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Good morning. Here’s what you need to know.
- Asian indices were mixed in overnight trading with the Shanghai Composite up 0.13%. Major European indices are down and U.S. markets have opened in the red.
- UK inflation hit its highest level since October 2008, with consumer prices rising 4.5% year-over-year in April. The real concern however is that core inflation rose to 3.7% in April from 3.2% in March. After holding off on hiking rates, the Bank of England indicated last week that it may need to raise interest rates to curb rising costs. Don’t miss: Whitney Tilson on our period of unusual uncertainty >
- Eurozone finance ministers are discussing a “reprofiling” or “soft restructuring” of Greek debt. They seem to be leaning towards lengthening the debt repayments without changing how much the country owes. Here’s who gets slammed if Greece restructures >
- Housing Starts for April came in weaker than expected. Read about it here >
- Home Depot reported weak revenue, but earnings of $812 million, or $0.50 per share beating expectations. The company attributed its weak revenue to weather-related ‘soft’ spring season.
- BP’s $16 billion arctic exploration deal with Russia’s state oil company Rosneft lapsed Tuesday, after BP failed to reach an agreement with the partners in its existing Russian joint venture TNK-BP. Rosneft is now looking for new partners. Now here’s where to find the biggest oil reserves in the world >
- Wal-Mart Stores Inc. reported Q1 EPS of $0.98. The company also posted Q2 earnings guidance of $1.05 – $1.10 per share. Check out 16 facts about Wal-Mart that will blow your mind >
- Industrial production for April came in weaker than expected with no growth. Read about it here >
- Despite strong GDP growth, German economic sentiment has fallen for a third straight month to 3.1 in May from 7.6 in April. This fall is a result of concerns about inflation and the eurozone sovereign-debt crisis. Check out the hardest working countries in the world >
- Private equity firm 3i Group has announced that it will acquire Hilite International, an Ohio-based manufacturer of fuel-efficient auto parts. Hilite’s customers include GM, Chrysler, and BMW. Hilite has been looking for a buyer since emerging from bankruptcy a year ago. Don’t miss: A former BP exec explains why peak oil is real >
- BONUS: Jennifer Aniston’s Welsh Corgi-terrier mix Norman has died. The Friends star is said to have bought a new New York apartment under his name.