Here is what you need to know.
- Trump hits China with fresh tariffs, escalates the trade war. At 12:01 a.m. ET on Friday, about $US250 billion worth of Chinese goods saw their tariff rate go up to 25% from 10%.
- Trump says a trade deal is still ‘possible.’President Donald Trump on Thursday said he received a “beautiful letter” from Chinese President Xi Jinping and suggested the two sides “work together” to see whether they could “get something done.”
- Global markets are rallying. The Shanghai Composite spiked 3.1% to lead the advance in Asia, and the Euro Stoxx 50 is up 0.9%. The S&P 500 is set to open little changed.
- The yield curve inverted for the 2nd time this year. The three-month Treasury yield climbed above the 10-year yield on Thursday, stoking worries on Wall Street that the US economy is headed for a recession.
- Here comes Uber. The ride-hailing company on Thursday evening priced its initial public offering at $US45 a share, giving it a valuation of $US75.5 billion. Uber is set to begin trading on the New York Stock Exchange on Friday under the ticker UBER.
- Beyond Meat’s blistering start has shades of the tech bubble. Beyond Meat shares surged 163% in their May 2 debut, making for the 16th-biggest opening-day pop. All 15 of the bigger gains occurred during the 1999-2000 dot-com bubble.
- Jeff Gundlach reveals a trade to capitalise on bond-market volatility. Speaking at the Sohn Conference on Tuesday, DoubleLine Capital CEO Jeffrey Gundlach explained why he liked options straddles on the iShares 20+ Year Treasury Bond exchange-traded fund.
- Bitcoin hits an almost 6-month high. The cryptocurrency touched a high of $US6,337 a coin on Friday, hitting its best level since November 14.
- Earnings reporting is light. JD.com and Marriott International report ahead of the opening bell.
- US economic data flows. CPI will be released at 8:30 a.m. ET, and the monthly budget statement will cross the wires at 2 p.m. ET. The US 10-year yield is up 1.1 basis points at 2.45%.
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