Good morning. Here’s what you need to know:
- Q1 GDP has come in at 3.2%, just slightly below the 3.3% analysts were expecting. Check back here for full coverage of today’s economic developments.
- The euro is gaining today on one last hope that a Greece bailout will get done. Final details are expected this weekend, or perhaps as early as early as tonight.
- Berkshire Hathaway’s (BRK) annual shareholder’s meeting is this weekend. Expect non-stop coverage in the media, and word is that the oracle Warren Buffett is willing to answer questions about his investment in Goldman Sachs (GS), the source of plenty of new controversy.
- Spanish unemployment has officially topped 20%.
- BP (BP), which has lost over $20 billion in market cap since the Gulf oil spill began, is ramping up efforts to curb the damage. The company has installed the rest of its marine protection booms, but the oil is still expected to make landfall today across several Gulf states.
- One week out from the vote, things are looking down for UK Gordon Brown. Three of four instant polls showed him losing yesterday’s debate with David Cameron and Nick Clegg.
- China has just instituted its toughest measures yet to cool its housing bubble. Families are now banned from buying more than one home, even if they’re paying cash. For more on why China has the most obvious housing bubble ever, see here.
- Crude oil rose about $86/barrel for the first time in two weeks. Investors may be anticipating brisk GDP growth combined with a backsliding US dollar.
- The White House has just announced a halt to new drilling as a result of the Gulf oil spill.
- Democrats have unveiled details of a new immigration bill that would combine an easier path to citizenship for immigrants, along with tighter security. Republicans aren’t likely to go for it.
- BONUS: According to TMZ, Lindsay Lohan has failed to comply with terms of her probation — getting alcohol education — and could be headed for jail.
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