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Good morning. Here’s what you need to know.
- Asian markets were lower in overnight trading with the Nikkei plunging 2.09 per cent. Europe is selling off as hopes of coordinated monetary easing have started to wane. U.S. markets opened lower.
- The big news out of Europe this morning is that Spanish prime minister Mariano Rajoy has said he is in talks with EU leaders about how best to address the trouble in Spain’s banking sector. Spain is reportedly going to ask for aid on Saturday. Don’t Miss: Your complete guide to the ongoing crisis in Spain >
- Oil is looking at its longest weekly losing streak in 13 years on chatter than U.S. and China the biggest global consumers of crude oil are set to slow and reduce fuel demand. Now here are 15 countries sitting on gigantic oceans of oil >
- Olympus has announced that it will cut 2,700 jobs by March 2014 and restructure its global manufacturing operations as it tries to emerge from its $1.5 billion accounting scandal.
- Japan’s Q1 GDP grew a revised 1.2 per cent quarter-over-quarter and 4.7 per cent year-over-year. The upward revision was attributed to gains in private demand and a pick up in the country’s auto market.
- International trade data for April will be released at 8:30 a.m. ET, followed by wholesale inventories data for April at 10 a.m. ET. Consensus is for the international trade gap to shrink to $49.3 billion and a 0.5 per cent month-over-month increase in inventories. Follow the release at Money Game >
- UK PPI surprisingly fell 0.2 per cent in May from the previous month. The decline was led by a drop in the price of petroleum products. Check out the 29 most bizarre economic indicators in the world >
- French business confidence dropped to 93 in May, from a revised 94 in April. Sentiment among factory executives fell as recessions across Europe crimped demand.
- The Federal Housing Administration is struggling to cope with delinquent home mortgages and plans to speed up sales of loans to investors which could offset foreclosures for thousands of homeowners, according to the Wall Street Journal. The FHA is expected to announce the bulk sale program today. 10 cities where homebuyers are getting unbelievable deals on short sales >
- Chesapeake Energy is having its annual shareholders meeting today with a vote on executive compensation. Investors are expected to demand a board shake-up after board’s oversight of Chief executive Aubrey McClendon.
- Bonus – Jessica Chastain was seen house hunting in New York City.
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