Good morning! Here are 10 things in markets you should hear today.
The Greek government is hopeful of a positive outcome from Europe on Monday. Greece’s government remains hopeful that a meeting of euro zone finance ministers on Monday will note progress in talks with lenders on a cash-for-reforms deal and pave the way for an easing of Greece’s cash crunch, a government official said on Sunday.
China slashed rates again. In statement posted on its website on Sunday evening local time the PBOC lowered one-year lending rates by 0.25% to 5.10% effective Monday, May 11. The move, following a similar reduction on February 28 this year, will “support the healthy development of the economy”.
And Asian shares rallied. The Shanghai Composite Index is currently up 1.79%, followed by Hong Kong’s Hang Seng, which is up 0.65%. Japan’s Nikkei is also well up, riding 1.20% higher.
David Cameron just ruled out another Scottish independence referendum. British Prime Minister David Cameron on Sunday ruled out giving Scotland another independence referendum despite spectacular gains by Scottish nationalists in a UK-wide election, saying Scots had “emphatically” rejected a breakaway only last year.
Angela Merkel’s party got hammered in state elections. The Euro-sceptic Alternative for Germany (AfD) party was set to win seats in a fifth straight regional parliament on Sunday after an election in the city-state of Bremen where Chancellor Angela Merkel’s conservatives were badly beaten.
Eurozone GDP is coming Wednesday. Eurozone growth is forecast at 0.5%, according to a Reuters poll of economists, which would even put it ahead of Britain, which consistently has been leading the biggest economies in Europe, not only in growth but employment.
Yemen’s rebel forces have accepted a humanitarian truce. Renegade Yemeni troops who have helped Shiite rebels to seize much of the country said on Sunday that they had accepted a Saudi proposal for a ceasefire later this week.
A Bank of England interest rate decision is coming. At 12 p.m. London time (7 a.m. ET) the Bank of England will announce its latest decisions on interest rates. Once again, analysts are unanimous in expecting no action.
The UK may re-privatise RBS shares at a loss, according to the Sunday Times. Treasury officials were examining plans for an early sale — at a loss to the taxpayer — of RBS shares and a discounted, £4 billion ($US6.18 billion) sale of Lloyds stock to the public, the Sunday Times said.