Asian stocks rose for a second day, bolstered by data on US home prices and consumer confidence. The Australian dollar weakened and the yen strengthened. EU to ease hard line on austerity for key countries: "In its annual verdict on national budgets of all 27 EU members France, Spain and the Netherlands will be given a waiver on the annual 3 per cent deficit limit. Murdoch seeks to persuade Wall St on new News Corp: Rupert Murdoch yesterday pitched the collection of publishing, advertising and Australian television assets he will spin off next month as a "chance to do it all over again," and tried to convince investors there were still opportunities to make money in newspapers, saying he had often proved naysayers wrong over the past six decades. The new News Corp, seen by many analysts as the poor relation when compared with the television and film brands that will be renamed 21st Century Fox, would pursue "relentless" cost-cutting at its newspapers and "aggressive digital expansion," said CEO Robert Thomson. Germany's biggest seven banks are still €14bn short of meeting Basel III capital requirements short of the capital needed to meet incoming Basel III banking rules at the end of last year, according to new estimates by German regulator BaFin. The banks, which include Deutsche Bank and Commerzbank, cut their collective capital shortfall from €32bn in the second half of 2012, although none raised equity and BaFin calculates most capital improvements came from spinning off assets and recalculating risk weightings. Japan to Korea: do your own easing. Koichi Hamada, an economic adviser to Japanese Prime Minister Shinzo Abe, told South Korea to adjust its own monetary policies if officials are concerned at the effects of a yen weakened by unprecedented easing. Bank auditors urged to question assumptions more closely: Accountants provide "insufficient challenge" to key assumptions of banks calculating loan risks, says UK auditing regulator Financial Reporting Council in its annual report today. Former KPMG partner pleads guilty: "Scott London, a former senior partner with accounting firm KPMG, agreed to plead guilty to securities fraud for his involvement in insider trading, according to an announcement from the U.S. Attorney's Office in Los Angeles." Japanese deflation seen to have slowed in April: Japan's core consumer prices, which exclude fresh food but include energy, are forecast to have fallen 0.4% in April from a year earlier, compared to -0.5% in March, according to a Reuters poll. However many economists maintain the two-year time frame for reaching a 2% inflation target is overly ambitious. The surveyed economists also expect 0.6% industrial production growth in April. Both figures are due on Friday. Ashoka Mody: Germany must lead by example on fixing its banks. Fitch's Chu vs S&P on Chinese banks. Apple hints at more open approach to technology. Vinod Khosla won't back down on clean tech. Europe's youth need growth to work. The AirBnb tax backlash. Asian markets Nikkei 225 up +131.68 (+0.92%) at 14,444 Topix up +20.62 (+1.77%) at 1,189 Hang Seng down -156.90 (-0.68%) at 22,767 US markets S&P 500 up +10.46 (+0.63%) at 1,660 DJIA up +106.29 (+0.69%) at 15,409 Nasdaq up +29.75 (+0.86%) at 3,489 European markets Eurofirst 300 up +16.09 (+1.31%) at 1,246 FTSE100 up +107.67 (+1.62%) at 6,762 CAC 40 up +55.40 (+1.39%) at 4,051 Dax up +97.57 (+1.16%) at 8,481 Currencies €/$ 1.29 (1.29) $/¥ 102.22 (102.36) £/$ 1.50 (1.50) Commodities ($) Brent Crude (ICE) down -0.14 at 104.09 Light Crude (Nymex) down -0.24 at 94.77 100 Oz Gold (Comex) unchanged 0.00 at 1,379 Copper (Comex) unchanged 0.00 at 3.31 10-year government bond yields (%) US 2.16% UK 1.95% Germany 1.50% CDS (closing levels) Markit iTraxx SovX Western Europe -1.57bps at 81.42bp Markit iTraxx Europe -4.04bps at 94.19bp Markit iTraxx Xover -16.56bps at 384.88bp Markit CDX IG -0.02bps at 75.71bp