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10 Things You Need To Know This Morning
Good morning. Here's what you need to know.
Asian markets were mixed in overnight trading with the Nikkei down 0.82 percent after Japan posted a record trade deficit. Europe is moving lower and U.S. stocks are flat.
Brazil's central bank cut interest rates by 75 basis points to 9 percent. The central bank also said it sees few inflation risks suggesting that they could cut rates some more. Citi: Here's what the 21 hottest emerging markets will do this year >
Spain sold €2.54 billion in government debt today, slightly exceeding its target. Yields on the 2022 bond climbed to 5.743 percent, while yields on the 2014 bond eased to 3.463 percent.
Bank of America beat expectations reporting adjusted earnings of $0.31 per share, on revenue of $22.5 billion. Meanwhile, Morgan Stanley also beat when it reported adjusted earnings of $0.71 per share, on revenue of $8.9 billion. Meanwhile, Verizon Communications posted earnings of $0.59 per share, beating expectations. Microsoft is expected to report earnings of $0.57 per share. Don't Miss: The 21 most controversial stocks in the world >
Yum Brands reported a 73 percent rise in net income to $458 million or $0.76 per share, beating expectations. China continues to be a region of strength for the company with total sales gaining 28 percent.
Initial jobless claims fell to 386K missing estimates of a drop to 360K, but below revised claims level of 388K for last week >
In M&A news, Johnson & Johnson got EU clearance for a $21 billion acquisition of Swiss medical device maker Synthes Inc. Meanwhile, GlaxoSmithKline made a hostile $13 per share cash bid for Human Genome Sciences Inc. HGSI rejected the offer.
India successfully tested a new nuclear-capable missile, the Agni-V with a range of 3,100 miles that could hit targets in China and Eastern Europe.
Japan posted a 4.41 trillion yen trade deficit for the fiscal year ending March 31. Exports fell 3.7 percent year-over-year, while imports surged 11.6 percent. These 10 countries will command world trade in 2050 >
Existing home sales for March and the Philadelphia Fed Survey for April will be released at 10 a.m. ET. Consensus is for a rise in existing home sales to a 4.62 million annual rate, and a drop in general business conditions level to 12. Follow the release at Money Game >
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