Here is what you need to know.
Trump reportedly slammed German carmakers and threatened to stop their US sales. During a meeting with European officials, President Donald Trump said he would stop German automakers from selling “millions of cars” in the US and called Germans “very bad,” Der Spiegel reports.
The polls are tightening in the UK election. A YouGov poll published on Thursday shows Theresa May’s Conservative Party holds a 43% to 38% lead over Jeremy Corbyn’s Labour Party ahead of the June 8 election. The British pound is weaker by 0.5% at 1.2872 versus the dollar.
Consumer prices in Japan are picking up. Prices rose 0.4% year-over-year in March, making for the fastest growth since March 2015.
Bitcoin is making a comeback. The cryptocurrency trades up 4.5% at $US2,577 a coin after falling as low as $US2,220 on Thursday.
Costco same-store sales crush estimates. Sales at stores open at least one year rose 5% excluding the impact of gasoline prices and foreign exchange, easily beating the 3.7% gain that was expected.
GameStop’s sales increased for the first time in 5 quarters. The world’s largest video game retailer said sales rose 21.5% in the first quarter, boosted by strong demand for the Nintendo Switch. However, shares fell as much as 6% as the company left its guidance unchanged.
Stock markets around the world are lower. Japan’s Nikkei (-0.6%) lagged in Asia and France’s CAC (-0.8%) paces the losses in Europe. The S&P 500 is set to open little changed near 2,414.
Earnings reporting is light. Big Lots reports ahead of the opening bell.
US economic data is heavy. GDP – Second Estimate, core PCE, and durable goods orders will all be released at 8:30 a.m. ET before University of Michigan consumer confidence crosses the wires at 10 a.m. ET. The US 10-year yield is down 2 basis points at 2.24%.
US markets are closed on Monday in observance of Memorial Day. Additionally, the US Treasury market will close at 2 p.m. ET on Friday.
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