Good morning. Here’s what you need to know.
- Asian markets were mixed in overnight trading with the Shanghai Composite up 2.66 per cent, rising the most in two months. Europe is rallying and U.S. future are higher.
- Cyprus’ finance minister Michael Sarris continues to be in talks with Russia for aid. The island nation’s parliament rejected the EU bailout deal yesterday, with not a single member of parliament voting for it. Cyprus: Two possibilities for what happens next >
- The FOMC meeting announcement and forecasts are out at 2 p.m. ET, after the Fed revised it release time. This will be follow by Ben Bernanke’s press conference at 2:30 p.m. ET. The asset purchase program and interest rates are expected to remain unchanged but analysts are watching the language for clues on QE. Follow the release at Business Insider >
- UK chancellor George Osborne is presenting the 2013 Budget to parliament at 12:30 GMT (8:30 a.m. ET). He is expected to stick to his plan for austerity, and analysts expect the focus of this Budget to be on monetary, not fiscal policy. Why a ‘Brixit’ keeps Nomura’s top geopolitical analyst up at night >
- In M&A news, Yahoo is in talks to buy a controlling stake in Dailymotion which could be valued at $300 million. Meanwhile, American Realty Capital has offered to buy Cole Credit Property Trust for $5.7 billion to create the largest publicly traded REIT [Real Estate Investment Trust] in the net lease sector,” according to Reuters.
- J.P. Morgan was downgraded in a secret scorecard from the Office of the Comptroller of the Currency over concerns about the company’s leadership, according to the Wall Street Journal. On a scale of 1 to 5 with 5 being the worst, JP Morgan is now at 3.
- HP’s board is set to come under pressure during its annual shareholder meeting today over the company’s $8.8 billion writedown of Autonomy Corp.
- Freddie Mac has sued more than 12 of the world’s biggest banks for alleged manipulation of Libor, according to The Wall Street Journal. It also sued the British Bankers’ Association.
- UK jobless claims declined by 1,500 to 1.54 million, missing expectations for a decline of 5,000.
- President Barack Obama is on a three-day visit to Israel to help smooth relations between the Israelis and Palestinians. Obama and Israeli prime minister Benjamin Netanyahu are set to hold a press conference later in the day.
- Bonus – Keira Knightley will star as Coco Chanel in a short film that will be directed by Karl Lagerfeld.
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