Good morning. Here's what you need to know.
- Asian markets were up in overnight trading, with the yen weakening and the Nikkei surging 0.7 percent, on the back of aggressive easing announced by the Bank of Japan last week. Europe is rallying, and the S&P 500 hit an all-time intraday high after the Fed minutes leaked early.
- President Obama will unveil his $3.77 trillion 2014 Budget today. It will be delivered to the Senate Budget Committee at about 8:00 a.m. ET. The budget includes a controversial concession on how inflation is measured. Members of the President's party say his plan for chained CPI could be a tax on the middle class and a cut in benefits for senior citizens. We've seen four budgets so far – Here's how they're different >
- Since the Bank of Japan announced its latest monetary policy expansion Japanese government bonds (JGB) have seen a sell-off. Last night yields on five-year JGB's spiked to a four-year high of 0.58 percent.
- Chinese exports climbed 10 percent, missing expectations for an 11.7 percent rise. Imports climbed 14.1 percent, beating expectations for a 6 percent rise. The three key reasons Chinese export growth slumped >
- The (FOMC) minutes were released early after they were accidentally leaked to lobbyists. The minutes show that "several" FOMC members see a halt to QE by year-end, and a few see it "tapering" by mid-year. The outlook was "little changed" from the last meeting.
- In earnings news, Bed Bath and Beyond is expected to report earnings of $1.68 per share after the bell. Meanwhile, Family Dollar reported Q2 net income of $1.21 per share, on revenue of $2.89 billion. Profits came in just shy of expectations. The company expects 2013 earnings of between $3.73 and $3.93 per share.
- Blackstone is in talks with tech companies to join in its bid to take Dell private. Blackstone is reportedly willing to let other companies take a financial role and an "equity stake, debt financing or a combination of the two," according to Dow Jones Newswires.
- The World Trade Organization lowered its global trade growth forecast to 3.3. percent in 2013, from a previous projection of 4.5 percent. Global trade grew 2 percent last year, the lowest on record.
- Italian industrial production fell 0.8 percent in February, worse than expectations for a 0.5 percent decline. Industrial production was down 3.9 percent year-over-year.
- The Treasury Budget for March is out at 2:00 p.m. ET. Consensus is for the deficit to narrow to $172.4 billion. Follow the release at Business Insider >
- Bonus - Ashley Tisdale told Maxim magazine that she likes "the dark, mysterious bad boy."
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