Good morning. Here’s what you need to know.
- Asian indices were mixed in overnight trading with the Nikkei up 0.13%. Major European indices are down and U.S. futures indicate a negative open.
- 10-year Greek bond yields have surged to 13%, reaching a record high. The country may now have to restructure its debt, a move that could cause bondholders to take a 50% – 70% haircut, according to S&P estimates. Don’t miss: Niall Ferguson’s new presentation on the decline of the west >
- The Producer Price Index for March came in below expectations. Read about it here >
- Finnish political parties that are against increasing the size of the European Financial Stability Facility (EFSF) and the Portuguese bailout are gaining popularity ahead of the April 17 election. EU members will watch the elections closely as Finland could block a Portuguese bailout. Check out 14 must see charts from the IMF’s latest report on the world economy >
- The House and Senate are expected to vote on the budget today. It was revealed yesterday that actual cuts in 2011 spending amount to $352 million, a fraction of the $38 billion that officials had initially suggested. Here’s Paul Ryan’s plan to save America from bankruptcy >
- Initial jobless claims came in higher than expected. Read about it here >
- Senator Levin believes Goldman Sachs executives were dishonest during last year’s Congressional hearings. He has said he would refer the testimony to the Department of Justice for possible perjury charges.
- Glencore has confirmed its $11 billion IPO but did not reveal a new non-executive chairman for the group which is a condition for its listing. The company plans to set its price range on May 4 and trading of shares is set for May 19.
- BRIC and South African leaders met in China to discuss international currency system and commodity price changes. The leaders called for a stable broad-based international reserve currency system.
- BP and Rosneft have agreed to extend the deadline on their $16 billion share-swap to May 16 from the original April 14 date. BP’s Russian partners TNK-BP had created a stalemate on the deal that would allow BP to explore for oil in the Russian Arctic. Here’s why a former BP executive believes peak oil is real >
- BONUS: Scarlett Johansson is rumoured to have moved in to Sean Penn’s $3.8 million Malibu home.