- WH Advisor Kudlow Floats Cutting US Corporate Tax Rate In Half
- US Federal Govt Focusing On 14 Potential Virus Vaccines, Aims To Narrow List
- US Health Sec. Expresses Confidence In Abbott's Fast COVID-19 Test
- British Negotiator Gives EU Two-Week Deadline To Drop 'Ideological' Stance
- Spain Plans To Side-Step EU Bailout Fund
- OPEC Chief Optimistic That The Worst Of Oil Crisis Is Over
- Reports OPEC+ May Extend Megacut To Year's End
- US Retail Sales Print Record Drop In April
- CA Biopharmaceutical Company Claims Coronavirus Antibody Breakthrough
- Tesla Is Facing 10 Civil Lawsuits In China
- Bain Capital To Target $9 Bln For New Buyout Fund
The headline print plunged below the expected fall of 12pct after March’s revised -8.3pct reading, formerly the worst since 1992. Retail sales ex. autos fell 17.2pct to miss the estimate of an 8.5pct decline.
The control group – used for GDP calculation purposes and seen by analysts as a more reliable gauge of underlying consumer demand – came in more than three times under the forecast of -5.0pct, although the prior figure was revised three-tenths higher to 2.0pct. The data shows that the slowdown continued into the first part of the second quarter, as consumers went into lockdown and layoffs began to mount. (LiveSquawk – Conitnue Reading)
Germany has fallen into recession in a coronavirus-driven contraction likely to accelerate in the second quarter even as Europe’s largest economy slowly exits lockdown. Seasonally adjusted GDP dropped at a quarterly rate of 2.2pct in the first quarter, a decline in-line with market estimates. But the German statistics office lowered the country’s growth rate for the final quarter of 2019 to 0.1pct from 0.0pct, which put the economy in recession.
The first-quarter contraction was the largest in 11 years and the second worst since German reunification in 1999. Growth fell 4.7pct in the first quarter of 2009. “Two weeks of lockdown as well as supply chain disruptions on the back of lockdown measures elsewhere brought the German economy to its knees,” said ING Chief German Economist Carsten Brzeski. (LiveSquawk - Continue Reading)
The Trump administration announced export restrictions on Friday designed to cut off Chinese telecom-equipment maker Huawei Technologies Co. from overseas suppliers, threatening to ignite a new round of U.S.-China economic tensions.
The restrictions stop foreign semiconductor manufacturers whose operations use U.S. software and technology from shipping products to Huawei without first getting a license from U.S. officials, essentially giving the U.S. Commerce Department a veto over the kinds of technology that Huawei... (WSJ – Continue Reading)
- LS Focus On The Week Ahead
- Australia Posts Record Job Losses In April
- US Jobless Claims See Sixth Consecutive Week Of Declines From Peak
- UK GDP Decline Worst In 12 Years, More Pain To Come
- RBNZ Boosts QE, Opens Door To Negative Rates
- US Atlanta Fed GDPNow Q2: -42.8% (prev -34.9%)
- US NY Fed GDP Nowcast Q2: -31.05% (prev -31.22%)
- US Retail Sales Advance (M/M) Apr: -16.4% (est -12.0%; prev R -8.4%)
- US JOLTS Job Openings Mar: 6191 (est 5800; prev R 7004)
- US Empire Manufacturing May: -48.5 (est -60.0; prev -78.2)
- US Business Inventories (M/M) Mar: -0.2% (est -0.2%; prev R -0.5%)
- US Univ. Of Michigan Sentiment May P: 73.7 (est 68.0; prev 71.8)
- WH Economic Advisor Kudlow Floats Cutting US Corporate Tax Rate In Half - RTRS
- US Health Secretary Expresses Confidence In Abbott's Fast COVID-19 Test – RTRS
- NY Fed Releases Form For Issuers Interested In Municipal Facility – RTRS
- Fed Chairman Powell To Appear On '60 Minutes' On Sunday – MarketWatch
- Federal Govt Focusing On 14 Potential Virus Vaccines, Seeking To Narrow List Further - Yahoo
- US House Aims To Pass A $3 Tln Coronavirus Relief Package Friday - CNBC
- ECB’s Lagarde: Committed To Doing Everything Needed Within Mandate
- IMF's Georgieva: Recovery In 2021 Will Be Partial In Best-Case Scenario - FXStreet
- EU's Barnier 'Disappointed' At UK Lack Of Ambition In Trade Talks – AFP
- British Negotiator Gives EU Two-Week Deadline To Drop 'Ideological' Stance – Guardian
- Spain Plans To Side-Step EU Bailout Fund – RTRS
- German FinMin Calls For Fund To Restart Europe's Economy – RTRS
- German Conservatives Won't Nominate Merkel Successor Before December - RND
- Bank Of Italy: Italian Economy May Shrink By As Much As 13% This Year - RTRS
- Yields Tick Down On US Retail Sales Collapse, Unclear Outlook – RTRS
- Germany Plans EUR100 Bln In New Debt - Der Spiegel
- Italy Doubles Down On Debt Sales To Retail Investors – RTRS
- Riksbank Announces Continued Purchases Of Municipal Bonds
- GBP/USD Hits 7-Week Low Amid Brexit Deadlock, Dismal US Data – FXStreet
- EUR/USD Rebounds Amid US Dollar Weakness – FXStreet
- NZD/USD Steadies Near 0.5930, Looks To Post Lowest Weekly Close Since Late March – FXStreet
- AUD/USD Extends Losses To Test One-Week Lows At 0.6400 – FXStreet
- OPEC Chief Optimistic That The Worst Of Oil Crisis Is Over – BBG
- OPEC+ May Extend Megacut To Year's End – Energy Intel
- Oil Majors Slash Output To Help Kazakhstan Comply With OPEC+ Deal – Nasdaq
- US Oil & Gas Rig Count Hits Record Low For Second Week – RTRS
- Gold Scores Highest Finish In A Month, US Data Highlights Impact Of Coronavirus – MarketWatch
- Stocks Rise In Volatile Trading, Dow Still Headed For Worst Week Since Late March – CNBC
- Europe Closes Higher As Euro Area Economic Data Shows Coronavirus Toll – CNBC
- JD.com Forecasts Revenue Above Estimates On Demand For Daily Essentials – RTRS
- California Biopharmaceutical Company Claims Coronavirus Antibody Breakthrough – Fox
- Tesla Is Facing 10 Civil Lawsuits In China – TechNode
- Tesla’s Next Factory Is Going To Be In Austin, Texas – Electrek
- VF Corp Expects Quarterly Sales To Halve As Stores Shut – RTRS
- Facebook Buys GIF Company Giphy And Plans To Integrate It With Instagram- CNBC
- Virgin Atlantic Won't Resume Flights Until August If UK Introduces Quarantine – RTRS
- Eni Appoints Citi To Sell Australia Gas Assets – RTRS
- Bain Capital To Target $9 Bln For New Buyout Fund – BBG
- United Airlines Only Needs 3K Of 25K Flight Attendants In June – RTRS
- Fiat Chrysler In Talks To Build EUR6.3 Bln State-Backed Credit Line – FT