Tuesday Morning Recap: Watching The Divergence Between S&P And Nasdaq

HedgeFundLIVE.comMorning Notes

– Negative tone in overnight session
– Note that Chinese markets are closed again today for a national holiday
– PBOC hiked 1 yr deposit rate and 1 yr lending rate by 25 bps (effective 4/6/11)
– Nikkei saw pressure, closing down 1.1%
– Weakness in Japan attributed to survey showing that GDP contraction expected to carry over into Q3 as a result of earthquake
– European bourses are trading lower
– Moody’s lowered Portuguese bonds rating by one notch
– Renewed concerns in Portugal now around potential bailout
– UK Services PMI came in better than expected
– Eurozone Retail Sales came in worse than expected
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