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- Asian markets sold off in overnight trading, with Japan's Nikkei off 0.5 percent. Shares in Europe are also trending lower and U.S. futures point to a negative open.
- The Chinese service sector expanded in March with business confidence heading towards a one year high. The HSBC Services Purchasing Managers Index fell slightly from February, reading at 53.3 for the month. A figure above 50 represents expansion.
- German industrial production fell 1.3 percent in February, well below expectations for a 0.5 percent contraction. The number was negatively impacted by poor weather which took a toll on the construction sector.
- Yields on Spanish long-term debt continued to head higher after yesterday's jump, with the 10-year topping 5.840 percent earlier today. That is the highest borrowing cost since December 14, before the ECB's two three-year LTROs flooded the market with liquidity.
- The euro traded below 1.20 per Swiss franc, a floor the Swiss National Bank set in August to protect the country's economy from high exchange rates. A spokesperson for the SNB tells Reuters the bank will defend its currency.
- British industrial production improved 0.4 percent in February, reversing January's decline and in line with estimates. Utility output boosted the headline number. The manufacturing industry declined 1.0 percent, however, below consensus for a 0.1 percent rise. Politicians in the U.K. told everyone to panic and buy gas, before all hell broke loose.
- Simon & Schuster, HarperCollins, and Hachette Book Group have agreed to a settlement with regulators over e-book pricing, the Wall Street Journal's Thomas Catan and Jeffrey Trachtenberg report. Apple was a notable hold out from the deal with antitrust authorities.
- J.P. Morgan's Jamie Dimon sent his annual letter to shareholders yesterday, where he focused on the increasing impact of new regulation on the financial industry. "No one has considered the cumulative effect of all these changes taking place all at once," Dimon wrote. Good news for JPM though, it doesn't have to pay millions over a decimal point mistake.
- Initial unemployment claims are set for release at 8:30 a.m. Economists forecast an improvement from last week's reading, with first time claims falling to 355,000 from 359,000.
- Pier 1 Imports announced quarterly results that were in line with the Street's expectation of $0.48. Constellation Brands beat estimates this morning, reporting fourth quarter earnings per share of $0.69. Consensus was for $0.39.
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