In the Asia-Pacific markets, the Aussie All-Ords gained +2.91% to 5664, the Shanghai Composite +0.72% to 3117, the Hang Seng of Hong Kong +2.17% to 24722, the Sensex BSE 30 of India +1.57% to 16739, and the Nikkei 225 of Japan +1.63% to 13697.

In Europe, the CAC is down -0.79% to 4923, and the Dax down -0.59% to 6804. Meanwhile, UK traders are trying to see where the spin on the Bank of England 100-billion dollar credit swap to commercial banks will lead. The FTSE is basically flat at 6059.

Futures for gold are up and silver flat to down, while palladium is getting crushed. In the spot market in the past few minutes (6:30am ET), gold was down -5.80 to 916.44 in very volatile action, while palladium is down -3 to 449, platinum -10 to 2026 and silver -0.15 to 17.74.

The June Euro is up +0.45% to 1.5838, while June Crude Oil is moderately higher +0.15% to 116.33. The June DJIA futures are up just +2 to 12812.

There does appear to be more strength coming in the $USD.

As long as the USD was falling, international operators could post results in dollars that looked pretty good. After the USD rallies, however, those results will not look so attractive.

SOURCE: Novartis International AG
Apr 21, 2008 01:00 ET
Novartis reports higher sales and earnings in first quarter of 2008 showing healthcare portfolio well on the way to new growth cycle
BASEL, SWITZERLAND--(Marketwire - April 21, 2008) -

* Novartis on track in 2008:
* Net sales from continuing operations up 9% (+0% in local currencies) to USD 9.9 billion with double-digit contributions from Sandoz, Vaccines and Diagnostics and Consumer Health
* Operating income rises 7% to USD 2.5 billion, supporting major investments in new product launches, pipeline and emerging markets
* Net income up 10% to USD 2.3 billion; EPS advances 15% to USD 1.02
* Pharmaceuticals net sales up 6% (-3% lc) as flagship brands and key regions help offset 19% decline in US from ongoing impact of generics and Zelnorm marketing suspension:
* Reaffirming outlook for Group net sales growth at a mid-single-digit rate and Pharmaceuticals at a low-single-digit rate, both in local currencies
Key figures - First quarter - Continuing operations

Why didn’t Novartis post net earnings in “lc” (local currency)? Does the truth hurt?

The broad market headlines this weekend read: “Earnings Set The Stage For Big Rally” but the truth is that (hopefully temporary) central bank market operations are manufacturing a price rally. This morning the Bank of England is at it.

As my mentor would say; the monetary authorities are manufacturing a high-risk ‘Buy’. But, at the end of the day, prices will be lower.

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Links & Charts

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International Economics Review

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