10 things you need to know before the opening bell
China's economy is slowing. China's economy grew at a 7.0% year-over-year clip, matching economists' expectations. While the number was in-line, growth was measurably slower than the 7.3% pace experienced in the fourth quarter of 2014. Industrial production climbed 5.6% YoY, missing the 6.9% YoY forecast. China's yuan edged up 0.1% to 6.2051.
Europe has accused Google of antitrust violations. The EU's statement noted, "The Commission will assess if, by entering into anticompetitive agreements and/or by abusing a possible dominant position, Google has illegally hindered the development and market access of rival mobile operating systems, mobile communication applications and services in the European Economic Area (EEA)." In addition to the antitrust suit, the EU also announced an investigation into Google's Android platform.
Frustration with Greece is growing. A report from German newspaper Süddeutsche Zeitung quoted a senior eurozone official as saying its "simply impossible" to negotiate with the Greek government. A Eurogroup summit is scheduled for April 24, but no deal is expected to be reached at that time. HSBC has previously stated May 12 is a possible date for default. Greece's 3-year yield is higher by 42 basis points at 23.31%.
The ECB will announce its latest interest rate decision. The European Central Bank's Statement is due out at 7:45 a.m. ET and Mario Draghi's press conference is scheduled for 8:30 a.m. ET. No changes to policy are expected. The euro is weaker by 0.6% at 1.0592.
The US could become a net exporter of energy by 2020. The Energy Information Administration believes the US might end its dependence on foreign oil as early as 2020. The EIA now believes US production will peak at 10.6 million barrels per day in 2020, up from its previous projected peak of 9.6 billion barrels per day by 2019. EIA Administrator Adam Sieminski added, "Advanced technologies are reshaping the U.S. energy economy" He continued, "The projections show the potential to eliminate net U.S. energy imports in the 2020 to 2030 time frame."
Bank of America posted a mixed quarter. The investment bank announced adjusted earnings of $0.36 per share, topping the $0.29 per share that was expected. Revenues came out at $21.4 billion, missing the $21.6 billion that analysts were expecting. "We see continued encouraging signs in customer and client activity, with consumer spending increasing and utilization of credit by our commercial customers rising," Bank of America CEO Brian Moynihan said in its Q1 earnings press release.
Intel reported an in-line quarter. The chip maker announced earnings of $0.41 per share on revenues of $12.8 billion. Both numbers matched analyst estimates. Intel CEO Brian Krzanich said in a statement, "Year-over-year revenues were flat, with double-digit revenue growth in the data center, IoT and memory businesses offsetting lower than expected demand for business desktop PCs." He continued, "These results reinforce the importance of continuing to execute our growth strategy."
India's WPI Inflation fell for a 5th straight month. Wholesale prices in India slumped to -2.33% YoY, posting its lowest reading in more than three decades. The number remains largely impacted by the price of petrol, which fell 17.7%. India's rupee is up 0.2% at 62.41 per dollar.
Global stock markets trade mixed. China's Shanghai Composite (-1.2%) led Asian stock markets lower and Italy's MIB (+1%) paces the advance in Europe.
US economic data is moderate. The Empire State Manufacturing Index is due out at 8:30 a.m. ET while both industrial production and capacity utilization are set to cross the wires at 9:15 a.m. ET. The NAHB Housing Market Index will be released at 10 a.m. ET. The US 10-year yield is little changed near 1.90%