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  1. Default Wall Street Breakfast: Must-Know News

    India's Bharatiya Janata Party appears to have won the country's general election, with exit polls showing that the BJP and its allies have racked up anything from 249 to 340 seats in the lower house of parliament out of a total of 545 seats. However, it's worth noting that Indian exit polls can be wildly inaccurate. Still, shares continued to rally at the prospect of a stable business-friendly government led by BJP party leader Narendra Modi.

    Data out of China has continued to provide further evidence of a slowdown in the country's economy, with industrial-output growth moderating to 8.7% on year in April from 8.8% and retail sales softening to +11.9% from +12.2%. Aggregate financing, the widest measure of new credit, fell to 1.55T yuan ($249B) from 2.07T yuan. The figures reflect Chinese attempts to rein in soaring lending at the expense of higher growth.

  2. Default

    The German ZEW survey of investor confidence has slumped to 33.1 in May from 43.2 in April and missed consensus of 41. However, the current situation print rose to 62.1 from 59.5. The fall in the outlook "should be seen against the backdrop of a strong economic development in the first quarter," says ZEW President Clemens Fuest. While "there are indications that Germany will not be able to maintain this fast pace of growth," the underlying trend should stay positive.

  3. Default

    AT&T is in reportedly "advanced talks" to acquire DirecTV (DTV) in a deal that values the satellite-TV provider at $51B, or over $66B after factoring net debt. AT&T (T) is offering $100 a share, or a 15% premium to DirecTV's close on Monday. Under the plans that are being discussed, DirecTV CEO Mike White plans to retire after 2015. The company's shares rose 5.9% in after-hours trading.

  4. #4

    Default

    AstraZeneca (AZN) a second time to "modestly" above the current offer of 50 ($84) a share, Bloomberg reports, adding that the U.S. company will increase the cash portion of its proposal from 32%. The report comes as Pfizer (PFE) CEO Ian Read testifies today about the deal to a U.K. parliamentary panel. AstraZeneca counterpart Pascal Soriot is also appearing at the hearings.

  5. Default

    whilst on a business trip to Spain. After becoming CEO in 1985, Zambrano turned Cemex (CX) into Mexico's first multinational company with a series of multi-billion dollar acquisitions. However, Cemex's $16B purchase of building-materials company Rinker in 2007 saddled the Mexican firm with huge debts just as the U.S. housing market was starting to slump.

  6. Default

    In Asia, Japan +1.9% to 14425. Hong Kong +0.4% to 22352. China -0.1% to 2051. India +1.4% to 23871.
    In Europe, at midday, London flat. Paris +0.2%. Frankfurt +0.5%.
    Futures at 6:20: Dow +0.1%. S&P +0.1%. Nasdaq +0.1%. Crude +0.7% to $101.29. Gold -0.15% to $1293.80.
    Ten-year Treasury Yield -2 bps to 2.65%.

 

 

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