Good morning. Here’s what you need to know.
- Asian indices were mostly down in overnight trading with the Shanghai Composite sliding 1.87%. Major European indices are in the green and U.S. markets have opened positive.
- March Eurozone PMI came in at 57.7, up from 57.5 last month. The marginal increase reflects steady growth in the manufacturing sector. Don’t miss: The hardest working countries in the world >
- Yields on 10-year Greek bonds have risen to 14.6%. rumours persist that Greece may have to restructure its sovereign debt, despite staunch denials by the country’s finance minister. Now here are 21 countries most likely to default >
- Tesco reported only 3.8% growth in the UK amid huge gains in Asia and losses in the U.S. Post-austerity retail sales continue to disappoint in the UK. The company’s new executive plans on improving sales of clothing and electronics to boost UK numbers. Check out the most unequal countries in the developed world >
- Seagate Technology is buying out Samsung’s hard-disk-drive business for $1.38 billion in cash and stock. This would give Samsung a 9.6% stake in Seagate, and both sides are expected to expand existing patent cross-licence agreements.
- Housing starts data came in better than expected. Read about it here >
- Swiss drugmaker Novartis has reported a 4% drop in Q1 net profit to $2.82 billion, despite increased sales. Its earnings were hurt by a strong Swiss Franc and its $50 billion acquisition of Alcon.
- Bank of New York Mellon Corp. reported a 12% increase in Q1 earnings as net income rose to $625 million or $0.50 per share from $559 million or $0.46 per share a year ago. Earnings came in below analyst expectations of $0.57.
- PIMCO had recently gone short on US Treasuries when short-term rates had peaked. PIMCO is now reported to be buying Treasuries again after a reversal in rates. Check out why Niall Ferguson believes the West is in decline >
- Johnson & Johnson posted strong earnings and raised guidance for 2011. The stock is up in the pre-market. Read about their earnings here >
- Goldman Sachs earnings crushed expectations. Read about it here >
- BONUS: Evan Rachel Wood has revealed that she is bi-sexual. The True Blood actress said she was always into “androgynous things”.