Good morning. Here's what you need to know.
- Asian markets were mixed in overnight trading with the Nikkei down 0.83 percent falling for the seventh consecutive session. Europe is rallying and U.S. stocks have opened higher.
- Indonesia's Aceh province was hit by an 8.7 magnitude earthquake. The earthquake struck at a depth of 20.5 miles off the coast of Indonesia. A tsunami measuring 4 inches hit the Thai coast. LIVE on Business Insider.
- Italy sold €11 billion of short-term bills paying 2.84 percent to sell one-year debt up from 1.41 percent at the previous auction. The Italian market rallied after the successful auction. Meanwhile Germany's bond auction flopped after yields hit a record low.
- Alcoa reported Q1 net income of $105 million or $0.10 per share beating expectations of a loss of $0.04 per share. Revenue beat expectations rising nine percent year-over-year to $6 billion. Morgan Stanley presents the 10 best stocks in America >
- Best Buy unexpectedly announced yesterday that CEO Brian Dunn would be resigning. It then emerged that he resigned amid a personal misconduct investigation.
- Carlyle Group is looking for a $7.5 billion - $8 billion valuation in its IPO. Carlyle plans to sell a 10 percent stake to raise $750 million - $800 million in the IPO which could take place as early as next week.
- Japan's machinery orders unexpectedly climbed 4.8 percent in February showing that gains in capital spending could help sustain its recovery. Expectations were for a 0.8 percent decline. Now here are the 29 most bizarre economic indicators in the world >
- Import and export prices for March will be released at 8:30 a.m. ET. Consensus is for a 0.3 percent month-over-month (MoM) increase in export prices and 1 percent MoM increase in import prices. Follow the release at Money Game >
- In industry news, The world's largest oilfield services company Schlumberger will sell its Wilson distribution unit to National Oilwell Varco in a cash deal.
- Some economic data out of Europe. UK retail sales for stores open at least 12 months gained 1.3 percent in March from a year ago. Meanwhile, Spanish manufacturing output declined 4.5 percent year-over-year in February. Don't Miss: 10 horrible facts about Spain >
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