Good morning. Here’s what you need to know.
- Asian indices were mixed in overnight trading with the Shanghai Composite up 0.1%. Major European indices are down and U.S. markets have opened lower.
- The Bank of Korea increased its interest rates for a third time this year to curb inflation. The benchmark repurchase rate was increased by 25 bps to 3.25%. Meanwhile, China reported a smaller than expected trade surplus for May. The $13.05 billion surplus was well above April figures, but below expectations of $18 – $20 billion. Now here are the world’s 15 biggest economies and the risks they face >
- April industrial production in India slowed, with output at factories, utilities and mines rising 6.3% in April, down from its 8.8% gain in March. Food inflation is at a two-month high of 9.01%. Inflation is expected to rise after the government increased prices of rice and oilseeds it provides to farmers. Check out the race of the century: Is India or China the next economic superpower? >
- More terrible data from the UK. Manufacturing output for April was weaker than expected at -1.5% from the previous month but was up 1.3% year-over-year.
- The German Parliament has approved a motion backed by finance minister Wolfgang Schäuble that would see private creditors bear the brunt of new financial aid to Greece. Refresher: Here’s who gets slammed if Greece restructures >
- Italian oil and gas group Eni has agreed to sell its stake in the TAG gas pipeline for $986 million as part of a requirement under a European antitrust ruling. Eni has been under investigation by the European Commission since 2007.
- American drugmaker Pfizer has been cleared by EU regulators to acquire Danish medical services company Ferrosan’s consumer healthcare business, from Altor 2003 Fund Ltd. Pfizer was cleared once regulators ensured that the merger wouldn’t threaten the multivitamins, minerals and gelatin markets. Don’t miss: The 15 highest grossing prescription drugs in America >
- Anglo Irish Bank Corp is expected to sell its entire portfolio of U.S. commercial real-estate loans that total $10 billion, as early as this month. Here’s why Ireland needs another bailout >
- Import prices came in higher than expected. Read about it here >
- Toyota expects its full-year profits to fall 31% in the wake of Japan’s natural and nuclear disaster, and a strong yen. Net income is expected to fall to $3.5 billion in the 12 months ending March 31. Here are the 12 Japanese companies slammed hardest by the disaster >
- BONUS: Jennifer Lopez was seen at London’s Luton Airport with her twins, ahead of Capital FM’s Summertime Ball this weekend.
Business Insider Emails & Alerts
Site highlights each day to your inbox.