(CEP News) - Stocks are relatively flat despite better-than-expected earnings from Citigroup and General Electric. The U.S. dollar and yen are broadly stronger and Treasuries are under pressure.

The Dow Jones industrial average was most recently down 5 points to 8121, the S&P 500 was down 1 point to 865 and the Nasdaq was down 10 points to 1660. In Canada, the S&P/TSX composite index is up 56 points to 9400.

Earnings estimates and economic data were better than expected. U.S. consumer sentiment moved beyond expectations in April, according to a preliminary report from Reuters and the University of Michigan. The headline consumer sentiment index grew to 61.9 from a final reading of 57.3 in March, despite expectations by a survey of economists for an increase to 58.5.

General Electric earned 26 cents per share, beating expectations for 21 cents. Still, GE shares are down 0.90%. Similarly, Citigroup shares are down 10.5%. However, the company only announced a loss per share of $0.18 in the first quarter 2009 versus an expected loss of $0.34 per share.

Stocks came under some pressure after General Motors CEO Fritz Henderson accused Chrysler of slowing down talks with the UAW by failing to reach an agreement with the union. He said his current restructuring plan is contingent on the bond holders accepting equity for debt, and a deal with the auto union.

European stock markets are higher, with the Stoxx 50 up 23 points to 1996, the UK FTSE 100 up 45 points to 4098 and the German DAX up 54 points to 4664.

Asian markets were higher, with the Japanese Nikkei closing up 152 points to 8908 and the Hang Seng Index up 18 points to 15601.

In foreign exchange, the Canadian dollar is down 0.0066 to 0.8216 against the U.S. dollar (1.2173 USD/CAD) and down 0.99 to 81.26 against the yen.

The U.S. dollar is down 0.37 to 98.91 against the yen and the Dollar Index is up 0.620 to 85.847.

The euro is down 0.0141 to 1.3045 against the U.S. dollar, down 0.0039 to 1.5880 against the Canadian dollar, down 0.0029 to 0.8804 against the pound sterling and is lower by 1.87 to 129.03 against the yen.

The pound sterling is down 0.0108 to 1.4819 against the U.S. dollar and up 0.0021 to 1.8038 against the Canadian dollar.

WTI crude oil is up $0.71 to $50.69. The front month gold contract at the Chicago Board of Trade is down $11.00 to $869.00 per ounce.

In fixed income, U.S. two-year yields are up 3.3 bps to 0.93%, with five-year yields up 5.3 bps to 1.82%, 10-year yields up 4.4 bps to 2.87% and 30-year yields up 2.9 bps to 3.74%. The Eurodollar September 09 contract is down 4.0 ticks to 98.89. The yield curve is steeper, with the 10/2-year spread up 1.3 bps to 194.16 bps.

Yields on two-year Canadian government notes are down 0.5 bps to 1.12%, with five-year yields flat at 1.90%, 10-year yields flat at 2.95% and 30-year yields flat at 3.70%. The September 09 BAX contract is flat at 99.46.

In Germany, returns on two-year German notes are up 8.7 bps to 1.46%, with five-year yields up 9.8 bps to 2.44%, 10-year yields up 8.2 bps to 3.26% and 30-year yields up 3.6 bps to 4.06%.

Yields on UK two-year notes are up 9.2 bps to 1.42%, with five-year yields up 9.6 bps to 2.52%, 10-year yields up 10.1 bps to 3.34% and 30-year yields up 11.4 bps to 4.49%.

All data taken at 10:30 a.m. EDT.

By Adam Button, abutton@economicnews.ca, edited by Sarah Sussman, ssussman@economicnews.ca

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Posted in Categories: Australia, Canada, Economy, Eurozone, Japan, Releases, Stocks, UK, USA.

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