Asian stocks inched back after a day of selling across US and European markets: the Nikkei advanced more than 0.5 per cent (Reuters). Banks are coming under increased pressure to settle with EU antitrust regulators over Libor claims. The European Commission, which recently added Swiss rates to the yen and euro focus of its 18-month investigation into Libor, can levy a fine of up to 10 per cent of global turnover for each cartel it finds a company to be involved with. Banks implicated in all three rate-fixing cases could ultimately face penalties of 30 per cent of total revenues. At least a dozen banks and brokers are subjects of the EU probe, with officials "informally exploring the potential for settlements" (Financial Times). Bumi is set to separate from the Bakrie brothers after Nat Rothschild lost Thursday's vote on board changes. The Bakries would swap their shares in Bumi for its stake in Bumi Resources under the proposal, leaving the company with 85 per cent of Indonesia's fifth-biggest coal miner. Rothschild's proposals were scuppered after a share sale by an associate of the Bakries undercut his voting power. "Without the Takeover Panel intervention we would have been successful in 20 of 22 resolutions," he said (Bloomberg). Hewlett-Packard Q1 earnings: buying time. Revenues fell 6 per cent year on year, not as steep a decline as had been feared, sending HP shares up more than 5 per cent in aftermarket trading. "If I had to characterise it, I'd say the patient showed some improvement," Meg Whitman said during a call with investors. HP's biggest outperformance in earnings for some years will give Whitman more time to continue her five-year plan to divert the company from the PC market - where sales dropped 8 per cent in the first quarter (Wall Street Journal, HP release). Bankia is set to announce the biggest corporate loss in Spanish history. The bailed-out bank will reveal its more than €19bn hole when it reports on Thursday (Financial Times). A Bundesbank official has looked forward to an "exit from the non-standard measures" of the ECB, shortly before the window opens next week for banks to repay portions of the second three-year LTRO (Reuters). Several eurozone states cannot meet deficit targets because of economic weakness, the EU is expected to forecast on Friday. The economic forecasts could lead the European Commission to relax targets in May (Reuters). David Einhorn implored Apple investors to rally round the "iPref." The Greenlight founder used a public conference call to press shareholders to vote out corporate governance changes that may make it harder for Apple to issue preferred stock. Einhorn's proposal for Apple to issue $47bn preferred perpetual shares would conserve its cash hoard while giving savers a "desperately needed" yield, he said. Citi overhauled payouts for its chief executive, after the "say on pay" downfall of Vikram Pandit last year. To receive the full $11.5m pay package, Michael Corbat will have to lead Citi to a better share price performance than four other banks, and raise its return on assets to 0.85 per cent, a level not seen since 2006 (Financial Times). David Miles and a "policy guidance" hint: the Bank of England external MPC member used a Thursday speech to outline a detailed model for showing the amount of slack in the economy, something the central bank has avoided to date (Reuters, Miles speech). Don't let the weak pound cover for weak fiscal policy, says Martin Wolf. Lex goes large on América Móvil shares. Shinzo Abe's elite squad of reflationists. The people who gave you the Shard will manage a tower three times its height in Saudi Arabia. "Too many laws, too few examples" and "The legislator commands the future" - two apt Saint-Just quotes for beleaguered Mayfair. The UK's first ever public list of "deliberate tax defaulters." Asian markets Nikkei 225 up +73.77 (+0.65%) at 11,382.9 Topix down -4.51 (-0.47%) at 958.35 Hang Seng down -78.42 (-0.34%) at 22,828.25 US markets S&P 500 down -9.53 (-0.63%) at 1,502.42 DJIA down -46.92 (-0.34%) at 13,880.62 Nasdaq down -32.92 (-1.04%) at 3,131.49 European markets Eurofirst 300 down -17.11 (-1.46%) at 1,151 FTSE100 down -103.83 (-1.62%) at 6,291.54 CAC 40 down -85.08 (-2.29%) at 3,624.8 Dax down -145.33 (-1.88%) at 7,583.57 Currencies €/$ 1.32 (1.33) $/¥ 93.28 (93.43) £/$ 1.53 (1.52) Commodities ($) Brent Crude (ICE) up 0.62 at 114.16 Light Crude (Nymex) up 0.4 at 93.24 100 Oz Gold (Comex) up 1.40 at 1,579 Copper (Comex) unchanged 0.00 at 355.05 10-year government bond yields (%) US 1.99% UK 2.12% Germany 1.57% CDS (closing levels) Markit iTraxx Europe +4bps at 114.2bp Markit iTraxx Xover +14.5bps at 445.4bp Markit CDX IG + 0.9bps at 88.2bp