Good morning. Here’s what you need to know.
- Asian markets were up in overnight trading, with the yen weakening and the Nikkei surging 0.7 per cent on the back of aggressive easing announced by the Bank of Japan last week. Europe is rallying and U.S. futures are modestly higher.
- President Obama will unveil his $3.77 trillion 2014 Budget today. It will be officially delivered to the Senate Budget Committee at about 8:00 a.m. ET. The budget includes a controversial concession on how inflation is measured. Members of the President’s party say his plan for chained CPI could be a tax on the middle class and a cut in benefits for senior citizens. We’ve seen four budgets so far – Here’s how they’re different >
- Since the Bank of Japan announced its latest monetary policy expansion Japanese government bonds (JGB) have seen a sell-off. Last night yields on five-year JGB’s spiked to a four-year high of 0.58 per cent.
- Chinese exports climbed 10 per cent, missing expectations for an 11.7 per cent rise. Imports climbed 14.1 per cent, beating expectations for a 6 per cent rise. The three key reasons Chinese export growth slumped >
- In earnings news, Bed Bath and Beyond is expected to report earnings of $1.68 per share after the bell. Meanwhile, Family Dollar is expected to report earnings of $1.23 per share.
- The Federal Open Market Committee (FOMC) will issue minutes of its March 20 meeting at 2:00 p.m. ET. Economists and investors will be watching the language of these minutes for language on monetary policy, especially clues on its QE program. Follow the release at Business Insider >
- Blackstone is in talks with tech companies to join in its bid to take Dell private. Blackstone is reportedly willing to let other companies take a financial role and an “equity stake, debt financing or a combination of the two,” according to Dow Jones Newswires.
- The World Trade organisation lowered its global trade growth forecast to 3.3. per cent in 2013, from a previous projection of 4.5 per cent. Global trade grew 2 per cent last year, the lowest on record.
- Italian industrial production fell 0.8 per cent in February, worse than expectations for a 0.5 per cent decline. Industrial production was down 3.9 per cent year-over-year.
- The Treasury Budget for March is out at 2:00 p.m. ET. Consensus is for the deficit to narrow to $172.4 billion. Follow the release at Business Insider >
- Bonus – Ashley Tisdale told Maxim magazine that she likes “the dark, mysterious bad boy.”
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