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What's in a Tweet?

What’s in a Tweet? Well a hacked Twitter account of the international news agency the Associated Press sent markets into turmoil after it stated “Breaking: Two Explosions in the White House and Barack Obama is injured” (April 23rd 2013).

Algorithms reacted to the story creating a mini flash crash as the Dow dropped 150 points before recovering; following the release that the release was a fake. This all happened in matter of minutes, bringing a few highly contentious issues into discussion; high frequency trading and market stability. The hack or phish has been claimed by the Syrian Electronic Army, and might force Bloomberg to rethink the rollout of Twitter feeds in their Bloomberg terminals.

Headlines

The planned sale of more than 600 UK bank brances by Lloyd's Banking Group to the Co-op group has fallen through - BBC News

Bank of England’s Ian McCafferty: “I do not wish to sound complacent; growth of even 1.2 per cent across much of the economy is still at best a slow and difficult recovery. But it is also somewhat removed from the reports of semi-permanent, triple dip, recession.”  

Credit Suisse Group AG (CSGN), the second-biggest Swiss bank, posted a jump in first-quarter profit as year-earlier charges related to its own debt and bonus payments weren’t repeated - Bloomberg

Standard & Poor's has warned that Australia's AAA credit rating will come under threat if the government does not show a commitment to eliminating the budget deficit - The Australian

The Bank of England’s Funding for Lending Scheme (FLS), due to end in January 2014, will be extended for another year to 2015

European equities rallied on Tuesday as poor economic data, prompting speculation that the ECB rate cut at next week’s meeting

Chinese regulator orders a review of the Chinese bond market

New Zealand central bank leaves interest rates unchanged

USDJPY has traded up over the 99.50 mark, with traders still eyeing the psychological 100 Yen mark

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