Here is what you need to know.
- China’s economy shows more signs of slowing.Retail sales in April grew at their slowest annual pace since May 2003, while industrial output and fixed-asset investment also weakened.
- The stock market could determine the outcome of the trade war. “We think the weaker the stock market performance, the more cooperative both sides will be, as what happened in 2018 is a worst-case scenario that both sides will likely avoid,” HSBC’s Steven Sun and Kate Zhang said in a recent note to clients.
- Here’s the list of $US300 billion worth of Chinese goods that will get hit if Trump raises tariffs. The Trump administration on Monday evening released a list of the major categories of goods that would get hit if the tariffs were levied on the remaining $US300 billion of Chinese goods shipped to the US. Check it out.
- Buffett’s trade-war prediction was wrong. “I don’t think either country will dig themselves into something that precipitates and continues any kind of real trade war,” Berkshire Hathaway’s chairman and CEO, Warren Buffett, said at the company’s annual shareholder meeting in May 2018.
- Theresa May is planning to hold a new Brexit vote.If the vote fails, it could be her last act as Britain’s prime minister.
- Boeing reportedly didn’t receive a single order for the 737 Max last month. The planemaker last month also didn’t receive orders for other popular aircraft like the 787 Dreamliner or the 777, CNN says.
- Tilray jumps after revenue beats. The Canadian cannabis producer lost $US0.27 a share on revenue of $US23 million, sending shares up as much as 7.6% late Tuesday.
- Stock markets around the world are higher. China’s Shanghai Composite (+1.91%) led the gains in Asia, and France’s CAC (+1.5%) is out front in Europe. The S&P 500 is set to open little changed near 2,832.
- Earnings reports keep coming. Alibaba and Macy’s report ahead of the opening bell, while Cisco Systems releases its quarterly results after markets close.
- US economic data is heavy. Empire Manufacturing and retail sales will be released at 8:30 a.m. ET before industrial production and capacity utilization cross the wires at 9:15 a.m. ET. Then, at 10 a.m. ET, the NAHB Housing Market Index is due out. Data concludes at 4 p.m. ET with TIC flows. The US 10-year yield is down 3 basis points at 2.38%.
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