Good morning. Here’s what you need to know.
- Asian indices were mixed in overnight trading with the Nikkei up 1.63%. Major European indices are in the green and U.S. futures indicate a lower open.
- Germany’s headline unemployment rate came in at 7.1% and jobless claims have dropped to their lowest since 1992. Check out 15 rich countries facing a huge youth unemployment problem >
- On the earnings front, German business software maker SAP’s Q1 earnings came in below expectations. The company’s operating profit jumped 26% to €779 million versus expectations of a 39% increase. Meanwhile, Deutsche Bank reported a Q1 net profit of €2.1 billion from €1.8 billion for the previous year.
- Gazprom reported a 2% jump in Q4 net profit to $11.2 billion. Analysts are wary of future earnings that could be hit by a government proposal to double a key tax for gas producers in 2012. Don’t miss: The 15 most expensive places to buy gas in the world >
- Exelon has announced its acquisition of Constellation Energy for $7.9 billion. Constellation shareholders are expected to receive 0.93 Exelon shares for each share they hold.
- Russia has banned gasoline exports for the month of May due to fuel shortages across the country. Officials believe oil companies exported more gasoline to boost their earnings from soaring foreign prices. Here are the 15 cheapest places to buy gas in the world >
- GDP growth for Q1 came in at an anemic 1.8%. Read about it here >
- American companies Boeing and Lockheed have lost out on a $11 billion deal to supply fighter jets to India. The Indian air force is now choosing between France’s Dassault Rafale and the multinational Eurofighter Typhoon. Don’t miss: 12 frightening facts about China’s military growth >
- Initial jobless claims came in much worse than expected. Read about it here >
- NYSE Euronext reported a 19% jump in Q1 net profit of $155 million from $130 million a year ago. Meanwhile Pepsico reported a 27% increase in Q1 net revenue and P&G reported a 10% rise in net earnings, though rising commodity costs are starting to impact the business. Check out the 10 signs the economy is slowing down >
- BONUS: Jessica Simpson has set her wedding date to Yale grad and NFL star Eric Johnson.