Here is what you need to know.
Theresa May calls for early elections. UK Prime Minister Theresa May is hoping to hold a general election on June 8, but in order to do it must be approved by a two-thirds majority in parliament. The British pound is stronger by 0.6% at 1.2640 against the dollar.
China home prices keep going up. Prices jumped 0.6% month-over-month in March, according to data released by the National Bureau of Statistics on Tuesday. However, year-over-year gains slowed to 11.3% from February’s 11.6%.
Iron ore is still tumbling. Iron ore is down another 3.5% on Tuesday, running its loss to 18.8% over the past seven sessions. It’s down 30% since February 21.
Post is buying Weetabix. Chinese conglomerate Bright Food Group has sold UK cereal brand Weetabix to Post for $US1.76 billion, Reuters says, citing a Bright Food Group spokesman.
Netflix misses subscriber growth targets, sees a solid second quarter. The streaming content provider earned $US0.40 per share ($US0.37 expected) as revenue jumped 35% versus a year ago to $US2.64 billion ($US2.65 billion expected). While both US (1.42 million) and international (3.53 million) subscriber growth missed estimates, expectations are for solid second quarter.
United beats. The airline earned an adjusted $US0.41 per share ($US0.38 expected) on operating revenue of $US8.42 billion ($US8.38 billion forecast) during the first quarter. “The incident that took place aboard Flight 3411 has been a humbling experience, and I take full responsibility,” United CEO Oscar Munoz said in the earnings release.
Intel is cancelling its biggest event of the year. The microprocessor maker has discontinued its annual Intel Developers Forum (IDF), citing the difficulty of delivering a unified message.
Stock markets around the world are lower. Hong Kong’s Hang Seng (-1.4%) trailed in Asia and France’s CAC (-1.5%) lags in Europe. The S&P 500 is set to open down by 0.4% near 2,340.
Earnings reporting picks up. Bank of America, Goldman Sachs, Harley-Davidson, and UnitedHealth are among the names reporting ahead of the opening bell while IBM and Yahoo release their quarterly results after markets close.
US economic data flows. Housing starts and building permits will be released at 8:30 a.m. ET before industrial production and capacity utilization cross the wires at 9:15 a.m. ET. The US 10-year yield is down 4 basis points at 2.21%.
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