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Good morning. Here's what you need to know. - Markets in Asia largely traded higher overnight, with Japan's Nikkei up 1.0 percent. Shares in Europe are gaining nearly across the board and U.S. futures point to a positive open.
- The U.K. fell into recession after a reading of first quarter GDP showed a 0.2 percent contraction, the second consecutive quarter of decline. That's worse than the 0.1 percent growth economists had expected. The construction sector was hit hard during the period, slowing 3 percent.
- Apple beat on both the top and bottom lines yesterday, earning $12.30 per share on $39.2 billion in revenue. Analysts expected $10.02 on top line results of $36.9 billion. iPhone sales fueled the better-than-expected results, as the company sold 35.1 million units against forecasts for 30.5 million.
- Germany sold long-term debt at a record-low yield, but missed its maximum target for the auction. The Bundesbank said it received bids for €2.75 billion worth of its 32-year debt, selling at a yield of 2.41 percent. The country had set its target at €3 billion.
- China forced the country's Twitter-like service, Sina Weibo, to delete a number of user accounts as the Bo Xilai scandal gained steam, the Wall Street Journal's Loretta Chao and Josh Chin report. The crackdown came after part of the Bo Xilai rumor spread through Li Delin's, a Chinese business magazine editor, Sina Weibo account. Click here to see the 21 most controversial stocks in the world >
- Spanish producer prices increased by 3.3 percent during the month, 10 basis points below expectations.
- Siemens AG cut its 2012 guidance by as much as €800 million, to a range of €5.2 billion to €5.4 billion as new orders declined during the second quarter.
- The U.S. durable goods report is scheduled for 8:30 a.m., with expectations for the headline figure to show a 1.7 percent decline. Excluding transports, orders are seen advancing 0.5 percent. Follow the announcement live on Money Game.
- Dow components and economic bellwethers Boeing and Caterpillar both beat expectations this morning. Airplane manufacturer Boeing posted earnings per share of $1.11 when adjusted for one time charges as revenue surged 30 percent to $19.4 billion. Caterpillar topped at $2.37 per share, above forecasts for earnings of $2.13 per share. Here's what the world's largest companies are telling us about the economy >
- Mitt Romney swept all five primaries yesterday, picking up 154 delegates. Now the presumptive nominee for the Republican party, Romney is just 300 delegates away from securing his place.
Bonus: Chelsea eliminated Barcelona to advance to the Champions final yesterday. Please follow Money Game on Twitter and Facebook. | | | | | | | |
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