Good morning. Here's what you need to know.
- Asian indices were down in overnight trading with the Shanghai Composite down 2.23%. Major European indices are in the red and U.S. futures indicate a lower open.
- Portugal, the EU, and IMF have worked out a deal for a $116 billion bailout. The deal will involve severe budget cuts and a bank recapitalization plan for Portugal. It will be voted on by European economic ministers on May 16. Don't miss: Niall Ferguson's new presentation on the decline of the West >
- The UK construction sector slowed in April with its PMI index falling to 53.3, below the 56.4 reading in March. Meanwhile, the nationwide house price index recorded a 2% fall in prices in April. Here are the 14 hottest housing markets around the world >
- Applied Materials Inc. is expected to announce an agreement to acquire Varian Semiconductor Equipment Associates Inc. for $5 billion in cash. Applied Materials is set to pay $63 a share.
- BNP Paribas reported a 15% increase in Q1 profit to €2.62 billion. The French bank saw a decline in provisions for bad loans and saw profits boosted by its retail banking arm. Check out our guide to the slowing economy >
- ConAgra has increased its offer for Ralcorp Holdings Inc to $4.9 billion in cash. ConAgra pitched $86 a share in cash up from the $82 a share cash-and-stock offer it made previously.
- The ADP national employment report will be released 8:15 AM ET. Consensus is for 170K additional private sector jobs in April. Follow the release at Money Game >
- Gaming company Las Vegas Sands missed expectations and reported earnings of
$0.37 a share against estimates of $0.44. Its shares fell 11% in after hours trading. OpenTable, reported a 68% increase in Q1 profit but saw its shares fall 15% after naming a new CEO. Don't miss: Images of the legendary rat pack casino that is closing >
- The ISM non-manufacturing index is out at 10 AM ET. Consensus is for a slight easing in April to 57. Follow the release at Money Game >
- The death of Osama Bin Laden continues to drive the Pakistani market lower. The media there claims he was killed by his bodyguard, not U.S. forces. Check out how the world reacted to Bin Laden's death >
- Bonus: Kim Kardashian was spotted holidaying with boyfriend Kris Humphries in Mexico.
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See Also:
- 10 Things You Need To Know This Morning
- 10 Things You Need To Know This Morning
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VARIAN SEMICONDUCTOR EQUIPMENT ASSOCIATES UNITED ONLINE UNISYS TRIQUINT SEMICONDUCTOR TRIMBLE NAVIGATION LIMITED
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