10 Things You Need To Know This Morning

gwyneth paltrow

Photo: Jason Merritt/Getty Images

Good morning. Here’s what you need to know.

  • Asian markets were down in overnight trading with the Hang Seng falling 1.30 per cent after weak data out of China. Europe is selling off and U.S. stock markets are lower.
  • Chinese industrial production growth fell to 9.3 per cent year-over-year (YoY)  in April, from 11.9 per cent the previous month raising concerns about weakness in the economy. Meanwhile, CPI rose 3.4 per cent YoY in April, though food inflation was up 7 per cent.
  • JPMorgan CEO Jamie Dimon announced yesterday that the bank lost $2 billion in trades in the credit markets and part of this loss was because of trader Bruno Iksil, the so-called London Whale. Dimon called the loss an “egregious mistake” and JPMorgan’s shares are down in pre-market trading. Now here’s a quick look at 77 years of explosive banking industry growth >
  • Despite hopes for a breakthrough in Greece’s political impasse yesterday when the Democratic Left shifted support away from the leftist Syriza party, latest reports indicate that Greece still can’t form a government. Markets are selling off on the news, and if Greece fails to form a coalition government, the country will face new elections in June.
  • PPI data for April will be released at 8:30 a.m. ET, followed by consumer sentiment for May at 9:55 a.m. ET. Expectations are for a 0.2 per cent increase in core PPI and a drop in the sentiment index to 76.2. Follow the release at Money Game >
  • German utility company E.ON AG is close to selling its gas-transmission network, Open Grid Europe, for $4.14 billion to a consortium led by Macquarie Group Ltd.’s infrastructure funds, according to Dow Jones Newswires.
  • The UK’s economic slump may be worse than expected as building output tumbled 4.8 per cent in the three months through March. Expectations were that the construction number would be revised up. Meanwhile, an index measuring consumer sentiment fell to 44 in April, from 53 the previous month.
  • The European Commission forecast that the eurozone economy will shrink 0.3 per cent this year. It also said Spain is likely to have a budget deficit of 6.4 per cent in 2012, missing the EU target. Don’t Miss: Jeff Gundlach’s big presentation on debt, deficits, and the economy >
  • Hong Kong reported weak 0.4 per cent GDP growth in the first three months of 2012, down from 3 per cent the previous quarter. Exports fell by 5.7 per cent.
  • Indian factory output unexpectedly contracted in March, with production at factories, utilities and mines shrinking 3.5 per cent YoY. The latest data point is likely to fuel concerns that India’s economic outlook has deteriorated. Now here’s what the 21 hottest emerging markets will do this year >
  • Bonus – Gwyneth Paltrow is the new face of Hugo Boss’ new Boss Black fragrance.
BI Intelligence

BI Intelligence ia a new subscription research service that provides real–time insight, information, and analysis of the Internet industry. Subscribe now and you’ll get briefs, notes, interviews, and in–depth reports, as well as a library of charts and data that will help you stay on top of key trends and dynamics.

Try it free for four weeks. Click here to sign up.

NOW WATCH: Money & Markets videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.