Here’s what you need to know this morning:
- Jobless claims, still way too high this morning.
- Britain’s debt disaster is going to get a whole lot worse as interest payments are set to rise from 5 to 10% of GDP in the next 10 years, according to the Bank of International Settlements. Worse, interests payments could rise to 27% of GDP by 2040. The pound is down .11% against the dollar.
- Greece is under increasing pressure this morning, and their 10-year bond spread against the German bund has reached an all time high of 453 bps. The euro is down .2% against the dollar.
- Oil has continued its short-term decline, falling to $85 a barrel, due to an increase in stockpiles and dollar strengthening.
- The European Central Bank has retained its low 1% interest rate for the 11th month in a row. ECB President Trichet will be speaking at 8:30 EST about the euro zone’s policy measures.
- President Barack Obama and Russian President Dmitry Medvedev have put pen to paper on the new START treaty, which targets a reduction in both states nuclear arsenals. The signing of the treaty is the first strategic arms reduction between the two countries since 2002.
- Merger talks have been ongoing between U.S. Airways and United for the past two weeks. This is not the first time both airlines have considered this merger. British Airways and Iberian Airlines completed their merger today.
- It has been revealed that Citibank took outside advice from consultants on the CDO deals that cost the bank $50 billion. Goldman Sachs and JP Morgan did not take such advice.
- China is close to a move on yuan pricing that would allow the currency to fluctuate more smoothly. The move is to be modelled on the 2.1% revaluation of the currency against the dollar of July 2005.
- March retail numbers show a majority of retailers beating sales estimates. CNBC reports Costco, Limited, and Zumiez beating expectations.
- The central Asian country of Kyrgyzstan has plunged into further turmoil today as its parliament was dissolved and its president fled the country. The opposition political leader Rosa Otunbayeva has taken control of government, leaving 68 dead nationwide.
- Bonus: Tiger Woods and his wife Elin have yet to return to the bedroom, according to US Weekly. This news comes just hours before Tiger tees off at the Masters.
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