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Good morning. Here’s what you need to know.
- Overnight trading in Asia was mixed, with Hong Kong’s Hang Seng gaining 1.3 per cent. European markets are mostly lower and U.S. futures point to a negative open.
- China’s non-manufacturing industry expanded in March, new data out of the China Federation of Logistics and Purchasing shows. The PMI index increased to 58.0 during the month from a prior reading of 48.8. Click here for a full look at the global economy.
- British construction increased at its fastest pace in nearly two years, a gauge of conditions by Markit Economics shows. The key index jumped 240 basis points to 56.7 in March. Markit said the strongest performing category was commercial.
- Total SA said its leak in the North Sea is costing it $2.5 million a day, the Wall Street Journal’s Geraldine Amiel reports. The costs are attributed to both lost production and expenses to operate the rig drilling a relief well. Here’s why Total’s spill is not like the Macondo disaster in 2010 >
- The Commodity Futures Trading Commission has filed suit against the Royal Bank of Canada for allegedly coordinating future trades with subsidiaries. According to the lawsuit, RBC was able to avoid losses while gaining Canadian tax breaks on hundreds of millions of dollars worth of trades.
- Illumina rejected a higher bid by pharmaceutical giant Roche. Last week Roche increased its offer by 15 per cent to $51 per share, valuing the company at $6.7 billion. Shareholders have until April 20 to tender stock.
- Molson Coors announced it would purchase brewer StarBev from private equity fund CVC Capital Partners for $3.52 billion. Coors says the deal will give it greater foothold in the eastern and central European markets. Anheuser-Busch is desperate to boost sales too, this is how the company is planning on turning itself around.
- U.S. economic announcements kick off at 9:45 a.m. with ISM New York, which last came in at 63.1. There is no consensus for the March report. At 10:00 a.m. factory orders will be announced, with expectations for a 1.5 per cent gain in February. Follow both live on Money Game.
- Kentucky beat Kansas last night in the NCAA championship, 67-59. The win marks Kentucky’s eighth national championship in college basketball. Anthony Davis was named Most Outstanding Player of the tournament. Click here to see the one shining moment of the game >
- JP Morgan’s Ian Hannam, Global Chairman of Equity Capital Markets, resigned from the bank after the Financial Services Authority charged him with market abuse related to disclosing insider information to a client. The FSA levied a £450,000 fine.
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