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Good morning. Here’s what you need to know.
- Asian markets were mixed in overnight trading, with Hong Kong’s Hang Seng off 0.8 per cent. European shares are selling off while U.S. futures point to a slightly positive open.
- The U.S. April Nonfarm Payrolls report missed expectations this morning, with payrolls increasing by 115,000. Economists expected 160,000. However unemployment fell to 8.1 per cent and March data was revised higher by 34,000 people. Chart Of The Day: labour Force Participation Falls To Lowest Level In Over Three Decades >
- The April euro area composite PMI number came in at a disappointing 46.7. This was even worse than the 47.4 we saw in the flash reading.
- Headlines about French and Greek elections on Sunday, May 6 continue to dominate the wires. In Greece, PASOK leader Evangelos Venizelos will hold a rally in Syntagma Square at 12:00 p.m. ET today. Final polls ahead of the presidential battle in France show conservative incumbent Nicolas Sarkozy eating away at Socialist challenger Francois Hollande’s lead, garnering 47.5 per cent of voter support in a BVA poll versus Hollande’s 52.5 per cent.
- The Reserve Bank of Australia lowered its GDP growth forecast for 2012 to 3.0 per cent compared to an earlier estimate of as much as 3.5 per cent.
- First Solar, the beleaguered solar panel manufacturer, reported a big revenue shortfall and an unexpected net loss. Management blamed supply-demand imbalances. Whitney Tilson, the manager behind T2 Partners, was short the stock.
- Facebook will raise as much as $11.8 billion during its initial public offering. The company will issue some 337.4 million shares for $28 to $35 each. Here’s how much money Mark Zuckerberg is set to make.
- LinkedIn announced a solid beat in its Q1 earnings announcement. EPS came in at $0.15 versus Wall Street’s estimate of $0.09. The stock surged in electronic trading.
- Argentina’s government voted 207-32 to move forward with the nationalization of Repsol YPF as expected. Here’s how Christina Fernandez is destroying Argentina’s economy.
- This weekend is Berkshire Hathaway’s annual shareholder meeting. Hot topics will include succession planning and the Oracle’s health. Whitney Tilson wrote about the matter. From the perspective of the shareholder, Tilson argued that there was one greater risk then Buffett’s sudden death.
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