Chinese trade data, U.S. CPI ahead US market news May 9th

Today’s main U.S. market news –

1. Futures on shaky legs following gloomy earnings projections
2. UBS changes the CFO but retains Koerner from Credit Suisse in its senior staff.
3. KKR, Macquarie are interested in Singapore’s SembWaste, according to sources
4. China should establish clear guidelines for the area of due diligence amid investigations, according to a US business lobby
5. Before U.S. inflation statistics, the dollar increases as pound strengthens.
6. Higher profit projections are surpassed by PayPal’s adjusted margin prediction reduction.
7. Potential conflicts abound on the animal testing panel at Musk’s brain-chip business.
8. Biden discusses the risks of AI with the CEOs of Microsoft and Google.
9. In order to resolve a claim of gender discrimination, Goldman Sachs will pay $215 million.
10. Bankman-Fried, the founder of FTX who has been charged, requests that the case be dismissed.
11. Workday declines as Stifel downgrades to Hold on few near-term catalysts
12. US wholesale inventory stay the same for a second month in a row while sales decline
13. US consumers’ predictions for inflation varied in April, according to a NY Fed survey.
14. Oil rises more than 2% as recession worries start to subside
15. ‘End-to-end AI’ will be included by Tesla in FSD v12, claims Musk.
16. Shares increase as dollar declines before to US inflation report.
17. Shares increase as dollar declines before to US inflation report.
18. Tyson Foods shares plummet on a surprising loss and a lowered revenue outlook.
19. For now, Twitter defeats a handicapped employee’s complaint about layoffs.
20. Israeli vehicle chip manufacturer Autotalks will be purchased by Qualcomm.
21. Suit over Subway tuna filed by woman; Subway demands sanctions

GLOBAL NEWS 

1. European equities decline, with disappointing Chinese trade data
2. Diminished economic prospects due to China’s slowing export growth and declining imports
3. Australia has a comparatively large budget surplus, but expenditure will soon eat it up again.
4. KKR, Macquarie are interested in Singapore’s SembWaste, according to sources
5. Pakistan intends to pay back or refinance its $3.7 billion debt.
6. April saw a 2.1% increase in China’s auto sales as the pricing war’s impact subsided.
7. Daimler Truck expects increased profits as demand and supply chains both grow
8. The spotlight is on Chinese trade statistics and U.S. inflation as oil prices decline.
9. At 90.4 million tonnes, China imported iron ore in April, increasing 5% year over year.
10. China’s economy is under pressure from its slowing export growth and declining imports.
11. Inflation in the euro zone will decline but remain strong, according to ECB’s Lane
12. Bolt, an Uber competitor, hopes to become profitable in 2019 and go public in 2025.

Economic data

• According to the results of the NY regional Fed bank’s April poll of Consumer Expectations, respondents expect inflation to be 4.4% in a year, down from 4.7% in the March poll. Three years from now, inflation was projected to be 2.9%, up from 2.8% in March, and five years from now, it was projected to be 2.6%, up from 2.5%.

• U.S. wholesale inventories for March were lowered to unchanged (consensus +0.1%) from +0.1%, while wholesale sales dropped -2.1% compared to February’s +0.4% (prev +0.4%); the stock-to-sales ratio for March was 1.40 months compared to February’s 1.37 months.

Economic Calendar

Tuesday May 9th

•  6:00 AM                  NFIB Small Business Optimism for Apri
•  7:45 AM                  ICSC Weekly Retail Sales
•  8:55 AM                 Johnson/Redbook Weekly Sales
• 1:00 PM                  U.S. Treasury to sell $40B in 3-year notes.
• 12:05 PM               Fed’s Williams Speaks to Economic Club of New York.
•  4:30 PM                API Weekly Inventory Data

Other Important Events

•    BTIG 3rd Annual Housing Ecosystem Conference, 5/8-5/9, in NY
•     Data Center World 2023 in ATX, 5/8-5/11
•     Oppenheimer 18th Annual Industrial Growth Conference, 5/8-5/10 (virtual)
•     Raymond James 7th Annual Lodging Tour, 5/8-5/9, in Washington DC

Earning Calendar

Tuesday, May 9, 2023

Airbnb (ABNB), Duke Energy (DUK), Air Products (APD), Occidental (OXY), Transdigm (TDG),  Electronic Arts (EA), Globalfoundries (GFS), Waters (WAT), Fox Corp A (FOXA), Fox Corp B (FOX), Jacobs Engineering (J),  Rivian Automotive (RIVN),  Akamai (AKAM) Celanese (CE), Henry Schein (HSIC), News Corp A (NWSA), News Corp (NWS), Catalent Inc (CTLT), Under Armour A (UAA), Under Armour C (UA), Lincoln National (LNC), George Weston (WN), Signature Bank (SBNY).

Wednesday, May 10, 2023

Walt Disney (DIS), Nutrien (NTR), Intact Financial (IFC), WSP Global Inc (WSP), Wynn Resorts (WYNN), CCL Industries Inc (CCLb)

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