China says will 'never surrender' as U.S. trade row heats up: Morning Brief
Monday, May 13, 2019
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WHAT TO WATCH
Another wave of earnings reports and economic data releases will try to pull focus from the concerns of escalating trade tensions which continue to weigh on markets. U.S. stock futures slid early Monday morning.
The Commerce Department’s release of April advance retail sales data on Thursday will be a centerpiece of this week’s economic calendar as investors look for signs that consumer spending – the biggest part of the domestic economy – is on the upswing.
Consensus economists are looking for retail sales to have risen 0.2% month-over-month in April, and for the metric excluding the volatile categories of automobile and gas sales to have risen 0.9%.
Meanwhile, America’s biggest retailer will report quarterly results, providing yet another indication of the health of U.S. consumers and the business that cater to them.
Walmart (WMT) reports its fiscal first-quarter earnings before market open on Thursday, with consensus analysts expecting the retail behemoth to deliver adjusted earnings of $1.02 per share on revenue of $125.04 billion. The company has guided toward a year-over-year decline in operating income and adjusted EPS in its first quarter due in part to its $16 billion acquisition of money-losing Indian e-commerce company Flipkart. However, Walmart expects to see both metrics turn around through the end of the year.
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TOP NEWS
China says will 'never surrender' as U.S. trade row heats up: China will never surrender to external pressure, the government said on Monday, though stopped short of announcing how Beijing will hit back after Washington renewed its threat to impose tariffs on all Chinese imports in an escalating trade dispute. [Reuters]
Crypto world descends on NY as bitcoin makes come back: Cryptocurrency entrepreneurs and investors from around the world are meeting in New York this week for one of the industry’s biggest events. The backdrop to the conference is a recovery for cryptocurrency prices so far this year. Bitcoin (BTC-USD) has risen over 80% since the start of the year, making it “one of the strongest asset classes so far in 2019,” Simon Peters, an analyst at trading platform eToro, said in an email on Friday. [Yahoo Finance UK]
Ford 'set to announce up to 550 job losses' in the UK: Ford (F) is reported to be planning significant cutbacks to its white-collar workforce in the UK, with an announcement expected within weeks. [Yahoo Finance UK]
Uber shares decline for second day in U.S. pre-market: The ride-hailing giant dropped 2.1% to $40.70 at 5:15 a.m. New York time in trading before U.S. exchanges opened. San Francisco-based Uber (UBER) sold 180 million shares at $45 apiece on Thursday, and on Friday it never traded above that price, ending the day down 7.6% at $41.57 even as other stocks gained.
Also: SoftBank's market value slides $9 billion as Uber IPO flops [Bloombberg]
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