10 Things You Need To Know This Morning

Jessica alba

Photo: AP

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

  • Asian indices were down in overnight trading with the Nikkei down 0.94%. Major European indices are in the red and U.S. markets have opened lower.
  • Eurozone inflation came in at 2.8% in April up from 2.7% in March. Inflation was pushed up by a rise in fuel costs with core inflation higher too. Don’t miss: The most unequal countries in the developed world >
  • IMF chief Dominique Strauss-Kahn was arrested over the weekend on allegations of a sex attack on a hotel maid in Manhattan. The allegation could destroy his presidential hopes and he has claimed he is the victim of a smear campaign. It is unclear how this will affect bailout talks, but eurozone finance ministers are set to meet in Brussels today. Strauss-Khan is expected in court today to face charges.
  • India’s inflation rate came in higher than expected. The wholesale price index rose 8.66% from a year earlier, and was above projections of an 8.5% increase.
  • Mining equipment maker Joy Global will acquire¬†LeTourneau Technologies Inc from Rowan Cos. Inc. for $1.1 billion in cash. The deal will allow Joy Global to enter the oil and gas drilling market. Check out this incredible hand drawn guide to the peak oil crisis >
  • BP is back in talks to buy out its Russian partner to salvage a $16 billion deal to explore for oil in the Arctic with Russian state oil company OAO Rosneft. A preliminary agreement could be announced today. Here’s a presentation from a BP executive that explains why peak oil is real >
  • The Empire State manufacturing index came in much weaker than expected. Read about it here >
  • The NASDAQ OMX Group, Inc. and IntercontinentalExchange have withdrawn their bid to acquire NYSE Euronext. This comes after talks with the antitrust division of the U.S. Department of Justice.
  • Palestinian demonstrators took to the streets on Sunday to mark ‘Nakba’ or the day of catastrophe. At least 15 people were killed after attempting to breach Israel’s borders with Syria, Lebanon and the Gaza Strip.
  • The NAHB housing index will be released at 10 AM ET. Consensus is for a slight increase to 17. Follow the release at Money Game >
  • BONUS: Heavily pregnant Jessica Alba was spotted in a Beverly Hills park with her family.

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