Good morning. Here’s what you need to know.
- Asian indices were up in overnight trading with the Nikkei up 0.90%. Major European indices are in the green and U.S. futures indicate a positive open.
- UK headline unemployment fell to 7.8% for the three month period December 2010 to February 2011. Youth unemployment however went up to 20.4%. Don’t miss: Niall Ferguson’s new presentation on the fall of the west >
- Retail sales came in slightly weaker than expected. Read about it here >
- President Obama will give a speech this afternoon addressing debt, specifically cuts to defence spending, domestic spending and changes to healthcare, and tax reforms. The House will vote on the budget deal Thursday which could lead to a government shutdown. Here’s Paul Ryan’s plan to save America from bankruptcy >
- Deutsche Bank plans to restructure its main US subsidiary to avoid injecting $20 billion in fresh capital. The restructuring would involve shedding the ‘bank holding company status’ of Taunus Corp., since it lacks adequate capital holdings according to Dodd-Frank legislation.
- France’s Schneider Electric SA has made a $30 billion bid to acquire Tyco International Ltd. Tyco shares soared 1.7% in Frankfurt on the news.
- JP Morgan announced 1Q revenue of $25.8 billion this morning, slightly lower than expectations. EPS however was up to $1.28, ahead of the $1.16 estimate. Check out Richard Koo’s new blistering presentation on why QE2 has been a failure >
- The European Union has fined Procter & Gamble and Unilever a total €315 million for ‘operating a cartel in 8 European countries’ by fixing the prices for powdered laundry detergent together with German company Henkel. P&G is liable is to pay €211.2 million while Unilever was fined €104 million.
- Business inventories for February rose less than expected, up 0.5%.
- BP held meetings with its Russian partners TNK-BP to salvage its deal with Rosneft before the April 14 deadline. BP is under pressure to save the $16 million share-swap with Rosneft ahead of its annual meeting on Thursday. Here’s why a former BP executive believes peak oil is real >
- BONUS: Lindsay Lohan is in talks to play Victoria Gotti in the upcoming bio-pic Gotti: Three Generations.