Good morning. Here’s what you need to know.
- Markets in Asia were mixed in overnight trading. The Japanese Nikkei fell 0.8%, but the Hong Kong Hang Seng rose 0.1% and the Shanghai Composite rose 1.5%. European markets are mostly higher with the exception of Italy, which is currently down 0.2%. In the United States, futures point to a negative open.
- At 8:30 AM ET, the April jobs report is released. The consensus estimate among market economists polled by Bloomberg is that 140,000 new nonfarm payrolls were created in April. Private payrolls are expected to come in at 151,000, and the unemployment rate is expected to stay unchanged at 7.6%.
- LinkedIn reported first quarter earnings of $0.45 per share versus analysts’ estimates for $0.31. Revenue was $324.7 million, topping analysts’ estimates for $317.1 million. The company provided second quarter revenue guidance in the range of $342 to $347 million, well below analysts’ estimates for $359.2 million, and shares fell 11% in after-hours trading.
- The EU released macroeconomic forecasts for the Cypriot economy, projecting that GDP would contract by 8.7% in 2013 and undergo a further 3.9% contraction in 2014. Unemployment is projected to be 15.5% in 2013 and 16.9% next year.
- Shares of Glencore Xstrata began trading in London Friday following the $66 billion merger of the commodity trading firm and the miner. CEO Ivan Glasenberg said the layoffs in the coming weeks are “going to be big” as the two companies integrate.
- The Bank of Canada named Stephen Poloz as the replacement for outgoing Governor Mark Carney, who is set to take over at the Bank of England this summer. Poloz currently serves as the President and CEO of Export Development Canada, the country’s export bank.
- China’s services PMI fell to 54.5 in April from 55.6 in March, indicating a decelerating pace of expansion in the Chinese services sector. However, at 54.5, the services sector is still growing at a considerably stronger clip than the Chinese manufacturing sector, which clocked in at only 50.6 earlier this week.
- BNP Paribas, Europe’s third-largest bank, reported a 45% decline in earnings from last year, hit by a weak investment banking business and increased provisions for bad loans in Italy. The French megabank announced a plan to invest $1.5 billion in efforts to cut costs by $2 billion by 2015.
- Out at 10 AM are factory orders data for the month of March. Economists estimate orders fell 2.9% after expanding 3.0% in February.
- Also out at 10 is the April ISM non-manufacturing (services) index. Economists expect the index to fall to 54.0 from last month’s 54.4 reading, indicating a slowing yet moderate pace of expansion in the American services sector. Follow all of the data LIVE on Business Insider >
- BONUS: TMZ has Reese Witherspoon’s dashcam arrest video, and they say it’s crazier than you thought.
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