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Good morning. Here’s what you need to know.
- Asian markets were lower in overnight trading with the Nikkei down 2.78 per cent. Europe is lower after elections in France and Greece. U.S. stocks have opened lower.
- Socialist Francois Hollande beat Nicolas Sarkozy nearly 52 per cent – 48 per cent at the French presidential elections on Sunday. Hollande has previously said that he is opposed to the fiscal compact and that he favours more ECB involvement, higher taxes and a pro-growth stance. Now here’s what everyone is getting wrong about the new president of France >
- But markets seem more worried about Greece than France. Parliamentary elections results showed that Greek voters have largely rejected austerity, as Conservative New Democracy got 18.86 per cent of the vote with 108 seats. Meanwhile, anti-austerity left-coalition Styriza got 16.77 per cent of the vote with 52 seats beating PASOK’s 13.18 per cent of the vote with 41 seats, according to latest numbers from ekathimerini. Don’t Miss: Greece this is what happens next >
- Berkshire Hathaway had its annual shareholder meeting in Omaha this weekend. The biggest news out of the conference was that Buffett had considered acquiring a $22 billion company one or two months ago and is still looking for a such deal. Now here’s Warren Buffett having a great time at the annual shareholder meeting >
- In earnings news, Pitney Bowes is expected to report earnings of $0.50 per share and DISH Network is expected to announce earnings of $0.70.
- German factory orders climbed 2.2 per cent in March from the previous month. Factory orders were driven by demand from outside the euro area.
- U.S. consumer credit for March will be released at 3:00 p.m. ET. Consensus is for a $9.8 billion month-over-month rise in consumer credit. Follow the release at Money Game >
- Indonesia’s economy grew 6.3 per cent in the first quarter from a year ago. GDP growth was driven by a boost in investment which offset a slowdown in exports. Here is what the 21 hottest emerging markets will do this year >
- Reuters is reporting that Carl Icahn has sold his $250 million debt holdings in Philip Falcone’s LightSquared. Falcone is trying to negotiate with creditors to avoid a debt default.
- Syria is witnessing its first multiparty parliamentary elections in 50 years today. There are a total of 7,195 candidates for the 250 seats but the opposition has dismissed the elections as a “farce”.
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