- Euro-Area Unemployment Falls to Lowest Level in Eight Years. Euro-area unemployment fell to the lowest in almost eight years and a measure of manufacturing accelerated as factories in the region’s biggest economies benefited from improving global growth. The average jobless rate declined to 9.5 percent in February from 9.6 percent in January. It’s been decreasing steadily from a peak of more than 12 percent in 2013 and is now at the lowest since May 2009. Separately, IHS Markit said its Purchasing Managers’ Indexes for Germany, France and Italy all rose in March, helping to pushing its euro-region gauge to the highest since 2011. New export business increased in all three nations.
- U.S. Stocks Decline as Auto Sales Trail Estimates. (video) The Stoxx Europe 600 dropped 0.49 percent, after increasing 5.5 percent for the first three months of the year, the best quarter in two years. The MSCI All Country World Index was down roughly 0.5 percent.
- Tesla(TSLA) Passes Ford by Market Cap Before Musk Delivers Model 3. (video) The electric-carmaker climbed as much as 5.7 percent a day after beating analysts’ estimates by reporting shipments of 25,000 cars and SUVs in the first quarter. Its market value is now at about $47.6 billion, $2.7 billion more than Ford. Tesla has supplanted Ford even though it delivered fewer than 80,000 vehicles globally last year, compared with 6.7 million from Ford, the second-biggest automaker in the country behind General Motors Co.
Wall Street Journal:
- Digital Clue Links North Korea to Theft at New York Fed, Security Firm Says. Kaspersky Lab says digital records show link to a computer with North Korean internet address.
- Wall Street is vastly underestimating how many people are going to buy the next iPhone, analyst says. (video)
- 'Soft' Data Slammed As Manufacturing PMI Plunges To 6-Month Lows: "Bodes Ill For Second Quarter". (graph)