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Good morning. Here’s what you need to know.
- Asian markets were up in overnight trading with the Bombay Stock Exchange up 1.07%. Major European indices are in the green and U.S. futures indicate a positive open.
- Germany posted GDP growth of 1.5% over the last quarter. French GDP of 1% also exceeded expectations in Q1, but Italy reported GDP growth of just 0.1%. Don’t miss: The hardest working countries in the world >
- Greece has missed its deficit targets according to the European Commission. Early figures show Greece with a 9.5% shortfall for their 2011 budget, higher than the IMF target of 7.4%. Overall debt to GDP is expected to rise to 158% this year. Here are the countries that will get slammed if Greece restructures >
- Japanese Prime Minister Naoto Kan has approved a plan to rescue TEPCO and cover compensation claims from the disaster that could total about $31 billion. Concerns remain over the impact this could have on shareholders and bondholders. The Nikkei was down 0.7% on Friday. Will these countries be the next to raid their pensions? >
- The consumer price index for April nailed expectations. Read about it here >
- Telefonica, Europe’s second largest phone company, reported a 1.9% drop in Q1 net income to $2.3 billion. The company will also be cutting 20% of its Spanish workforce over the next three years.
- The consumer sentiment index for May will be released at 9:55 AM ET. Consensus is for slight increase to 70. Follow the release at Money Game >
- London insurance-market operator Lloyd’s has said it expects losses from natural disasters in Japan, New Zealand and Australia to total $3.8 billion. It did warn that catastrophe premiums could rise. Check out photos of post-apocalyptic Japan >
- Crédit Agricole, France’s third-largest bank by market value, reported Q1 net profit of €1 billion up from €470 million a year ago. Margins were boosted by Credit Agricole’s decision to focus on domestic and European retail banking.
- The Treasury has said that August 2 is the “drop dead” date for finalising a debt ceiling deal. Reports suggest that Republicans think this date for default is meaningless unless the debt ceiling is raised. Check out the Republican candidates giving Obama a run for the 2012 Presidency >
- BONUS: Miley Cyrus and her mother were spotted on vacation in Brazil.