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- Asian markets were higher in overnight trading with the Nikkei up 2.3%, closing above 15,000. Europe is mixed and U.S. markets have opened modestly lower.
- Q1 eurozone GDP fell 0.2% from the previous quarter. This is the sixth straight quarterly decline, making it the longest recession on record. GDP growth in Italy and Spain was down 0.5%. Meanwhile, Germany, often considered the strong man of Europe posted a modest 0.1% growth. Germany is different from everywhere else in Europe >
- In earnings news, Deere & Co. beat expectations when it reported earnings of $2.76 per share, on revenue of $10.9 billion. The agriculture equipment maker lowered its full-year equipment sales to 5%, from 6%, because of "unfavorable currency-translation." The stock is down 2.8% in pre-market trading. Retail giant Macy's is expected to report Q1 earnings of $0.53 per share.
- The Empire State manufacturing survey unexpectedly fell to -1.43 in May, from 3.05 in April. Meanwhile, producer prices fell 0.7% on the month in April, in line with expectations.
- Bank of England governor Mervyn King has said the UK GDP could rise 0.5% in the second quarter, from 0.3% in Q1. He said the recovery is now "in sight," according to Bloomberg.
- Industrial production fell a more than expected 0.5% in April. The NAHB housing market index for May is out at 10 a.m. ET. Consensus is for homebuilder confidence to rise to 43. Follow the release at Business Insider >
- Google's annual developer conference I/O begins today and runs through Friday. Google is expected to introduce its new Nexus 7 tablet at I/O. Meanwhile, Google is preparing a music streaming service to compete with Spotify.
- HSBC has said it is trying to achieve an additional $2 - $3 billion in additional annual cost cuts. This could cause between 4,000 - 14,000 job losses.
- Early votes among shareholders at JP Morgan on separating the role of chairman and CEO, are below 50%, according to the Financial Times. Jamie Dimon has threatened to leave if they split his position. Some of the investors backing Dimon are against the re-election of other board members.
- The number of jobless people in the UK increased by 15,000 to 2.52 million. The unemployment rate climbed to 7.8% and average earnings grew a modest 0.4%. The biggest economic experiment of the last five years has ended in disaster >
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