Written by Gary
US first-quarter GDP growth revised slightly down to 3.1% (SPY +0.3%).
Here is the current market situation from CNN Money | |
European markets are higher today with shares in London leading the region. The FTSE 100 is up 0.50% while Germany’s DAX is up 0.32% and France’s CAC 40 is up 0.27%. |
What Is Moving the Markets
Here are the headlines moving the markets. | |
Mexico to send USMCA trade deal to Senate for ratificationMexico’s government will send the trade deal known as the United States-Mexico-Canada Agreement (USMCA) to the Senate on Thursday to carry out the process of ratification, President Andres Manuel Lopez Obrador said. | |
U.S. weekly jobless claims increase slightlyThe number of Americans filing applications for unemployment benefits increased moderately last week, suggesting the labor market remains on solid footing even as the economy is slowing. | |
U.S. first-quarter GDP growth revised slightly down to 3.1%U.S. economic growth accelerated in the first quarter, the government confirmed on Thursday, but there are signs that the temporary boost from exports and inventory accumulation is already fading, with production at factories slowing. | |
Stock futures tick higher after prior session’s selloffU.S. stock index futures edged higher on Thursday, taking a breather from a trade tension-driven selloff that has knocked more than 5% off the value of major stock markets since the start of May. | |
Dollar Tree quarterly same-store sales at namesake brand miss estimatesDollar Tree Inc on Thursday reported quarterly same-store sales at its namesake stores that missed analysts’ estimates, sending its shares down 4%. | |
Intesa Sanpaolo agrees with unions on 1,600 voluntary job layoffsItalian biggest retail bank Intesa Sanpaolo reached an agreement with five banking unions for 1,600 voluntary layoffs, unions said on Thursday | |
Exclusive: Disney CEO says it will be ‘difficult’ to film in Georgia if abortion law takes effectWalt Disney Co Chief Executive Bob Iger told Reuters on Wednesday it would be “very difficult” for the media company to keep filming in Georgia if a new abortion law takes effect because many people will not want to work in the U.S. state. | |
Exclusive: Tesla woes send Panasonic’s U.S. solar cells to PhilippinesMost of the solar cells made by Panasonic at Tesla Inc’s New York manufacturing plant are being purchased by H.R.D. Singapore’s factories in the Philippines, a chief supplier of panels to Japanese eco-homebuilder Ichijo Co Ltd, two sources familiar with the arrangement said. | |
FirstGroup reaches end of the line of Greyhound bus rideDallas-based Greyhound was put up for sale by Britain’s FirstGroup on Thursday as the North American bus line battles to compete with growing pressure from low cost airlines. | |
Lira Pares Gains As Turkey Mulls Using Russian Missile System In Med Gas FightAfter rallying dramatically this morning (with some suggesting Erdogan’s call with Trump may suggest he is pulling the S-400 deal), the Turkish Lira has given back some gains after a Bloomberg headline reports that Turkey is considering deploying a Russian missile-defense system along the country’s southern coast, near where its warships are accompanying vessels exploring for energy. | |
Softbank’s Vision Fund Unexpectedly Takes Out $4 Billion Margin Loan Against Uber SharesIn what appears to be an attempt skirt the lock-up on newly listed Uber shares, Softbank’s Vision Fund is planning to borrow $4 billion against its shares of the ride hailing company. The fund is currently in talks with Goldman Sachs to arrange the loan, which would be secured against the fund’s shares of newly-listed Uber. The loan would also be backed by the fund’s shares in Guardant Health and Slack, according to FT. As with any margin loan, should these high flying “optimistically priced” companies start to see their valuations fall, the fund will have to put up more cash or will see its shares liquidated. The loan also raises additional questions about what appears to be a very real need for cash at the Vision Fund. Recall, we reported in early May that SoftBank was considering a $100 billion IPO for the fund. The Japanese telecom conglomerate with what has emerged as the world’s largest VC arm, whose investor presentation include bizarre slides such as this one… | |
Iran’s Oil Exports Plunge To 400,000 Bpd In MayAuthored by Tsvetana Paraskova via OilPrice.com, After the U.S. ended all sanction waivers for Iranian oil customers on May 2, Iran’s crude oil exports have been significantly down this month compared to April and more than 2 million bpd off their 2.5-million-bpd peak in April 2018, just before the U.S. withdrew from the Iran nuclear deal and moved to re-impose sanctions on Iran’s oil industry. | |
Trump Risks New Front In Trade War As Talks With Europe FalterTwo months ago, analysts at Bank of America proclaimed that “spring is coming” for the European economy after it slipped into a mild recession late last year. Unfortunately, a massive stimulus injection from Beijing has failed to spark a global reflationary wave, and on Wednesday, Germany – the largest and most important constituent of the European economy – revealed that its labor market had hit a major pothole, the latest sign that the economic pain on the Continent may have only just begun. With global trade in free fall… | |
A machine is the new battlefield as retailers try to conquer IndiaA machine is the new battlefield as retailers try to conquer IndiaReliance Retail has been testing a PoS project with 1,200 mom-and-pop outlets for the past couple of month. | |
SBI plans to cash in on India’s banking crisisSBI plans to cash in on India’s banking crisisShadow banks have been under pressure since last year, when IL&FS defaults led to one crisis after another. | |
UDAN to get new set of wings under Modi 2.0UDAN to get new set of wings under Modi 2.0In the first round of UDAN, the govt awarded 128 routes to 5 airlines for 43 un-served destinations. | |
Need to Know: ‘Fragile’ stock markets are not ready to fall apart yet, says Morgan Stanley CEOMorgan Stanley’s CEO sees no ‘collapse’ in stock markets, but says the mindset among investors is a little too negative now. Here’s what he thinks retail investors should do. | |
TaxWatch: People behind on their taxes are being ‘set up to fail’ by the IRS, watchdog saysThe agency’s taxpayer advocate says too many taxpayers are in unaffordable payment plans. | |
Economic Report: Trade deficit widens in April as exports and imports dropThe U.S. trade deficit in goods widened slightly in April, rising slightly to a seasonally adjusted $72.1 billion from $71.9 billion, the Commerce Department said Thursday in an “advanced” look at the data. |
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