Friday, May 31, 2019
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WHAT TO WATCH
Friday’s economic data docket will provide investors with further insight into the state of inflation in the U.S. economy.
The Bureau of Economic Analysis will report data for April personal income, personal spending and personal consumption expenditures Friday morning at 8:30 a.m. ET.
Personal consumption expenditures, or PCE, provides a gauge of price changes in consumer goods and services, with the “core” measure excluding volatile food and energy prices serving as the Federal Reserve’s preferred measure of inflation. Consensus economists expect that core PCE increased 0.2% month-over-month in April and 1.6% over last year, according to Bloomberg-compiled estimates.
TOP NEWS
Trump hitting Mexico with 5% tariff in response to migrants: In a surprise announcement that could compromise a major trade deal, President Donald Trump announced Thursday that he is slapping a 5% tariff on all Mexican imports to pressure the country to do more to crack down on the surge of Central American migrants trying to cross the border. [Associated Press]
Also: Trump's Mexico tariffs will cripple U.S. automakers [Yahoo Finance]
China's challenges pile up as factories slow: China’s manufacturing sector slowed more than expected and further signs of stress in the labor market appeared, adding to a weakening currency and financial nervousness on the list of problems faced by President Xi Jinping as the trade war worsens. [Bloomberg]
U.S. mine aims to loosen China's grip on rare earth materials: Molycorp Inc., a Mountain Pass mine in California, controlled the world's rare earth supply for decades. Now, the mine is looking to chip away at its marketshare to reduce American reliance on critical metals in China. [Yahoo Finance]
Uber beats Wall Street's expectations on higher bookings, revenue: Uber (UBER) lost less money in the first quarter than Wall Street expected, the ride-hailing giant said on Thursday, boosted by double-digit gains in bookings and users that spurred higher revenue. [Yahoo Finance]
Facebook's 'GlobalCoin' may be a game changer: Tech industry insiders and cryptocurrency entrepreneurs are divided on the prospects of Facebook’s (FB) much-anticipated new “GlobalCoin.” Some think it will be a game-changer that spurs crypto adoption. Others predict an expensive turkey that goes nowhere. [Yahoo Finance UK]
MORE FROM YAHOO FINANCE
Why Amazon CEO Jeff Bezos' departure would be bad news for investors
Evidence Apple iPhone demand is bouncing back in China: BAML
Media titans including Disney and Netflix are threatening to leave Georgia over abortion ban
Why items at Dollar Tree will soon cost you way more than $1
GE CEO: This will still be a challenging year
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