Photo: REUTERS/Henry Romero
Good morning. Here’s what you need to know.
- Asian markets sold off in overnight trading with the Shanghai Composite down 1.04 per cent, falling for the fourth straight day. Europe is mixed and U.S. futures are modestly lower.
- UK industrial production fell 1.2 per cent on the month in January, missing expectations of a 0.1 per cent increase. Manufacturing fell 1.5 per cent. Meanwhile, UK home prices fell to -6 in February from -4 the previous month, according to the Royal Institution of Chartered Surveyors.
- Spanish borrowing costs fell at its latest Treasury auction. Spain sold €5.83 billion of six and 12-month notes, at an average yield of 0.794 per cent and 1.363 per cent respectively. The sale beat the upper target of €5.5 billion. Meanwhile, Italian borrowing costs were up at its €7.75 billion auction of 12-month bonds, the first since its downgrade.
- 115 Cardinals will begin voting for a new Pope at the Sistine Chapel this afternoon. This comes at a time when there have been differences between Cardinals that work outside Rome and those inside the Vatican. Italy’s Angelo Scola and Brazil’s Odilo Scherer are said to be favourites, according to Reuters. The 3 frontrunners for the Papal election >
- At 10 a.m. ET, Paul Ryan will unveil his plan to balance the U.S. budget by 2013. Ryan’s “The Path to Prosperity: A Responsible, balanced budget,” seeks to do so with $4.6 trillion in spending cuts.
- The Treasury Budget for February is out at 2 p.m. ET. Economists polled by Bloomberg are looking for deficit of $205.0 billion. Follow the release at Business Insider >
- Costco’s earnings were up 39 per cent in the second quarter, and same store sales were up 5 per cent. The retailer reported earnings of $1.24 per share, on revenue of $24.86 billion. Gartman: I’m staying out of stocks because of all the insider selling >
- Blackberry, formerly known as Research in Motion, saw its shares surge 14 per cent on Monday, after reports that it could be acquired by Lenovo. Share prices were also driven by news that the Blackberry Z10 smartphone would be on sale in the U.S. on March 22.
- Indian industrial production was up 2.4 per cent on the year, beating expectations of a 1.3 per cent rise. Meanwhile consumer prices are up almost 11 per cent year-over-year in February. Devastating photos of India’s illegal coal mines >
- German inflation eased to 1.8 per cent in February from 1.9 per cent the previous month. 11 maths tricks that will make your life so much easier >
- Bonus – Actress Olivia Wilde said she worried that she wasn’t beautiful enough when she first met her fiance Jason Sudeikis.
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