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STOCKS: Equity index futures trade in the red in early Asia and have now
virtually unwound all of Wednesday's solid gains, after month end imbalances
helped them lower during the final NY session of April. The major e-mini
contracts do operate off of their early lows against a thinner liquidity
backdrop owing to the aforementioned regional holidays, with Amazon & Apple
earnings in focus in the wake of their afterhours reports. For Amazon, weaker
than expected adj. earnings and pledges re: profit usage outweighed the revenue
beat, with sell-side estimates for revenue guidance for Q2 pretty much bang on
the money vs. company exp. For Apple, the lack of guidance will cause some
concern, although isn't particularly shocking given the current backdrop. Both
iPhone & iPad revenues missed exp, although overall revenues and adjusted EPS
both topped exp.
- April saw the S&P 500 register a 12.7% monthly gain, its best monthly showing
since '87, while the DJIA added ~11% and the NASDAQ added over 15% over the same
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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