Good morning. Here’s what you need to know.
- Asian markets were mostly lower in overnight trading with the Nikkei down 1.02 per cent on concerns that financial contagion from Europe won’t be contained. Europe is modestly higher and U.S. futures are higher.
- The yield on Spain’s 10-year bond neared 6.6 per cent today, rising for a second straight day. This comes after news of a bailout for its banking sector and on reports that Spain will miss its deficit targets. Here are the next nine crucial events in Europe >
- Top JP Morgan executives were warned of the risky practices in its chief investment office by a team of London-based traders two years before the loss was announced, according to a new report by the Wall Street Journal. The trading loss is estimated to be between $2 billion – $5 billion. Now here’s the fabulous life of Jamie Dimon >
- Warren Buffett’s Berkshire Hathaway has offered to buy Residential Capital’s mortgage unit. Meanwhile, Berkshire is also getting into the private-jet market again with an order valued at $9.6 billion to bolster its subsidiary, NetJets.
- India’s industrial output increased 0.1 per cent year-over-year in April. The manufacturing sector which accounts for 75 per cent of the index grew just 0.1 per cent. The Indian economy is a wreck: These 8 charts show what’s going wrong >
- May import prices declined 0.4 per cent month-over-month (mum), and import prices fell 1 per cent mum.
- A new OPEC report shows that its members are still pumping oil at highest levels since 2008. Its crude production was 32.964 million barrels a day in April, up 631K from the previous month. But Iraq’s oil minister has suggested that OPEC could cut production given the slump in oil prices. Don’t Miss: 15 countries sitting on gigantic oceans of oil >
- UK manufacturing declined more than expected in April with factory output falling 0.7 per cent from March. Overall industrial output stayed the same month-over-month.
- Up to 100 Afghans are feared dead after an earthquake and landslide hit northern Afghanistan.
- The Treasury Budget for May will be released at 2 p.m. ET. Expectations are for a monthly Treasury budget deficit of $125 billion. Follow the release at Money Game >
- Bonus – Blake Lively said she loves to cook and that it’s all she talks about.
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