Here is what you need to know.
China’s GDP accelerates at its fastest pace in 6 quarters.The Chinese economy expanded at a 6.9% clip in the first quarter, boosted by government infrastructure spending and the property boom, Reuters says, citing government data.
South Korea’s ousted president has been charged. Former president Park Geun-hye and Lotte Group chairman Shin Dong-bin were the latest people charged with bribery in the corruption scandal that has rocked South Korea, Reuters says.
We just got ‘a shocker’ about US consumer prices. Data released on Friday showed core CPI fell 0.1% in March, making for its first drop since January 2010.
Retail sales whiff. Retail sales fell for a second straight month in March, down 0.2% versus a year ago, data released by the Commerce Department on Friday showed.
A Fed rate hike in June is looking less likely. There’s a 47% chance the Fed raises its key interest rate in June, according to World Interest Rate Probability data provided by Bloomberg. That’s down from a 66.5% probability one week ago.
Ant Financial ups its bid for MoneyGram. The finance affiliate of Alibaba raised its bid for MoneyGram to $US18 a share from $US13.25 a share, valuing the company at about $US1.2 billion, Reuters says. Last month, Euronet Worldwide made an offer of $US15.20 a share.
Snap is doing damage control. An unredacted court complaint by former Snap growth lead Anthony Pompliano alleges CEO Evan Spiegel once said the app is “only for rich people” and that he doesn’t “want to expand into poor countries like India and Spain.” A Snap spokesperson told Business Insider and several Indian news outlets the claims were “ridiculous” and that “Snap is for everyone!”
Stock markets around the world are lower. China’s Shanghai Composite (-0.7%) lagged in Asia and France’s CAC (-0.6%) trails in Europe. The S&P 500 is set to open little changed near 2,330.
Earnings reports trickle out. Netflix and United Continental release their quarterly results after markets close.
US economic data flows. Empire manufacturing will be released at 8:30 a.m. ET and the NAHB Housing Market Index will cross the wires at 10 a.m. ET. The US 10-year yield is down 3 basis points at 2.21%.