Good morning. Here’s what you need to know.
- Asian markets were mostly lower in overnight trading with the Nikkei down 0.66%. ending a three-day winning streak. Europe is mixed and U.S. futures are flat.
- Chinese consumer prices increased 2.4% in April, just above expectations of a 2.3% rise. Producer prices fell a more than expected 2.6%. Meanwhile, pork prices fell 6.5%.
- The Bank of Korea unexpectedly cut its interest rate to 2.5%, from 2.75%. This follows a rate cut from Bank of Australia and Poland’s central bank earlier this week. Rosenberg: The Fed is trying like crazy, but nothing it’s doing can save the economy >
- Initial jobless claims are out at 8:30 a.m. ET. Consensus is for initial claims to rise to 335,000, from 324,000 last week. Follow the release at Business Insider >
- Tesla beat earnings and revenue expectations and reported its first ever profit. The company reported Q1 earnings of $0.12 per share, above expectations for $0.03 per share. Revenue jumped 83% from the last quarter to $862 million.
- Australian employment increased by 50,100 in April. This was above expectations for an 11,000 gain. Unemployment ticked lower to 5.5%, from 5.6%.
- The Bank of England kept its interest rate and asset purchase program unchanged at 0.5% and £375 billion respectively. Meanwhile, UK manufacturing output increased 1.1% in March, beating expectations for 0.3% growth. The biggest economic experiment of the last five years has ended in disaster >
- Another factory fire has killed eight people in Bangladesh. This comes two weeks after a factory collapse killed over 900 workers. The government has shut down 18 factories according to Reuters.
- Green Mountain Coffee Roasters reported earnings of $0.93 per share, beating expectations of $0.20 per share. It reported revenue of $1 billion. The company also reported that it has signed a five-year deal with Starbucks which caused trading to be halted briefly. Green Mountain’s stock surged once trading resumed. Goldman: These are the 11 most overpriced stocks in the market >
- The SkyBridge Alternatives (SALT) Conference continues today at the Bellagio in Las Vegas. Today’s panelists include Dan Loeb, Anthony Scaramucci, Leon Cooperman, Barney Frank, and former Greek PM George Papandreou.
- Bonus – Gwyneth Paltrow told US Weekly that Miranda Kerr looked beautiful at the Met Gala. Paltrow said “she’s just so pretty, it’s abnormal.”
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