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- Asian markets were mixed in overnight trading with the Shanghai Composite up 1.2%, its best day since May 3. Europe is mixed and U.S. futures are modestly lower.
- Japanese Q1 GDP increased 3.5% year-over-year, beating expectations for 2.8% growth. Growth increased 0.9% from the previous quarter, showing that 'Abenomics' is stimulating the Japanese economy. What is Abenomics >
- Gold prices fell below the $1,400 mark yesterday and continue to fall today. A stronger dollar and a decline in ETF holdings are weighing on gold. A 13-F filing for Soros Fund Management showed that Soros cut his stake in the SPDR Gold Trust to 530,900 by March 31, from 600,000 at the end of December.
- Wal-mart reported earnings of $1.14 per share in line with expectations. Same store sales ex-fuel for Q1 fell 1.4%. The company said it expects Q2 EPS of $1.22 - $1.27 per share, which is below expectations for $1.29 per share.
- Initial claims surged to 360,000 for the week ending May 11, higher than expectations for 330,000. The Philadelphia Fed survey for May is out at 10 a.m. ET. Consensus is for the general business conditions index to rise to 2. Follow the release at Business Insider >
- Foreign direct investment in China was up 1.21% to $38.3 billion in the first four months of the year. April FDI was $8.4 billion, up 0.4% on the year. Investment from the U.S. increased 33.2% in the January through April period. 29 crazy things that only happen in China >
- Cisco reported Q1 earnings of $0.51 per share, on revenue of $12.22 billion, beating expectations for $0.49 per share, on revenue of $12.17 billion. Cisco's shares are up over 8% in pre-market trading.
- Tesla's shares are up over 9% in pre-market trading. After the bell yesterday, Tesla announced that it would raise more money through a secondary offering of common stock and convertible bonds. CEO Elon Musk said that he will buy $100 million in Tesla's stock, and the proceeds from the offering will be used to pay back the loan from the Department of Energy. America's 4th automaker has arrived >
- Housing starts missed expectations falling 16.5% to an annualized 853,000 units. Meanwhile, permits beat expectations surging 14.3% to an annualized 1.01 million units. Consumer prices fell 0.4%, more than expectations for a 0.3% decline.
- Euro area exports increased 2.8% month-over-month in March. Imports fell 1%, and the trade surplus widened to €18.7 billion, from €12.7 billion.
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