Good morning. Here’s what you need to know.
- Asian markets were up in overnight trading with the Shanghai Composite up 1.38%, after the government cut red tape for investment projects. Europe is higher and U.S. futures are modestly higher as well.
- Premier Li Keqiang has promised to reduce the role of the government in the Chinese economy. A list published by the State Council shows that 117 investment projects including airports and gas fields don’t need to be pre-approved by the Economic Planning Agency. An eerie tour of an abandoned Chinese amusement park that is about to be torn down >
- Japanese prime minister Shinzo Abe announced an annual 70 trillion yen ($687 billion) target for domestic private-sector investment, which is the level seen before the 2008 financial crisis, according to Reuters. This is expected to “triple infrastructure exports and double farm exports by 2020.”
- Dell reported Q1 earnings of $0.21 per share, missing expectations for $0.35 per share. But revenue of $14.07 billion, beat expectations for $13.50 billion.
- Nominal Chinese wages at non-private enterprises were up 11.9% to 46,769 yuan ($7,542) in 2012. In private companies there climbed 17.1% to 28,752 yuan. In inflation adjusted terms, wages were up 9% and 14% respectively.
- Citigroup has stopped its Forex traders from using internal chat on their Bloomberg terminals, according to the FT. Citigroup said the decision was made before the recent complaints over how Bloomberg journalists were using terminal data.
- Consumer sentiment for May is out at 9:55 a.m. ET. Consensus is for the sentiment index to rise to 77.9. Follow the release at Business Insider >
- European car sales increased 1.8% on the year to 1.08 million vehicles. Car sales were up for the first time in 19 months and were boosted by sales in Germany and Spain. Germany is different from everywhere else in Europe >
- The Association of American Railroads (AAR) reported a 0.6% year-over-year rise in weekly carloads to 280,986 for the week ending May 11. Intermodal traffic was up 2.9% but rail traffic data in the longer-term has remained negative.
- S&P affirmed India’s sovereign rating of BBB- with a negative outlook. It also said there was a one-in-three chance of a ratings downgrade over the next 12 months.
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