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Good morning. Here’s what you need to know.
- Asian indices were mixed in overnight trading with the Shanghai Composite down 0.45%. Major European indices are up and U.S. markets have opened in the green.
- UK Retail sales excluding autos grew 2.7% in April on a year-over-year basis beating expectations of 2.2% growth. The increase in sales was attributed to the royal wedding and warm weather. Don’t miss: Whitney Tilson’s presentation on our period of unusual uncertainty >
- Dominique Strauss-Kahn has resigned as the managing director of the IMF with “immediate effect.” Strauss-Kahn is currently being held without bail for allegedly sexually assaulting a hotel maid in New York. Check out the fabulous life of Dominique Strauss-Kahn before the arrest >
- Japan has slipped back into a recession after its economy shrank 0.9% in the first quarter following its natural and nuclear disaster. Meanwhile, Singapore’s GDP grew an impressive 22.5% on a quarter-over-quarter basis, but 8.3% on a year-over-year basis. Now here are the 15 companies that will get slammed in an Asian downturn >
- Initial jobless claims improved sharply. Read about it here >
- Goldman Sachs has downgraded Intel from ‘neutral’ to ‘sell’, citing shipment delays and an unjustified stock price increase after its earnings report. Meanwhile, Moody’s has downgraded seven Danish banks, including the country’s two largest lenders. This comes on the launch of new bank rules that could see creditors lose protection in the event of bank failures. Check out the 15 biggest tech flops in 2010 >
- Existing home sales came in weaker than expected. Read about it here >
- Japanese drugmaker Takeda Pharmaceutical Co., has acquired Swiss Nycomed for $13.6 billion. The deal gives Takeda access to a newly approved lung-disease drug, and will help it expand in Europe and emerging markets. Check out the 15 highest grossing prescription drugs in America >
- Glencore has begun trading in London, the IPO priced at 530 pence, and now the bid is up to 538. Meanwhile, LinkedIn’s IPO priced at $45 a share. The company is now valued at $4.25 billion and will start trading today.
- Philly Fed data came in much worse than expectations. Read about it here >
- BONUS: Beyonce Knowles has used Riverdance moves in her new music video Run The World (Girls).