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Good morning. Here’s what you need to know.
- Asian indices were down in overnight trading, with the Nikkei down 1.50%. Major European indices are down and U.S. markets have opened in the red.
- More weak economic data from the UK. Industrial production grew 0.3% in March missing expectations of 0.8%. Manufacturing output at 0.2% was just below estimates of 0.3%. Don’t miss: Why Niall Ferguson believes the West is in decline >
- The People’s Bank of China has increased its reserve ratio by 0.50%, effective May 18. Chinese CPI figures for April came in at 5.3% yesterday, slightly above estimates. Check out 17 facts about China that will blow your mind >
- Top executives of five private oil companies have been asked by Senate Democrats to explain why they need tax breaks. BP America’s Lamar McKay, Chevron’s John Watson, ConocoPhillips’s Jim Mulva, ExxonMobil’s Rex Tillerson, and Shell Oil’s Marvin Odum will all testify at a Senate Finance Committee hearing today. Here’s where you can find the world’s biggest oil reserves >
- The commodity sell-off continues. Crude oil is now below $97, silver is down to about $33, and gold is down to $1482. Don’t miss: The 10 biggest gold hoarding countries in the world >
- Retail sales for April came in weaker than expected. Read about it here >
- Computer networking giant Cisco reported strong earnings, but a weak outlook after the bell yesterday. CEO John Chambers said its Q4 earnings outlook however will remain weak at $0.37 to $0.39 non-GAAP EPS on $10.8 billion to $11 billion of revenue.
- Initial jobless claims came in slightly higher than expectations. Read about it here >
- PPI came in slightly hotter than expectations. Read about it here >
- The True Finns will not be a part of Finland’s new coalition government, according to party leader Timo Soini. The move comes after a disagreement with the country’s top two parties over the Portuguese bailout. Will these countries raid their pensions next >
- BONUS: Angelina Jolie has confirmed that the coordinates tattooed on her arm are the latitude and longitude for Brad Pitt’s birthplace.