Provided by Business Insider, Wednesday, March 2, 2011:
Good morning. Here's what you need to know:
?Asian markets were down in overnight trading, with the Nikkei diving 2.43%. Major European indices are all down, but U.S. futures suggest a positive open.
?The ADP employment report is released at 8:30 AM ET. It is expected to show an increase of around 175,000 jobs.
?Eurozone PPI data came in hot, with a 1.5% month-over-month spike. While that increase was mostly the result of energy and other input prices, it will put pressure on the ECB to talk more hawkishly at their Thursday meeting. Don't miss: The 25 governments that could be crushed by food price inflation.
?Markets across the Middle East continue to sell-off today, as a result of regional instability. The Saudi Arabian market is down roughly 5%, with the Qatar and Dubai markets also down big. Could these be the next Egypt in the Middle East.
?The situation in Libya continues to spiral towards civil war, with pro-Qaddafi forces gaining in some areas, and rebels gaining in others. Iran is posturing, saying the West should not get involved militarily. Check out photos of the USS Kearsage which is zooming towards Libya right now.
?Yahoo is in talks to sell its position in Yahoo Japan, valued at around $7.5 billion. The company is exploring means in which it can divest from the investment, without taking a tax hit.
?Apple will reportedly release the iPad 2 at 10:00 AM PT today. It is unknown whether Steve Jobs will attend the launch.
?AIG is making another step towards paying off its government funding, by selling off its position in MetLife. The shares it owns of its rival are worth around $10 billion.
?Federal Reserve Chairman Ben Bernanke continues his testimony to the Congress today on matters of the U.S. economy and monetary policy. Today, he speaks to the House Financial Services Committee.
?Portugal has been threatened with another downgrade from S&P, just after it bought back ?110 million in government bonds. Axa Investment says the country will need an EU bailout within the month of March. Here are the next dominos to fall in Europe.
?Bonus: Christina Aguilera was arrested for being drunk in public early Tuesday, and now her friends are telling Us Weekly she has a drinking problem.
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