Here are the five things you should be aware of this morning:
- Euro zone unemployment rose to 10% in February, its worst in 11 years. The broader European economic area notched a 9.6% unemployment rate, with Germany being an outlier.
- President Obama plans to announce an end to some parts of the moratorium on offshore drilling today, opening up many drilling opportunities to oil companies. Oil priced above $83 yesterday.
- The Nikkei topped out at an 18 month high during trading today, though fell back from that point by the close. The market rose 37 per cent for the financial year 2009-2010, which ended today.
- The Bank of Ireland is now 3 billion euros ($4 billion) in the red after its bailout of financial institutions, which was announced yesterday. The bank says it will need to raise an additional 2.7 billion euros in the coming months.
- The ADP Employment report showed that the U.S. economy cut 23,000 jobs in March. The dollar is down against the pound, euro, and yen in morning trading.