World markets react to regional economic data
Wall Street saw triple-figure gains for the Dow Monday with economic data on personal income and pending home sales showing positivity. The strong lead from Wall Street has given most Asian indexes a good day’s trading, however Tokyo and Shanghai closed lower with Chinese investors choosing to take profits despite stimulus for the country’s housing market. In Europe data showing the chance of deflation in the Eurozone, together with concern over Greece erased early gains.
US stock futures are trending lower. Oil is trending lower (Brent $55.39, WTI $47.80 at 5.45am ET). Gold is trending lower.
S&P Case-Shiller HPI at 9.00am ET
Chicago PMI at 9.45am ET
Consumer confidence at 10.00am ET
Bay Bancorp, Gencorp and Roomlinx are among the companies reporting results today.
Oil declines as Iran deal looks likely
Oil prices are lower as a deadline approaches for a deal between Iran and six world powers; including the US, China and Britain; over the country’s nuclear plans. If the interim agreement is reached, with a longer plan to be reached in June, it is likely to mean that Iran will be able to start selling more of its oil internationally in return for ceasing plans for nuclear weapons. Although there are some issues to be resolved it is expected that a deal will be reached in the next 24 hours.
Cablevision set to make $1 offer for NY Daily News
With falling circulation, an annual loss of $30 million and a $150 million investment in a printing press, the New York Daily News has been valued at just a dollar by Cablevision. Reuters has reported that the cable TV firm is planning an offer as early as this week, although neither side has made any comment.
IBM announces $3 billion investment in the internet of things
IBM is to invest $3 billion in a new ‘internet of things’ business unit. The cash will be made available over the next four years as the firm looks to capitalize on its experience in gathering and using real-time data.
Music heavyweights back music streaming service to rival Spotify
Some of music’s biggest names are co-owners of a new music streaming service that aims to take on Spotify. Madonna, Rihanna, Beyonce and Jay Z are among the owners of the subscription service which will deliver music and video content for $10 for standard quality and $20 for higher quality. The service, named Tidal, was launched at an event in New York on Monday.
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