Good morning. Here’s what you need to know.
- Asian markets were lower in overnight trading with the Shanghai Composite down 0.6 per cent. Europe is selling off and U.S. futures are modestly lower.
- Euro area industrial output climbed 0.4 per cent month-over-month in February, beating expectations for a 0.2 per cent rise. It was down 3.1 per cent on the year.
- In earnings news, JP Morgan reported earnings of $1.59 per share, on revenue of $25.9 billion. This beat expectations for $1.39 per share, and revenue of $25.7 billion. It plans to raise Q2 common stock dividend to $0.38 per share. Wall Street thinks companies are ‘playing possum’ about profit margins >
- Meanwhile, Wells Fargo is expected to announce earnings of $0.88 per share, on revenue of $21.6 billion.
- Producer prices and retail sales for March are out at 8:30 a.m. ET. Consensus is for producer prices to fall 0.2 per cent, and for core PPI to rise 0.2 per cent. Retail sales are expected to stay flat. Follow the release at Business Insider >
- JC Penney has hired Blackstone to help raise $1 billion in cash. Options include selling a stake in the company. Some private equity firms are believed to have expressed interest. The retailer is believed to need the cash to help it “cover its needs” beyond 2013, according to the WSJ.
- Nasdaq’s CEO Robert Greifeld had his bonus cut by 62 per cent because of the Facebook IPO fiasco. But his overall compensation increased 18 per cent in 2012. The 12 most controversial facts in Mathematics >
- In M&A news, PayPal has bought Iron Pearl to help expand its customer base. And LinkedIn acquired mobile and web newsreader Pulse for $90 million in a cash and stock deal.
- Indian industrial production climbed 0.6 per cent year-over-year in February. This beat expectations for a 1.3 per cent decline. Devastating photos of India’s illegal coal mines >
- Consumer sentiment for April is out at 9:55 a.m. ET, followed by business inventories for February at 10 a.m. ET. Consensus is for consumer sentiment to rise to 79 and for inventories to rise 0.4 per cent month-over-month. Follow the release at Business Insider >
- Bonus – Gwyneth Paltrow said she won’t try Botox again because it made her look like Joan Rivers.
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