Good morning! Here are 10 things you should read about in markets today.
European retail sales are coming. At 10 a.m. London time (5 a.m. ET) we’ll get the data on retail sales in March, giving some view of how the eurozone’s consumer recovery finished the first quarter. After a strong showing in recent months, analysts are expecting that sales fell 0.7% from February. That would still leave them up 2.4% year-on-year.
VW wants to return to “calmer waters”. Following a bitter power struggle in recent weeks, German auto giant Volkswagen is hoping to return to “calmer waters” and concentrate on its business of building cars, its chief executive Martin Winterkorn said Tuesday.
The UK election is almost here, and the major parties are eyeing up coalition deals. According to the Financial Times, David Cameron has instructed policy chief Oliver Letwin to work on a potential second deal with the Liberal Democrats.
Goldman Sachs says it’s time to buy the dollar. Goldman analysts say that the dollar’s recent dip won’t last, and the strength of the US economy will cause it to strengthen again as the Federal Reserve looks to hike interest rates, presenting an opportunity for investors, according to Bloomberg.
JP Morgan’s currency probe settlement is in “advanced” stages. JP Morgan Chase & Co said on Tuesday it is in “advanced stages” of settlement talks with the US Department of Justice and Federal Reserve over previously disclosed investigations into its foreign exchange trading.
A European court is preventing Skype from registering a trademark because it sounds like “Sky”. Judges at the General Court of the European Union in Luxembourg upheld a complaint that the British broadcaster lodged a decade ago with the EU trademark authority in which it said the Skype name and logo risked being confused by consumers because they sounded and looked too similar to “Sky”.
US Congressional Republicans have passed their own $US3.8 trillion (£2.5 trillion) budget. The Republican-led US Congress passed a 2016 budget, a largely symbolic policy document which if fully enacted would balance federal spending and slash $US5 trillion in social, education and health programs over the next decade.
European services PMIs are coming. Between 8:15 a.m. and 9 a.m. London time (3:15 a.m. and 4 a.m. ET) the latest purchasing managers’ indices (PMIs) for thw eurozone in April. will be rolling out. Analysts expect a modest improvement from March’s scores.
Australia’s Commonwealth Bank is seeings its biggest stock fall since the financial crisis. Commonwealth Bank is currently off more than 4%, after reporting flat profit growth during the March quarter. According to a Tweet posted by BBY Limited earlier today, this equates to the largest percentage decline seen since the global financial crisis.
Asian shares are up. After a sell-off Tuesday, Chinese stocks are leading the way, with Hong Kong’s Hang Seng up 0.71% and the Shanghai Composite Index up 1.67%. It’s a national holiday in Japan.