Good morning. Here’s what you need to know.
- Asian markets were mostly lower in overnight trading with the Shanghai Composite down 1.13 per cent, falling to its lowest level this year on disappointing GDP growth. Europe is selling off and U.S. futures are lower.
- The rout in Gold and silver continues. Gold officially entered bear market territory on Friday and hit $1,400 an ounce today. It has lost $198 this month. Gold bull Frank Holmes says the metal will not stay at these lows >
- China released a bunch of economic data over the weekend. GDP growth slowed to 7.7 per cent in the first quarter, from 7.9 per cent in Q4. Meanwhile, industrial production eased to 8.9 per cent in March, from 9.9 per cent in Jan-Feb.
- Meanwhile, retail sales were up 12.6 per cent in March, up marginally from 12.3 per cent for Jan-Feb. Fixed asset investment eased to 20.9 per cent in March, from 21.2 per cent. The only three indicators of Chinese monetary policy you need to watch >
- Dish Network has made a $25.5 billion cash and stock bid for Sprint Nextel Corp. This is a 12 per cent premium to Sprint’s close on Friday. Sprint had agreed to sell 70 per cent of its shares to Softbank in October.
- The Empire State manufacturing survey for April is out 8:30 a.m. ET, followed by the NAHB housing market index for April at 10 a.m. ET. Consensus is for the empire state survey to fall to 7.5, and for the housing market index to rise to 45. Follow the release at Business Insider >
- Greece is expected to meet the conditions of its bailout package and should receive the next €2.8 billion in financial aid. The troika – European Commission, the International Monetary Fund and the European Central Bank – said “debt sustainability remains on track,” according to the WSJ. How Portugal became a horrific economic mess >
- In earnings news, Citigroup is expected to report Q1 earnings of $1.17 per share. Charles Schwab is expected to report earnings of $0.16 per share.
- Venezuela’s Nicolas Maduro who was picked as successor by Hugo Chavez narrowly beat Henrique Capriles at the presidential elections. Maduro received 7.5 million or 50.6% of the votes and Capriles received 7.27 million or 49.07% of the votes.
- Indian wholesale price inflation climbed 5.96% year-over-year in March. This was below expectations for a 6.27% rise. This leaves room for the central bank to cut interest rates and help bolster growth. 17 crazy things that only happen in India >
- Bonus – Bradley Cooper said Jennifer Lawrence was “great to kiss” when he won the MTV movie award for Best Kiss.
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.