.70

Support 2: Y102.20

Support 3: Y101.70

Comments: Dollar gains. The nearest resistance comes around Y103.90, stronger – on Y104.05 (Monday’s high), with a break above will open the way to Y104.60. Support is around session low on Y102.70, stronger – at Y102.20. Below losses may widen to Y101.70.

- ECB must be careful policy doesn't boost euro

Resistance 3: Chf1.0350

Resistance 2: Chf1.0280
Resistance 1: Chf1.0190

Current price: Chf1.0245

Support 1: Chf1.0130
Support 2: Chf1.0000

Support 3: Chf0.9960
Comments: Dollar gains. Resistance is around Chf1.0190, then comes Chf1.0280 (Apr 18 highs). Lift higher will open a way to March 12 high at Chf1.0350. Support comes at March 22 low on Chf1.0130. Stronger level on Chf1.0000 with a break under widens losses to Chf0.9960.

Resistance 3: $2.0050
Resistance 2: $2.0000
Resistance 1: $1.9860
Current price: $1.9780
Support 1: $1.9690
Support 2: $1.9630
Support 3: $1.9600

Comments: Pound consolidates. Support comes at yesterday's low on $1.9770, then - $1.9690(Apr 17 low). Stronger level is around trend support line from Apr 2006 at $1.9630. Resistance comes near broken support level at $1.9860. Higher comes Tuesday's high at $2.0000, further – on $2.0050.

Resistance 3:$1.6050

Resistance 2: $1.6020Resistance 1: $1.5880Current price: $1.5755

Support 1: $1.5710
Support 2: $1.5670
Support 3: $1.5590

Comments: Euro stil dips. Strong support is at Apr 18 lows on $1.5710. If piersed $1.5670 may be tested. Below correction may dip to $1.5590. Resistance comes at early broken support and 50% of re resent slide at $1.5880. A break above will open the way to records at $1.6015/20 and higher - till $1.6040.

Drops through $1.5740, with triggered stops taking the rate down to next level of reported demand between $1.5725/20. Below here and recent rally base at $1.5710 moves into view, with bids seen from here to $1.5700.

EUR/USD: $1.5890, $1.5800, $1.5720
USD/JPY: Y104.00, Y103.00, Y102.75, Y102.55, Y101.00
EUR/JPY: Y162.00
USD/CAD: C$1.0000

Breaks through reported demand area between $1.5790/80, through key tech support at $1.5784 in the process, to take it down to $1.5740. Traders have reported that sovereign accounts have left layered demand toward $1.5750, with stronger demand noted between $1.5760/50. Below here and rate can push down toward $1.5725/20 ahead of $1.5700.

closing
Nikkei 225 +31.34 (+0.2%) 13,579.16
Topix +2.93 (+0.2%) 1,314.39
DAX 30 +66.73 (+1%) 6795.03
САС 40 +72.01 (+1.5%) 4944.65
FTSE 100 +48.90 (+0.8%) 6083.60
Dow +42.99 (+0.34%) 12763.22
Nasdaq +28.27 (+1.19%) 2405.21
S&P +3.99 (+0.29%) 1379.93
10YR -12/32 98 2/32 3.73%
OIL NYMEX +0.23 (+0.19%) $118.30

Japan's stocks rose after surging metal prices and record crude oil prompted investors to snap up shares in commodities-related companies.
Mitsui & Co., which gets more than half its profit from commodities dealing, surged to a five-month high. Idemitsu Kosan Co. jumped by a record on renewed confidence its Australian mining operations will recover. Toho Co., the maker of ``Godzilla'' and ``Pokemon'' films, sank the most in two years after reporting profit a quarter below its forecast.
Mitsui advanced 4.9%, the highest close since Nov. 15, while Sumitomo Corp., a trading company with a stake in the Cerro Verde copper mine in Peru, soared 4.7 percent, the sharpest leap since Jan. 29. Smaller rival Marubeni Corp., which has investments in Chilean copper and Kazakh uranium, added 4.1%, the highest since March 14.
Idemitsu surged 11%, the biggest gain since it listed on the bourse in October 2006. The company said yesterday annual net income fell short of its target, reflecting a charge for resuming operations at a flooded coal mine in Queensland, Australia.
Nippon Oil Corp., Japan's largest petroleum refiner, climbed 7.4%. The Tokyo-based company found enough natural gas reserves for commercial production in its WC552 field in the Gulf of Mexico. Nomura Holdings Inc., Japan's largest securities company, fell a second day, losing 1.7%. Japan's Pension Fund Association, the manager of 13.2 trillion yen ($128 billion) of retirement assets, will stop placing orders through Nomura until the financial regulator has completed a probe into suspected insider trading, the group said yesterday.

