Good morning. Here’s what you need to know.
- Asian markets were up in overnight trading with the Hang Seng up 0.9% boosted by Chinese trade data. Europe is rallying and U.S. futures are flat.
- Chinese exports climbed 14.7% in April, and imports were up 16.8%. Economists are again attributing the strong export data to over-reporting on the part of exporters. 29 crazy things that only happen in China >
- German industrial production increased 1.2% month-over-month in March. This beat expectations for a 0.1% fall. On a year-over-year basis production was down 2.5%.
- Japanese automaker Toyota reported a net profit of 313.9 billion yen ($3.17 billion), beating expectations for 263.8 billion yen. The company also said its net income is projected to increase 42% in the year ending March 2014, but this missed analyst expectations.
- Investors will meet at the Lincoln centre this afternoon for the 18th annual Sohn Investment Conference. This year’s speakers include heavy weights like Bill Ackman, David Einhorn, Kyle Bass and Paul Singer. Follow the event LIVE at Business Insider >
- JC Penney released its preliminary Q1 earnings results after the closing bell yesterday. The company reported revenue of $2.64 billion, below expectations for $2.73 billion. It also reported that comp store sales were down 16.6%. Goldman: These are the 40 most undervalued stocks in the market >
- Walt Disney reported a 32% rise in Q2 profit beating expectations. It reported net income of $0.83 per share, on revenue of $3.3 billion.
- UK home prices increased 1.1% on the month in April to reach its highest level in nearly three years. Home prices reached an average of $257,200. The biggest economic experiment of the last five years has ended in disaster >
- Manchester United has announced that its manager Sir Alex Ferguson is retiring. Ferguson had been at the helm of the club for 26 years.
- New Zeleand’s central bank governor Graeme Wheeler said the central bank sold the kiwi causing the currency to decline 1.1% to 83.60 cents, according to Bloomberg. The central bank is expected to intervene again if necessary.
- Bonus – Blake Lively donned sexy outfits for a Lucky magazine shoot with photographer Patrick Demarchelier.
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