Good morning. Here's what you need to know.
- Asian markets were down in overnight trading with the Shanghai Composite down 1.4% and Hong Kong's Hang Seng down 1.2%. Europe is selling off and U.S. futures are lower.
- The Nikkei entered bear market territory last night, down 20% off its recent highs — which is the technical definition of a bear market. Meanwhile, the Japanese yen is strengthening, up 1.2% against the U.S. dollar today, hitting a two-month high. Richard Koo explains why Japanese stocks crashed >
- The jobs report beat expectations with nonfarm payrolls coming in at 175,000. The unemployment rate ticked higher to 7.6%.
- The National Security Agency and FBI have been participating in a classified program code-named PRISM that draws on data from American internet companies, The Washington Post reported. The nine companies that "participate knowingly" in the program are Microsoft, Yahoo, Google, Facebook, PalTalk, AOL, Skype, YouTube, Apple. Many tech companies however have denied this. 10 things you didn't know about the agency spying on you >
- German industrial production rose 1.8% month-over-month in April. It was up 1% form a year ago. This was boosted by increased construction activity.
- Apple is starting an iPhone trade-in program, according to Bloomberg, in an effort to boost sales. Apple is reportedly partnering with Brightstar Corp to run the program.
- Samsung lost $12 billion in market value on Friday, after it saw a bunch of downgrades, according to Reuters. This comes on concerns about sales of its Galaxy S4 smartphone.
- Wal-Mart will hold its annual shareholder meeting at 8 a.m. ET on Friday.
- Chinese president Xi Jinping and President Obama are meeting at the Sunnylands estate in California. Obama is expected to address China's cyber spying during the meeting. Meanwhile, Xi is expected to tell Obama that he is uncomfortable about the administration's pivot to Asia, according to Reuters.
- The April Consumer Credit report is out at 3 p.m. ET. Consensus is for consumer credit outstanding to rise $14.0 billion. Follow the release at Business Insider >
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