European stocks gained for the first time in three days after earnings from German drugmaker Merck KGaA and U.S. technology and industrial companies eased concern that profit growth will slow.
Merck climbed to a three-month high in Frankfurt after profit topped analysts' estimates, while UCB SA surged 23 percent in Brussels on a surprise approval from U.S. regulators for a new Crohn's disease medicine. Infineon Technologies AG, Europe's second-biggest semiconductor maker, advanced on revenue that exceeded estimates. BAE Systems Plc gained as Boeing Co. reported better-than-expected profit.
UCB jumped 5.15%. The company received approval for the Crohn's disease medicine that UCB had previously said would be delayed by more than a year. Infineon led technology shares higher, gaining 8.4%. The company reported second-quarter revenue that exceeded analysts' estimates. Speculation of a takeover and sale of its Qimonda AG memory-chip unit also buoyed the shares.
BAE Systems, Europe's largest defense company, climbed 2.9%. Siemens AG, Europe's biggest engineering company, rose 3.7%. UniCredit SpA, Italy's biggest bank, dropped 2.1%.
HVB, UniCredit's German banking unit, said it expects ``significant'' losses related to the credit crisis in the first quarter. U.S. bond insurer Ambac Financial Group Inc., having staved off a credit-rating downgrade, posted a wider loss than analysts estimated after taking $3.1 billion in charges for subprime-mortgage securities.

Stocks rose Wednesday, led by technology, as the market digested a steady stream of corporate earnings reports. Internet search engine Yahoo reported stronger-than-expected first-quarter earnings after the closing bell Tuesday. Yahoo shares fell more than 1%. Technology stocks remain in focus Wednesday with tech heavyweights Apple and Amazon.com due to report after the closing bell. Privately held insurance company Liberty Mutual has offered about $ 6.2 billion to buy Safeco Corp. The deal, which represents a 51% premium to Safeco's closing price on Tuesday, would create the country's fifth-largest property and casualty insurer.

UPS reported a 7.5% increase in first-quarter profit but warned that it expects the U.S. economy to remain weak during the second quarter.

Bond insurer Ambac Financial Group reported a $1.66 billion first-quarter loss on hefty charges related to mortgage-backed bonds. Shares fell more than 27%.

On the bright side, Boeing said profit rose 38% in the first quarter to $1.2 billion.

Drugmaker Schering-Plough said first-quarter earnings fell 48%. The company's results were hindered by a $23 million charge related to an acquisition and $688 million in accounting adjustments.

The euro fell the most against the dollar in more than three weeks after Luxembourg's Finance Minister Jean-Claude Juncker signaled concern that the pace of the U.S. currency's decline will hurt economic growth.

The Australian currency rose to a 24-year high against the dollar after a government report showed inflation accelerated above 4% for the first time in seven years.

The euro rose yesterday above $1.60 for the first time as ECB governing council member Christian Noyer said policy makers will ``do what it takes'' to restrain consumer prices. Noyer later told the Wall Street Journal that interest rate ``movements can go both ways.'' He said earlier statements had been over-interpreted, according to the newspaper.

Policy makers are wary inflation will quicken on a 78% surge in crude oil from a year ago.

- Apr Ifo current assessment 108.4 (median 110.9, Mar 111.5)
- Apr Ifo business expectations 96.8 (median 97.9, Mar 98.4)

The euro fell for a second day against the dollar on speculation an industry report today will show German business confidence declined in April, indicating the currency's strength is hurting Europe's biggest economy.
The 15-nation currency has retreated from a record high as traders bet slowing growth will discourage the European Central Bank from raising interest rates to curb inflation. The U.S. dollar rose against the yen on speculation the Federal Reserve will pause in cutting borrowing costs following a reduction next week. The New Zealand dollar slid after the country's central bank signaled it may lower borrowing costs later this year.
Dollar gains may be limited on speculation Commerce Department reports will show sales of new homes slid to a 13- year low in March and growth in durable goods orders stalled.

EUR/USD fell from $1.5885 to $1.5830.
GBP/USD traded within $1.9770/00.
USD/JPY firmed from Y103.30 to Y103.70

The main European data release is Germany April IFO at 0800GMT. German overall business conditions improved in March for the third month running according to the IFO institute, with its headline index coming in at 104.8, 0.7 points higher than in February. The headline IFO indicator is expected to decline in April to a reading of 104.3. The expectations component of the ZEW survey slipped back by 8.7 points this month. Consequently the IFO expectations index is expected to decline to a reading of 97.9. At 0800GMT, the Eurozone February current account data is due.

Japanese stock indices ended Thursday's session lower, unable to hold on to modest gains seen at the mid-session break. The benchmark Nikkei 225 was down 38.29 points, or 0.28%, at 13540.87. The broader-based TOPIX was lower by 6.82 points at 1307.57.

