Here is what you need to know.
China’s Beige Book is out. The latest look into the slowing Chinese economy comes from China Beige Book International, a firm based in New York. According to the Wall Street Journal, their survey of about 2,200 companies and 160 bankers found that Chinese companies are holding off on hiring. Only 23% of firms are expanding their workforce, and hiring at private companies is at a four-year low, the survey found.
The US dollar is looking for a 7th straight day of gains. Back on March 17, the US Dollar Index closed at 94.76, a five-month low. However, six straight days of gains ran the index back up to 96.25 on Friday. Currently, the dollar is little changed amid a quiet trade.
Dell is selling its IT services business. Japan’s NTT Data is buying Dell’s IT consulting business for about $3.05 billion. The sale will allow Dell to tackle some of the $43 billion of debt its taking on to help fund its pending acquisition of data storage company EMC, Reuters says. For NTT, the deal will allow the company to develop a stronger presence in the United States .
VF Corp is exploring strategic alternatives for its sport licensing group. The maker of brands such as Vans and The North Face is looking into options for its division that sells licensed merchandise of collegiate and professional sports teams. VF Corp’s Licensed Sports Group accounts for about half of the $1.1 billion of sales from VF’s Imagewear portfolio of brands, the USA Today says.
Valeant is charging too much for “female Viagra.” Bloomberg reports, a letter from Sprout Pharmaceutical investors, a company bought by Valeant, to Valeant says the drug company is charging too much for Addyi, the first drug to treat low sexual desire in women. Valeant is charging about $800 per month for the drug, double the $400 price point that was established by Sprout after conducting market research. The investors say the high price of Addyi has caused many insurance companies to not cover the drug’s expense.
Shanghai Disneyland is sold out for opening day. Opening day (June 16) tickets for Shanghai Disneyland sold out within hours of going on sale online, according to Bloomberg. Tickets to the park cost 370 yuan ($57) for off-peak times and 499 yuan ($77) for peak times. Hotels on the park’s grounds are fully booked for the first two weeks of the season, Bloomberg says.
Markets around much of the world remain closed for Easter. Markets in Australia, France, Germany, Hong Kong Italy, Spain, the UK and elsewhere are shuttered in observance of Easter Monday. They will reopen on Tuesday.
Markets that opened traded mixed. Japan’s Nikkei (+0.8%) gained and China’s Shanghai Composite (-0.7%) lost. S&P 500 futures are higher by 5.75 points at 2034.25.
Earnings reporting is extremely light. Synnex highlights the names reporting after markets close. The Bloomberg consensus expects adjusted earnings of $1.36 per share on revenue of $3.26 billion.
US economic data flows. PCE prices and personal income and spending will all be released at 8:30 a.m. ET. Pending home sales will be announced at 10 a.m. ET. The US 10-year yield is up 1 basis point at 1.91%.
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