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Good morning. Here’s what you need to know.
- Asian indices were mixed in overnight trading with the Nikkei down 0.42%. Major European indices are in the green and U.S. markets have opened positive.
- Fitch has cut its credit outlook on Japan to ‘negative’ from ‘stable’. Meanwhile Japanese consumer prices rose 0.6% in April from a year ago, pushed up by higher energy costs. This was its first gain in two years. Don’t miss the 9 cities that could be the next Tokyo >
- Chinese markets were down in overnight trading, with the Shanghai Composite falling nearly 1%. Slowing growth and rising inflation were blamed for the lack of buyers. Now here are 13 countries that are going to grow like crazy for decades >
- Greece’s political leaders are meeting today to reach a consensus on the country’s economic crisis, amid growing concerns of a potential default. Meanwhile, the Netherlands has said it will not agree to more aid for Greece if the IMF wont provide the struggling country a new set of loans, adding to IMF-EU dispute over Eurozone bailouts. Now here’s who gets slammed if Greece defaults >
- Belgian financial institution Dexia had its shares halted ahead of an announcement that it was taking a €3.6 billion loss on an asset sale. Don’t miss: 15 stocks for your underground bunker >
- The pending home sales index for April will be released at 10 AM ET. The index is expected to show little change from the previous month. Follow the release at Money Game >
- Marvell Technology Group reported adjusted Q1 net profit of $0.29 a share but the company said sales of smartphone chips in China were beginning to take off, and shares rose following strong outlook for the current quarter.
- Personal income came in slightly weaker than expected. Read about it here >
- Consumer sentiment data for May is released at 9:55 AM ET. Consensus is for slight increase to 72.5. Follow the release at Money Game >
- MidEast chaos continues, Egypt is preparing for another ‘day of rage’ at Tahrir Square. Meanwhile the U.S. and France have decided to ‘finish the job’ in Libya, calling for a regime change, and G8 leaders are expected to approve a $20 billion package for new Arab democracies. Here’s a guide to the military Qaddafi is using to crush his own people >
- BONUS: Kate Winslet was spotted going to an event in New York. Last week she was revealed to be the new face of upscale clothing brand St. John.