Good morning! Here are the major market stories you should read about today.
Bank of England and Fed minutes are coming. The BoE releases its latest minutes at 9:30 a.m London time (4:30 a.m. New York), and the Fed will at 7 p.m. London time (2 p.m. New York). Markets will be looking for signals of a coming rate hike in both sets.
Yahoo shares went through the floor. The stock fell 7.6% on Tuesday, with most all of this happening in just a few minutes before the US close. It appears that concerns about the company’s spin-off of its 15% share in Chinese e-commerce giant Alibaba sparked the plunge.
Greece’s international creditors rejected its VAT plans. That’s according to a report from Bloomberg. PM Alexis Tsipras confirmed the rejection to legislators and said the government would make further proposals, according to a source.
Japanese economic growth smashed expectations. According to data released by Japan’s Cabinet Office Wednesday the economy grew by 0.6% in seasonally adjusted terms in the three months to March. Analysts had been expecting an increase of 0.4%, slightly above the downwardly-revised 0.3% level recorded in final quarter of 2014.
Samsung’s latest Note model is reportedly coming earlier than expected. Samsung usually waits until the August/September timeframe to release its large-sized Galaxy Note phones, but this year the company will reportedly make the big announcement in July, according to a recent Korean news report.
Nearly 40% of JP Morgan shareholders voted against Jamie Dimon’s pay deal. The 2014 Compensation of JP Morgan Chase CEO Jamie Dimon and other top bank executives won support from only 61% of shareholder votes cast at the company’s annual meeting on Tuesday, according to a preliminary tally.
Japan approved a third nuclear plant for restart. Japan’s nuclear regulator signed off on the basic safety of a reactor at a third nuclear plant on Wednesday, as the country inches toward rebooting its atomic industry more than four years after the 2011 Fukushima disaster.
The chairman of Liberty Global thinks it should merge with Vodafone. A merger with Vodafone Group Plc would be a “great fit” for Liberty Global in western Europe, Liberty Chairman John Malone said on Tuesday. Citing the benefits of a merger in markets such as Germany, the United Kingdom and the Netherlands, Malone said “enormous shareholder value” could be created if a deal was worked out.
UBS must buy back an investor’s Puerto Rico bond fund portfolio. UBS must buy back the portfolio for $US1 million (£644,750), securities arbitrators ruled on Tuesday in a rare, lengthy rebuke of the firm’s sales practices on the Caribbean island.
Asian markets are mixed. The Nikkei got a big boost from Japan’s strong GDP number, sending it up 1.03%. The Shanghai Composite Index is up 1.92%, but Hong Kong’s Hang Seng is down 0.22%.
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