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Good morning. Here’s what you need to know.
- Asian indices were down in overnight trading with the Nikkei dropping 1.17%. Major European indices are up and U.S. market have opened positive. Check out the latest earnings news here >
- Greece’s 2010 deficit has surged over 10% of GDP range. Lars Feld, a member of German Chancellor Angela Merkel’s economic council, has called on Greece to restructure its debt. Yields on two-year Greek bonds are now at 23.65%. Don’t miss: Niall Ferguson’s new presentation on the decline of the West >
- Spain sold €1.97 billion of short-term bills today. Yields on its 3-month bills rose from 0.899% in March to 1.371% today, while yields on its 6-month bills rose to 1.867% from 1.361%. Though the auctions were oversubscribed, investors are wary of contagion risk from countries like Portugal and Greece. Check out the 21 countries most likely to default >
- Swiss bank UBS reported a 17.7% drop in Q1 net profit from a year ago. Its earnings slipped 19%, but beat analyst forecasts. Don’t miss: The 17 countries facing an economy crushing demographic crisis >
- Netflix beat earnings expectations and posted Q1 earnings of $60.2 million, or $1.11 a share up. That’s up from $32.3 million, or $0.59 a share last year.
- Ford’s Q1 revenue jumped 18% to $33.1 billion. The company reported earnings of $2.6 billion or $0.61 a share and was boosted by sales of new vehicles. Here are the 15 most expensive places to buy gas in the world >
- Sony plans to launch two tablet computers in the wake of Apple’s successful iPad. The company will use Google’s Android operating system for the tablets which go on sale in fall.
- The Consumer Confidence index for April came in better than expectations. Read about it here >
- Coca Cola reported Q1 EPS of $0.86, missing estimates by a cent. Revenue also came in below estimates.
- The S&P/Case-Shiller Home Price Index came in weaker than expected. Don’t miss: The 10 housing markets at risk of a major collapse >
- BONUS: Kim Kardashian has stripped down to her lingerie for Cosmopolitan’s May ‘body’ issue.