Good Morning. Here’s what you need to know.
- Asian indices were down in overnight trading with the Shanghai Composite diving 2.60%. Major European indices are down and US futures indicate a negative open. Click here to see 10 stocks attracting unusual attention this morning >
- The Italian index dropped 3.6% yesterday and Borsa Italiana is shut today due to a technical glitch. The country is being slammed by unrest in Libya with investors looking to sell Libya-related stocks. Click here to see the 11 countries at risk of being the next Egypt >
- The S&P Case Shiller home price index showed an expected decline of 2.4%. Read analysis here >
- Australian oil and gas giant BHP Billiton is looking to enter the U.S. shale market and is slated to acquire Chesapeake Energy’s Arkansas gas business in Arkansas for $4.75 billion.
- Taiwanese export data reflected a 13.5% y-o-y decline in growth for January, which was lower than the consensus. It augurs a potential slowdown in Chinese growth. Click here for 17 facts about China that will blow your mind >
- Home Depot’s 4Q net income surged 72% to $587 million while revenue rose to $15.13 billion. Wal-Mart’s outlook is weak after the retailer reported 4Q revenue of $115.6 billion. Wal-Mart, meanwhile, reported very mediocre earnings.
- Two major EM internet companies have prepared IPOs. Chinese social-networking site Renren.com is working on a $500 million for June. Russia’s most popular search engine Yandex LLC is also preparing an IPO in the second quarter. Meanwhile the CEO of Chinese e-commerce firm Alibaba.com has resigned amid rampant seller fraud.
- Taiwanese analysts have claimed that the iPad 2 launch will be delayed till June due to production bottlenecks by manufacturer Hon Hai since the device requires changes for the new design. The iPhone 5 expected to hit the market in July is also likely to be delayed till September this year. Here’s a list of hedge funds that have recently been dumping shares of Apple >
- A 6.3 magnitude earthquake has killed at least 65 people in Christchurch, New Zealand and the death toll is expected to rise.
- Precious metals have had a good start to the week with gold trading at $1410 and silver up $34. Here’s a look at economic stress points that spell doom for the global economy >
- BONUS – Emily Blunt and Matt Damon who co-star in The Adjustment Bureau brought their spouses along for a double date in Hollywood.