Good morning! Here’s what you need to know.
Google whiffed on earnings. The company reported weaker-than-expected growth in one of its ad metrics, and the stock initially plunged about ~8% after hours. It has leveled slightly to about 5% down.
The UK government stepped in to help the steel industry. The British government on Thursday announced plans to provide financial support totalling “hundreds of millions of pounds” for potential buyers of crisis-hit Tata Steel’s UK operations.
Caterpillar’s sales were poor. Total machine sales were down 13% worldwide, and 14% lower in the Asia/Pacific segment that includes China.
Vodafone is listing $2 billion shares in India. Vodafone Group has set the ball rolling for the long-awaited initial public offer of shares in its Indian subsidiary by inviting banks, including Citigroup, Goldman Sachs and Morgan Stanley.
The European Central Bank held rates negative. ECB President Mario Draghi kept borrowing costs at rock bottom levels on Thursday, sticking to his course of ultra-loose monetary policy in spite of a barrage of German criticism of his recipe for tackling the euro zone’s economic malaise.
Blackstone missed estimates. The world’s largest alternative asset manager reported lower-than-expected economic net income of 31 cents per share for the first quarter as choppy financial markets dragged on investment returns.
China is getting into tech. China has given the go-ahead for 10 commercial banks, including Bank of China, the Bank of Beijing and the Bank of Shanghai to begin a pilot program to directly invest in technology companies.
Brexit is looking less likely. British support for staying in the European Union now enjoys an 11-point lead over the rival “Out” campaign, according to an opinion poll that adds to a run showing rising support for the “In” side ahead of June’s referendum.
Starbucks opened its first cafe in South Africa. Hundreds of coffee lovers queued in an upmarket Johannesburg shopping centre as international chain Starbucks opened its first cafe in sub-Saharan Africa.
Airbus is struggling. European planemaker Airbus plans to cut production of its A380 superjumbo from 2017 as it struggles to revive sales of the world’s largest passenger jet.