Good morning. Here’s what you need to know.
- Asian indices were mixed in overnight trading with the Nikkei up 0.19%. Major European indices are up and U.S. markets have opened in the green.
- Greece’s Q1 GDP grew at a slower than expected 0.2%, after shrinking for four consecutive quarters. On a year-over-year basis GDP growth declined 5.5%. Investment plunged 19.2%. The Troika’s bearish report on the country has been leaked. Refresher: Here’s who gets slammed if Greece restructures >
- The Euro strengthened ahead of the European Central Bank meeting on the region’s interest-rate today. ECB President Jean-Claude Trichet has called for ‘strong vigilance’ a sign of a rate hike in July.
- The White House is reported to be planning fiscal stimulus in the form of a temporary payroll tax break intended to boost hiring. The plan does, however, have to go through the Republican-controlled house which is unlikely to pass it through on grounds that it would add to the deficit. Now here is Jeff Gundlach’s Complete Guide To The Inevitable American Debt Default >
- Global payments technology company Visa Inc. has announced that it will buy South African mobile financial services firm, Fundamo, for $110 million in cash. The acquisition is expected to lower its EPS for the year ending September 2011.
- German media have reported that GM is considering selling its European arm Opel. German authorities have however dismissed the reports. GM has been restructuring Opel since it lost $1.6 billion last year. Now here are 10 hottest selling cars in America >
- April trade deficit came in narrower than expected at $43.7 billion >
- Former BP CEO Tony Hayward is planning a £1 billion IPO of Vallares Plc. a company he co-founded to invest in oil and gas assets. Vallares is expected to buy a company or asset with an enterprise value between £3 – £8 billion pounds.
- Initial jobless claims came in higher than expected at 427K >
- The Bank of France has downwardly revised its Q2 GDP forecast to 0.4% from the first quarter. This comes after industry and sentiment indicators fell in its monthly report and consumer spending continued to contract. Don’t miss: The 15 biggest economies and the risks they face >
- BONUS: Eva Longoria and boyfriend Eduardo Cruz were spotted at LAX.
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