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Power Lunch Morning Brief

An electronic Disney sign in New York.
Scott Mlyn | CNBC
An electronic Disney sign in New York.

A daily morning look at the financial stories you need to know to start the day

STOCKS/ECONOMY

-Stock futures are solidly lower as oil is not bouncing back from yesterday's selloff.

-The combination of the oil drop and the late announcement yesterday of a Treasury crackdown on corporate tax inversions is putting lots of pressure on stocks right now.

-The yield on the 10-year Treasury bond is down near 1.70%.

-India has just cut interest rates in a long-awaited stimulus.

OIL/ENERGY

-Crude oil is back down to the $35/barrel level.

-Gas prices fell just fractionally overnight, but they did at least fall.$2.05/gallon remains the national average.

-Saudi Arabia is reportedly banning ships carrying Iranian oil from entering its territorial waters. Also, SA is implementing a big austerity plan to deal with lower oil revenues.

-A federal judge has approved BP's settlement with the govt. over the Gulf oil spill. BP will have to pay the Feds and 5 states up to $18.7 billion.

INVERSION MOVE

-Now that the Treasury has moved to further restrict the tax savings for corporate tax inversions, Allergan's stock is taking a major hit. Allergan is the company Pfizer is buying in part to "redomicile" in lower tax Ireland.

ELECTION

-Today is the big Wisconsin primary where wins for Ted Cruz and Bernie Sanders could redefine the races for both parties at least a little.

-Donald Trump has finally explained how he would make Mexico pay for "the wall." He says he would cut off the money Mexicans send back home from the US unless the wall is built.

-Hillary Clinton has finally agreed to debate Bernie Sanders in New York. It will be in Brooklyn on April 14.

-John Kasich is fighting back as Cruz and Trump call for him to drop out of the race.

DISNEY MESS

-What now for Disney as the heir-apparent to CEO Bob Iger has suddenly stepped down? Some are calling for Sheryl Sandberg to be the new "CEO on deck."

GROSS VS. PIMCO

-Now that Bill Gross is going after his former company PIMCO for up to $200 million that he says he's owed, PIMCO is firing back saying it had good cause to fire Gross for abusing his colleagues. But he quit first.

PANAMA PAPERS

-HSBC and Credit Suisse are denying they actively set up illegal tax shelters for world leaders as alleged in the "Panama Papers."

ATM LIMITS

-Chase is limiting ATM withdrawals for non-Chase account holders to $1,000 per day. The back says this is to curb crime.

TERROR/DEFENSE

-Iran says the US is violating the nuclear deal by discouraging US companies from doing business with Iran.

-Global spending on defense rose to $1.6 trillion in 2015, the first rise since 2011.

-The GAO reports the Pentagon has no clear chain of command in case of a massive cyber attack.