Five Things You Need to Know to Start Your Day
It’s PMI day, Mueller report to be published, and another tech IPO. Here are some of the things people in markets are talking about today.
German manufacturing remains a weak spot for the euro area, with this morning’s Purchasing Managers Index for the sector coming in at a lower-than-expected 44.5 in April. A measure for services rose to 55.6, keeping the composite gauge in expansive territory. PMI for the region overall slipped to 51.3 -- again below expectations – casting doubt on an economic recovery story in the second half of the year. Similar data for the U.S. economy are published at 9:45 a.m. Eastern Time.
Attorney General William Barr will hold a press conference at 9:30 a.m. before he publishes a redacted version of Special Counsel Robert Mueller’s final report. It’s expected to be delivered to Congress before noon, with Bloomberg planning to make the report available soon after the Department of Justice release. A limited number of members of Congress will get a “less-redacted” version.
Good, bad and getting ugly
Pinterest Inc. raised about $1.4 billion in an above-range initial public offering, with the San Francisco-based company the latest in a series of tech IPOs. Uber Technologies Inc. is likely to list in May, with Slack Technologies Inc., Postmates Inc., Palantir Technologies Inc. and Airbnb Inc. all considering going public. The fallout from Lyft Inc.’s dismal post-IPO performance continues, with investors taking their case to court claiming that the ride-sharing company overstated its market position as it hyped up the public offering.
Overnight, the MSCI Asia Pacific Index dropped 0.6 percent, while Japan’s Topix index closed 1.0 percent lower with pharmaceutical companies leading the losses. In Europe, the Stoxx 600 Index was 0.2 percent higher at 5:50 a.m., though retailers were hit by disappointing results ahead of the Easter break. S&P 500 futures were unchanged, the 10-year Treasury yield was at 2.561 percent and gold was higher.
Headline retail sales for March are expected to show 1 percent growth at 8:30 a.m, with the ex-autos and gas number also likely to return to expansion after February’s disappointing number. At the same time, weekly initial jobless claims and the Philadelphia Fed business outlook are released. American Express Co. and Blackstone Group LP are among the big names reporting earnings today.
What we've been reading
This is what's caught our eye over the last 24 hours.
- Democrats subpoena nine banks in probe of Trump finances.
- Commerzbank suitors line up as Deutsche Bank discussions drag on.
- Rick Perry plans his exit as Trump’s Energy Secretary.
- China’s stock investors are still hooked on economic stimulus.
- Aramco bond hype meets reality.
- These are the world’s most miserable economies.
- New climate models predict a warming surge.
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