Good morning. Here’s what you need to know.
- Asian markets were lower in overnight trading with the Nikkei falling 1.74 per cent on Spanish debt concerns. Europe is mixed and U.S. stocks opened higher.
- The Spanish 10-year bond yield surged over 6 per cent on investor concerns about the country’s ability to keep its finances in check. Talks at this week’s IMF meeting in Washington are expected to focus on measures to fight Europe’s crisis and curb market fears. Don’t Miss: 14 jaw-dropping facts about the Spanish economy >
- In earnings news Citigroup reported Q1 earnings of $0.95 per share missing expectations, on revenue of $19.9 billion. Charles Schwab is expected to report earnings of $0.15 per share, and Gannett is expected to report earnings of $0.31 per share.
- Reuters is reporting that Exxon Mobil and Russian state oil firm Rosneft will sign a “wide-ranging strategic partnership” at prime minister Vladimir Putin’s home today.
- Mattel’s Q1 net income fell to $7.8 million or $0.02 per share, on revenue of $928.4 million. Meanwhile, Procter & Gamble increased its quarterly dividend by 7 per cent to 56.2 cents per share. This is the 56th consecutive year that the company has raised its dividend. Now here are the 10 fastest dying industries in America >
- Goldman Sachs sold $2.3 billion of ICBC’s Hong Kong-listed shares to Singapore’s Temasek. This is part of Temasek’s expansion into the Chinese banking industry, meanwhile Goldman still has about $3 billion stake in ICBC.
- March retail sales beat expectations rising 0.8 per cent month-over-month. Meanwhile, the Empire State manufacturing survey for April plunged to 6.56 >
- Carlyle Group is looking to raise $701.5 million – $762.5 million at its IPO. The company is expected to sell 30.5 million shares between $23 – $25 per share.
- India’s wholesale price index increased 6.89 per cent year-over-year in March pushed by food and fuel prices. The Reserve Bank of India is expected to review its policy tomorrow and has previously signaled that it will cut interest rates because of risks to growth.
- Business inventories for February and the housing market index for April will be released at 10 a.m. ET. Consensus is for 0.6 per cent month-over-month rise in inventories and for the housing market index to rise to 29. Follow the release at Money Game >
- Bonus – Lea Michele was gushing about boyfriend Cory Monteith at the Coachella music festival.
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