Asian stocks outside Japan climbed as the Bank of Korea cut interest rates and News Corp's earnings beat estimates. Japanese stocks were slightly lower as the yen strengthened. Today: The BoE's MPC meets and is expected to maintain its target for asset purchases. Jobless-claims data will be released in the US. The CPI for April was 2.4% higher, year-on-year, after slowing to 2.1% in March. However core inflation remained subdued with the non-food index rising just 1.6%, and producer prices fell deeper into inflationary territory, declining 2.6%, a six-month low. South Korea's central bank cut rates. The Bank of Korea lowered its benchmark seven-day repo rate to 2.5% from 2.75% today, in the same month as official rates were cut in the eurozone, India and Australia. The strong Wonhas put increasing pressure on the country's exporters in recent months as Japan has successfully weakened its own currency, and the Bank has come under heavy pressure to ease monetary policy from the new administration of President Park Geun-hye. (Bloomberg) (Financial Times) (Wall Street Journal) New City regulator swoops on banks and asset managers: Site visits to London offices of the world's biggest banks and asset managers are focusing on "transition management" services, such as custodian banks liquidate or move securities portfolios on behalf of pension and retail funds, or when funds are combined or change providers. The site visits, people familiar with the situation said, are the most dramatic example yet of the Financial Conduct Authority's focus on ensuring that wholesale markets participants protect the interests of end users... the new sweep makes clear that the entire industry is facing scrutiny. Jobs in both Australia and New Zealand surged according to data released today. "The number of people employed in Australia rose by 50,100 in April from a month earlier, more than four times economists" estimates, and the jobless rate unexpectedly fell to 5.5 percent, government data showed today. New Zealand employers added a record 38,000 jobs last quarter and its unemployment plunged to a three-year low of 6.2 percent. Economists expected 6.8 percent. The news boosted currencies of both countries, which their respective central banks have been battling to contain. Cable channels lift News profits: "Net income at News Corporation climbed to $2.85 billion, or $1.22 a share, compared with $937 million, or 38 cents a share, in the same period last year, the company reported on Wednesday." Green bank directs £2.3bn into UK energy projects: The Green Investment Bank said today that it had committed £635m to almost a dozen wind, waste and energy-efficiency projectsaround the country in its first five months. The deals pulled in another £1.7bn of private funds, meaning that a total of £2.3bn will be invested in 11 UK green projects. A fire at a garment factory in Dhaka killed at least seven people, highlighting the dangers plaguing the Bangladeshi clothing industry two weeks after another factory collapsed in the country's worst industrial disaster, which killed at least 892 people. Former Enron CEO Jeffrey Skilling's jail term could be shortened to 14 years from 24, under a deal reached with the Department of Justice. Junk bonds below 5% for first time. (Wall Street Journal) (FT Alphaville) David Pilling: Japan is revived by China and the post-tsunami spirit. Roger Altman: Bond markets are to blame for austerity, not politicians. Goldman said to earn $500m from arranging Malaysian bond sale. European gas-fired plants mothballed amid cheap US coal influx. Lex In-Depth on HP and Autonomy. Does splitting the CEO/chairman role actually help? Asian markets Nikkei 225 up +17.08 (+0.12%) at 14,303 Topix down -4.21 (-0.35%) at 1,190 Hang Seng down -64.83 (-0.28%) at 23,180 US markets S&P 500 up +6.73 (+0.41%) at 1,633 DJIA up +48.92 (+0.32%) at 15,105 Nasdaq up +16.64 (+0.49%) at 3,413 European markets Eurofirst 300 up +8.49 (+0.70%) at 1,229 FTSE100 up +26.18 (+0.40%) at 6,583 CAC 40 up +34.96 (+0.89%) at 3,956 Dax up +67.93 (+0.83%) at 8,250 Currencies €/$ 1.32 (1.32) $/¥ 98.77 (98.99) £/$ 1.55 (1.55) Commodities ($) Brent Crude (ICE) up +0.11 at 104.45 Light Crude (Nymex) up +0.03 at 96.65 100 Oz Gold (Comex) down -2.20 at 1,472 Copper (Comex) down -3.05 at 334.05 10-year government bond yields (%) US 1.81% UK 1.78% Germany 1.27% CDS (closing levels) Markit iTraxx SovX Western Europe +0.06bps at 89.49bp Markit iTraxx Europe +2.23bps at 91.75bp Markit iTraxx Xover +3.56bps at 374.48bp Markit CDX IG -1.78bps at 68.84bp