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Good morning. Here’s what you need to know.
- Asian markets were mixed in overnight trading with the Shanghai Composite down 1.38 per cent, dragged down by resource stocks and China’s decision to raise fuel prices. Europe is sharply lower and U.S. stock markets opened moderately lower.
- Tiffany posted Q4 adjusted earnings of $1.39 per share, on revenue of $1.2 billion. For the full-year, sales grew 36 per cent in the Asia-Pacific region, 17 per cent in Europe, and 15 per cent in the Americas.
- China, the world’s biggest oil consumer is increasing gasoline and diesel prices by six to seven per cent. This is the second price hike in two months and the biggest increase in 33 months. The decision will help refiners cut down on their losses. SocGen: Here is where the world is heading >
- BHP Billiton said that it is seeing signs that iron ore demand in China is flattening when it gave its presentation at the AJM Global Iron Ore & Steel Forecast Conference in Australia. This adds to concerns of a slowdown in China. Now here are 5 key slides from BHP Billiton’s Presentation >
- U.K. consumer price index slowed to 3.4 per cent year-over-year in February, compared with 3.6 per cent in January. Prices of tobacco and alcohol offset the decline in the price of housing and household services.
- Amazon is buying Kiva Systems for $775 million in an all-cash deal. Kiva Systems specialises in developing robots for warehouses and the acquisition is expected to make Amazon shipping more efficient.
- Apple said it has sold over 3 million iPads since it launched on Friday, beating expectations of 2.5 million sales. This comes after Apple announced a $10 billion share buyback and a dividend of $2.65 per share.
- February housing starts missed expectations at 698K, but numbers for January were revised up to 706K >
- Walt Disney said the failure of John Carter would lead to as much as a $120 million loss on its film division. The company is expected to take a $200 million write down on the film.
- German PPI climbed 3.2 per cent year-over-year in February, compared with a 3.4 per cent rise the previous month. Producer prices climbed 0.4 per cent month-over-month. UBS Answers: Who are the fittest countries in Europe >
- Bonus – Amanda Seyfried and beau Josh Hartnett were seen grocery shopping at Trader Joe’s.