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Good morning. Here’s what you need to know.
- Markets rallied higher in overnight trading in Asia, with Hong Kong’s Hang Seng up 1.4 per cent. Shares in Europe are slightly in the green and U.S. futures point to a higher open.
- Japanese unemployment increased 10 basis points to 4.6 per cent in April, above estimates for no change. Separately, the government said personal consumption increased 3.2 per cent during the month to ¥301,948. Click here for stunning facts about Japan’s demographic implosion >
- Spanish retail sales fell 9.8 per cent year-on-year in April, the largest collapse since data has been collected. Here’s the eurozone crisis for dummies >
- Italy sold €3.5 billion in two-year notes, at the high end of plans, at a yield of 4.037 per cent. That is up from a yield of 3.36 per cent one month ago.
- A 5.8 magnitude earthquake hit northern Italy this morning, killing at least six people. This is the second earthquake in a little more than a week that has struck the region.
- Russia will sell a 7.6 per cent stake in eastern Europe’s largest lender, OAO Sberbank, this year, Bloomberg’s Scott Rose and Denis Maternovsky report.
- Beleaguered law firm Dewey & LeBoeuf filed for bankruptcy protection on Monday, ending what has been a drawn out fight for survival. Many of the firm’s top employees have already left the firm, after reports surfaced that Dewey had become illiquid and could default on its debt.
- JP Morgan sold more than $25 billion worth of profitable securities to offset the trading loss within its Chief Investment Office, Reuters’ David Henry reports. The bank gained some $1 billion on the sale.
- TNK-BP Chief Executive Mikhail Fridman unexpectedly resigned on Monday, saying corporate governance had “become untenable.” The move highlights ongoing tensions between BP and Russian partners at the joint venture; however BP did not give his departure much weight.
- U.S. economic announcements kick off at at 9:00 a.m. with the Case-Shiller March reading. Expectations are the main index to show a 2.7 per cent decline from a year earlier. The Dallas Fed Manufacturing report hits at 10:30 a.m., with consensus for manufacturing in the Southwest to improve to 0 in May. Follow both live on Money Game >