NEWS

- U.S. consumer prices fall in March, posting first 12-month
drop in nearly 54 years

- Output at U.S. factories, mines and refineries drop 1.5 pct
in March, businesses pared orders, cut inventory

- UBS AG (UBSN.VX: Quote, Profile, Research)(UBS.N: Quote, Profile, Research) to cut staff by 11 pct, chief warns
Switzerland's No.1 bank still faces uncertain future

- U.S. credit card defaults rise in March to record highs, but
American Express (AXP.N: Quote, Profile, Research) pleases investors with encouraging data

- U.S. govt to release some results of bank stress tests in
May as it tries to diagnose problems, stabilize banking sector

MARKETS

- U.S. stocks rise amid signs recession could be abating.
American Express gains. Dow .DJI up 1.38 percent [.N]

- Europe shares close lower, snapping three-day winning run.
UBS leads banks down, oils and miners fall. Nikkei off 1.1 pct

- Oil prices fall marginally as govt data showed U.S. crude
stocks last week were at the highest level since Sept 1990 [O/R]

- Dollar gains as persistent concerns about the global economy
add to greenback's safe-haven allure [USD/]

- U.S. Treasury debt prices mostly gain after data shows steep
deterioration in industrial production, no inflation [US/]

QUOTES

"The numbers speak to an economy that is in deep recession,
but we're no longer in the shock mode of staggering numbers that
speak to a serious slide lower in terms of macroeconomic activity,
coupled with the threat of inflation." - Peter Kenny, managing
director at Knight Equity Markets in Jersey City, New Jersey.

"Unfortunately I am not able -- as yet -- to offer you any
good news. Instead I am forced to present you with another round
of unsatisfactory performance figures and to announce further
drastic measures." -- UBS Chief Executive Oswald Gruebel.

"There's still a lot of stress. It's not a 'V' recession,
where we're just going to bounce out and come back. - Wal-Mart CEO
Mike Duke said on a taped interview on NBC's "Today Show."
[ID:nN15512983]

"It will take time to undo the damage of years of carve-outs
and loopholes. But I want every American to know that we will
rewrite the tax code so that it puts your interests over any
special interest. And we will make it quicker, easier and less
expensive for you to file a return, so that April 15 is not a date
that is approached with dread each year." - U.S. President Barack
Obama.

"We do see some evidence pointing to a (Chinese) economic
recovery, but we cannot confirm it as a clear and steady upward
trend. We still need to watch more economic indicators in the
coming months before we can make that judgment." - Fan Jianping,
director of the economic forecasting department of the State
Information Center.

DIARY

(all times GMT)

THURSDAY, April 16

WASHINGTON - The Labor Department issues weekly jobless claims
and the Commerce Department issues housing starts for March. Both
at 1230.

WASHINGTON - Freddie Mac issues weekly U.S. mortgage rates
after 1430.
(Compiled by World Desk, Americas, +1 202 898 8457)