- Tsipras to Seize Public-Sector Funds to Keep Greece Afloat. Running out of options to keep his country afloat, Greek Prime Minister Alexis Tsipras ordered local governments to move their funds to the central bank. With negotiations over bailout aid deadlocked, Tsipras needs the cash for salaries, pensions and a repayment to the International Monetary Fund. Greek bonds fell after the move, pushing three-year yields to the highest since the nation’s debt restructuring in 2012. The order was questioned by local officials and slammed by the leading opposition party.
- Grexit Fears Cause GDP Forecasts to Plummet. Economists have severely cut their forecasts for core Greek economic indicators. That reflects growing concern that the debt burden of the southern European country may force an exit from the euro as its creditors grow frustrated with the lack of a clear vision from Syriza party leader and Prime Minister Alexis Tsipras, and the absence of a compromise on bailout terms.
- BMW Cutting Production, Prices in China to Meet ‘New Normal’. BMW AG has reduced prices on some models in China and will cut production there to prevent a buildup of unsold cars in a sign that luxury demand in the world’s largest auto market is softening. BMW has scaled back manufacturing in the country to lower supply for its distributors and will cut output again in the second quarter, said Karsten Engel, BMW’s China chief, who declined to give specifics.
- Putin Invites Saudi King to Russia as They Discuss Yemen Crisis. Russian President Vladimir Putin invited Saudi King Salman Bin Abdulaziz to make the first-ever visit to his country by a leader of the Gulf nation during a phone call in which they discussed the conflict in Yemen.
- Emerging Stocks Drop on China Curbs as Russia Stems Ruble Rally. Emerging-market stocks fell for a second day as regulatory efforts to curb speculative trading in China dragged the nation’s shares from a 2008 high. The ruble slid as the central bank raised the cost of borrowing dollars. China CNR Corp. and CSR Corp. plunged from records in Hong Kong and the Shanghai Composite Index declined the most in seven weeks. The ruble tumbled 2.6 percent against the dollar. The rupee posted its biggest drop this year as India’s trade deficit widened. Poland’s zloty rallied past 4 per euro after better-than-expected industrial output data. The MSCI Emerging Markets Index retreated 0.9 percent to 1,032.85 by 11:45 a.m. in New York.
- Europe Stocks Rebound From Weekly Drop as Miners Rally on China. European stocks rebounded from the year’s biggest weekly decline, with commodity shares leading gains after China’s central bank boosted stimulus measures. The Stoxx Europe 600 Index added 0.8 percent to 406.87 at the close of trading.
- Russia Seen Maintaining Oil Output Even After Collapse in Prices. Russia will maintain oil output for at least two years as increased use of technology and tax breaks will counter falling prices, Oxford University researchers said. “Russian production may stay flat for the next few years and could even rise towards the end of the decade,” James Henderson, an analyst at the university’s Oxford Institute for Energy Studies, wrote in a report. That assumes fields that have yet to begin output are delayed for two years on spending cuts.
- The U.S. Economy Keeps Disappointing. (graph) U.S. indicators are continuing to undershoot analysts’ estimates, according to the Bloomberg Economic Surprise Index, which made fresh lows late last week.
- Mom-and-Pop Traders Went on a Buying Binge During Friday's Market Plunge. Apple Inc., Netflix Inc. and Facebook Inc. were involved in the most orders at Fidelity, with buys outnumbering sells by 2.6, 1.1 and 2.4 to 1 respectively, according to Colas. Retail investors were net buyers of the top 30 securities on the list and sellers of just two individual companies, Microsoft Corp. and Schlumberger Ltd.
Business Insider:
- The risk of a market shock causing spillovers is worse today than it was before the financial crisis.
- 426 Children Killed in Syria Gas Attack: Report. The devastating gas attack on Syrian civilians that took place in August 2013 killed more than 1,400 people — including 426 children, it was revealed Sunday.
- Exclusive - Naimi says Saudi oil production near record high in April. Oil Minister Ali al-Naimi says Saudi Arabia is producing near record levels of crude in April, underscoring the kingdom's willingness to defend market share at a time when oil markets have staged a fragile recovery. There are worries that growing production from Saudi Arabia and other members of the Organization of the Petroleum Exporting Countries (OPEC) could snuff out a recent rebound in oil prices, particularly with economic growth in key oil consumer China the slowest in six years in the first quarter.
- Jaguar Land Rover says it cannot act on ‘copycat’ claim. Jaguar Land Rover cannot take any legal action in its dispute with an alleged Chinese “copycat”, the UK carmaker’s chief executive admitted on Monday — but he warned that a “copy-paste” approach to production would harm China’s industrial image.
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