Good morning. Here’s what you need to know.
- Asian markets were mixed in overnight trading with the Shanghai Composite down 1.1%. Europe is selling off and U.S. futures are modestly lower.
- The IEA says the U.S. will account for a third of new oil supplies between 2012 – 2018. North American oil supply is expected to grow by 3.9 million barrels per day over the next five years. “North America has set off a supply shock that is sending ripples throughout the world.”
- German investor confidence climbed to 36.4 in May, from 36.3 the previous month. This was below expectations for a rise to 40. Meanwhile, eurozone industrial production climbed 1% month-over-month in March.
- Nokia has launched the Lumia 925 in London. The phone runs on Window’s software, costs $609, and is lighter. It is expected to hit stores in Europe and China next month.
- Mining giant BHP Billiton’s new CEO Andrew Mackenzie has said the company will cut back on capital expenditure from $22 billion in 2013, to $18 billion next year. He also said he will consider returning more cash to shareholders.
- The U.S. Department of Justice secretly seized two months worth of phone records of the Associated Press. The AP suspects that it is tied to an investigation into how it found out about an al-Qaeda bomb plot in Yemen.
- India’s wholesale price inflation cooled to a 41-month low of 4.89% year-over-year in April. This was lower than expectations for 5.45%. This gives the central bank room to cut interest rates and bolster growth. India really does have a magazine called Bureaucracy Today >
- A French proposal to tax smartphones, tablets, and other internet devices as much as 4%, “to help fund the production of French art, films, and music,” was endorsed by President Hollande’s administration, according to the Financial Times.
- Import and export prices for April are out at 8:30 a.m. ET. Consensus is for export prices to fall 0.1% and for import prices to fall 0.5%.Follow the release at Business Insider >
- An index measuring UK home prices climbed to 1 in April, from -2 the previous month. A positive reading shows that more respondents saw home prices rise rather than fall. The biggest economic experiment of the last five years has ended in disaster >
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