Premarket: What you need to know before the clock

US Trade Representative Robert Lighthizer and State Secretary Steven Mnuchin said China had rejected previous commitments this weekend, undermining progress towards a detailed trade agreement.

From Friday, the $ 200 billion penalty of Chinese goods will be lifted to 25% from 10%. President Donald Trump has also warned that he could tax almost all Chinese exports to the United States.

The big question for investors is whether a deal can be saved when Chinese officials arrive in Washington later this week. Beijing still sends its top dealer dealer.

Tuesday's stock markets stabilized after a sharp sale on Monday. US markets were also able to recover most of their lost ground after a steep start.

S & P 500 and Dow futures were down at about 0.4% on Tuesday. Fear seemed to be diminishing in Europe and Asia, where stocks were mixed.

2. BMW hammered: The German car manufacturer reported a sharp decline in profits and set aside funds to pay for potential EU antitrust funding.

BMW's first-quarter earnings fell 78% to € 589 million ($ 660 million) and the automotive industry posted a loss.

The company said it had set aside € 1[ads1].4 billion ($ 1.6 billion) to pay fines following an EU survey of Germany's automakers collaborating on withholding technology to reduce harmful vehicle emissions. BMW ( BMWYY ) has denied wrongdoing and says it will dispute any fines.

The car manufacturer warns that business conditions are expected to remain volatile for the rest of the year, and it cited uncertainty over Brexit and international trade policies as risk. Stocks fell 1% in Frankfurt.

3. Anadarko snubs Chevron: Anadarko Petroleum ( APC ) says the revised offer it received from Occidental Petroleum ([OXY) ] is superior to a previously accepted bid from Chevron ( CVX ) .

Occidental has offered $ 76 per share for Anadarko, of which $ 59 is cash. Chevron has until May 10 to make a bid, even though this deadline could be extended.

Occidental was supported last week by Berkshire Hathaway's ( BRKA ) Warren Buffett, who invested $ 10 billion in the company to help finance the takeover by Anadarko.

The bidding war for Anadarko reflects a strong desire from US oil companies to acquire America's best shale shares. Occidental is already the oil producer No. 1 in the great Permian Basin.

Before the Bell Newsletter: Accurate Market News. In your inbox. Subscribe now!
4. Income and Economics: Cinemark CNK ) Dean Foods ( DF ) Energizer [19659009] ] ] ] Marriot Vacations ( VAC ) and SeaWorld Entertainment ( SEAS ) will release earnings before the opening. ) Loan Club ( LC ) Match Group ] ) Papa Johns ( PZZA ) Sprint ( S ) ( TRIP ) and Western Union ( WU ) follows the tour.
Stocks in Anheuser-Busch InBev ( BUD ) received less than 1% in Brussels after the company reported revenue growth in the first quarter of 5.9%. The brewer said it had seen strong growth in Brazil and improvement in the US.
5. Comes this week:
Tuesday – US JOLTS; Anheuser-Busch InBev ( BUD ) and Papa Johns ( PZZA ) income
Wednesday ]] – SALT Conference; GE ( GE ) annual meeting
Thursday – SALT Conference; China consumer price inflation; US unemployed claims and trade data for March; Ford ( F ) annual meeting
Friday – US Consumer Price Growth; British GDP; Marriott ( MAR ) earnings

Source link

Back to top button