US index futures are trading off in early European dealing Thursday, the S&P June contract was last down 3.50 points at1375.00, with the Nasdaq June contract trading 10.25 points lower at1895.25.

Resistance 3: Y104.60
Resistance 2: Y104.05
Resistance 1: Y103.50
Current price: Y103.78
Support 1: Y102.70

Support 2: Y102.20

Support 3: Y101.70

Comments: Dollar gains. The nearest resistance comes around Y103.50, stronger – on Y104.05 (Monday’s high), with a break above will open the way to Y104.60. Support is around session low on Y102.70, stronger – at Y102.20. Below losses may widen to Y101.70.

Resistance 3: Chf1.0350
Resistance 2: Chf1.0280
Resistance 1: Chf1.0190

Current price: Chf1.0188

Support 1: Chf1.0130
Support 2: Chf1.0000

Support 3: Chf0.9960
Comments: Dollar gains. Resistance is around Chf1.0190, then comes Chf1.0280 (Apr 18 highs). Lift higher will open a way to March 12 high at Chf1.0350.Support comes at March 22 low on Chf1.0130. Stronger level on Chf1.0000 with a break under widens losses to Chf0.9960.

Resistance 3: $2.0050
Resistance 2: $2.0000
Resistance 1: $1.9860
Current price: $1.9780
Support 1: $1.9770
Support 2: $1.9690
Support 3: $1.9630
Comments: Pound consolidates. Support comes at yesterday's low on $1.9770, then - $1.9690(Apr 17 low). Stronger level is around trend support line from Apr 2006 at $1.9630. Resistance comes near broken support level at $1.9860. Higher comes Tuesday's high at $2.0000, further – on $2.0050.

Resistance 3:$1.6050
Resistance 2: $1.6020

Resistance 1: $1.5880
Current price: $1.5855

Support 1: $1.5830
Support 2: $1.5790
Support 3: $1.5710

Comments: Euro stil dips. Strong support is around session low at $1.5830. Below correction may dip to $1.5790(Monday low). Stronger level comes at Apr 18 lows on $1.5710.

Resistance comes at resently broken support at $1.5880. A break above will open the way to records at $1.6015/20 and higher - till $1.6040.

High Low Close
EUR/USD 1.5995, 1.5860, 1.5882
USD/JPY 103.76, 102.73, 103.40
GBP/USD 1.9973, 1.9771, 1.9788
USD/CHF 1.0168, 1.0021, 1.0151

EUR/JPY 164.95, 163.80, 164.26
EUR/GBP 0.8039, 0.7992, 0.8024
GBP/JPY 206.04, 204.11, 204.64
GBP/CHF 2.0138, 1.9966, 2.0090

Change % Change Last
Nikkei 225 +31.34 (+0.2%) 13,579.16
Topix +2.93 (+0.2%) 1,314.39
DAX 30 +66.73 (+1%) 6795.03
САС 40 +72.01 (+1.5%) 4944.65
FTSE 100 +48.90 (+0.8%) 6083.60
Dow +42.99 (+0.34%) 12763.22
Nasdaq +28.27 (+1.19%) 2405.21
S&P +3.99 (+0.29%) 1379.93
10YR -12/32 98 2/32 3.73%
OIL NYMEX +0.23 (+0.19%) $118.30

07:00 UK Nationwide Housing Prices n.s.a (YoY) (Apr) 1.1%
07:00 UK Nationwide Housing Prices s.a (MoM) (Apr) -0.6%
08:00 Germany IFO business climate index (April) 104.8
08:00 EU(15) Current account (February) unadjusted, bln -19.1
08:30 UK Retail sales (March) -0.3% 1.0%
08:30 UK Retail sales (March) Y/Y 5.5%
10:00 UK CBI industrial order books balance (April) +2% +7%
12:30 USA Jobless claims (week to 19.04) 373K 372K
12:30 USA Durable goods orders (March) 0.0% -1.1%
12:30 USA Durable goods orders excluding transportation (March) -2.6%
12:30 USA Durable goods orders excluding defence (March) -1.6%
14:00 USA New home sales (March) 585K 590K
20:30 USA M2 money supply (14.04), bln
23:30 Japan Nationwide CPI (March) Y/Y 1.0%
23:30 Japan Nationwide CPI ex fresh food (March) Y/Y 1.0%
23:30 Japan Tokyo-area CPI (April) 0.6%
23:30 Japan Tokyo-area CPI (April) Y/Y 0.6%
23:30 Japan Tokyo-area CPI ex fresh food (April) Y/Y 0.6%
23:30 Japan Nationwide CPI (March) -0.2%