Japan's Economy Grows Faster Than Forecast, Boosting Recovery Hopes

• Japan's economy expanded faster than expected in the first quarter, growing by 0.6% from the quarter before vs. forecasts of 0.4% growth. On an annualized basis, the economy grew 2.4% in the period against forecasts of 1.5%. Private consumption and capital spending were both up 0.4% in the quarter; however, capital spending was expected to rise by 0.8%.
• French telecommunications group Altice has held talks to buy Time Warner Cable (TWC), according to a report by Reuters quoting sources. Altice is close to buying smaller peer Suddenlink, moving into the U.S. cable market, according to people familiar with the matter.
• Swiss bank UBS (UBS) paid $545 million to U.S. authorities to settle an investigation into the manipulation of foreign exchange rates. UBS said it had settled with the US Department of Justice, the US Federal Reserve and the Connecticut Department of Banking.
• UBS, together with four other big banks are expected to be hit with a combined bill of more than $5 billion and criminal charges in a settlement with U.S. and British authorities over rigging of currency markets. JPMorgan (JPM), Citigroup (C), Barclays (BCS) and Royal Bank of Scotland (RBS) are expected to plead guilty to criminal charges with the U.S. Department of Justice related to forex manipulation, people familiar with the matter said quoted by Reuters.
• A third of people living in London do not have enough money to afford a decent standard of living because housing, transport and childcare cost so much more than in other parts of the U.K., a study quoted by the FT shows. 

At the time of publication, Antonia Oprita had no positions in any of the securities mentioned.