10 Things You Need To Know Before The Opening Bell

Reuters/Adam Scotti/Courtesy Prime Minister’s Office

Trudeau prom

Prime Minister Justin Trudeau jogs past a group of high school students dressed for their prom in Vancouver, British Columbia, Canada.

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Oil nears $51. West Texas Intermediate crude oil is higher by 0.7% at $50.70 a barrel ahead of OPEC’s May 25 meeting in Vienna.

Bitcoin explodes past $2,100. The cryptocurrency trades up $202, or 10.4%, at $2,140 a coin. It’s up 125% so far in 2017.

Japan’s trade surplus shrinks. Japan’s trade surplus narrowed to 481.7 billion yen in April as exports to China rose 14.8% versus a year ago.

S&P is sounding the alarm on Australian financial institutions. The ratings agency downgraded 21 Australian financial institutions, citing the risk of a sharp drop in property prices.

Clariant and Hunstman are merging. The two chemical companies are joining forces in a deal that values the combined entity at about $20 billion including debt, Reuters says.

Ford is reportedly firing its CEO. Mark Fields is reportedly out as CEO due to the recent performance of the company’s stock, and will be replaced by James Hackett, chairman of the Ford unit that works on autonomous vehicles, Forbes and the New York Times say. Ford shares have tumbled almost 40% since Fields took the helm at Ford more than three years ago.

Italian regulators have seized documents from IBM. Authorities have seized documents from IBM as part of their investigation into allegations of fraud against one of its customers, BT Italy, Reuters says, citing sources. IBM is not under investigation.

Stock markets around the world are higher. Hong Kong’s Hang Seng (+0.9%) led the gains in Asia and Britain’s FTSE (+0.4%) paces the advance in Europe. The S&P 500 is set to open little changed near 2,380.

Earnings reporting is light. Agilent and Nordson will be releasing their quarterly results after markets close.

Fed speak is heavy. Patrick Harker, Neel Kashkari, Lael Brainard, and Charles Evans will all be taking the mic on Monday.

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10 Things You Need To Know Before The Opening Bell

Reuters/Maxim Shemetov

Blowing smoke and bubble

A man blows smoke into a soap bubble at Gorky park in Moscow, Russia.

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The Trump administration gave Wall Street some great news. Testifying in front of the Senate banking committee on Thursday, Treasury Secretary Steven Mnuchin said the Trump administration does not support the separation of investment banks and commercial banks.

Theresa May has made some anti-business promises. The UK’s prime minister revealed the Conservative Party’s manifesto on Friday, targeting stricter boardroom pay, better worker protection, and defending businesses from overseas takeovers done largely for tax purposes.

Indonesia was upgraded to “investment grade” at S&P. “Indonesian authorities have taken effective expenditure and revenue measures to stabilize the country’s public finances despite the terms of trade shock,” the rating agency said as reason for raising its credit rating for Indonesia to “BBB-.”

Bitcoin surges past $1,900 for the first time. The cryptocurrency trades up 6.8%% near $1,942 a coin.

Elon Musk says Tesla’s stock has gotten out of control. “I do believe this market cap is higher than we have any right to deserve,” Tesla’s CEO said in an interview with The Guardian. “We’re a money losing company.”

Gap fends off the retail apocalypse. The retailer beat on both the top and bottom lines and said same-store sales climbed 2%, well ahead of the 0.2% contraction that Wall Street was anticipating. Shares gained more than 6% after Thursday’s closing bell.

Salesforce beats across the board and raises its outlook. The company earned an adjusted $0.28 per share on revenue of $2.39 billion and raised its full-year GAAP EPS to a range of $0.06 to $0.08 on sales of between $10.25 billion to $10.3 billion.

Stock markets around the world are higher. Japan’s Nikkei (+0.2%) led the gains in Asia and France’s CAC (+0.5%) is out front in Europe. The S&P 500 is on track to open up 0.2% near 2,370.

Earnings reporting is light. Campbell, Deere, and Foot Locker report ahead of the opening bell.

US economic is limited. The Baker Hughes oil rig count will be released at 1 p.m. ET. The US 10-year yield is up 2 basis points at 2.25%.

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10 Things You Need To Know Before The Opening Bell

Reuters/China Stringer Network

Flight attendents

Students training to be flight attendants hold books on their heads, chopsticks in their mouths, and papers in between their knees, as they take part in a standing posture practice at a vocational school in Shijiazhuang, Hebei province, China.

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The global sell-off continues. The S&P 500 closed down 1.7% on Wednesday, making for its biggest drop in eight months, after reports surfaced that President Donald Trump asked former FBI Director James Comey to end his investigation into former National Security Adviser Michael Flynn. That selling spilled over into Asia, where Japan’s Nikkei (-1.3%) paced the decline, and then Europe, where Britain’s FTSE (-1.3%) leads the losses. The S&P 500 is set to open down 0.3% near 2,349.

The US 10-year is testing its April lows. The benchmark yield is down 3 basis points at 2.19%. A close below 2.18% would be the lowest since the days following the election.

Fed rate hike odds are falling. World Interest Rate Probability data provided by Bloomberg shows an 82.5% chance the Fed hikes in June. That’s down from 100% less than one week ago.

Japan logs its longest stretch of growth in over a decade. The Japanese economy grew at a 0.5% clip in the first quarter, making for the fifth consecutive quarterly increase. That hasn’t happened since 2006.

Brazil’s president is reportedly on tape asking for hush money. Brazilian President Michel Temer is allegedly on tape telling JBS Chairman Joseley Batista to pay a potential witness in the country’s biggest-ever graft probe to keep quiet, Reuters says.

The British pound reclaims 1.30 against the dollar. Strong retail sales data ran the British pound above 1.30 versus the dollar for the first time since September. Currently, the pound trades up 0.5% at 1.3040.

Australia’s jobs report beats, but all the gains were part-time. The Australian economy added a seasonally adjusted 37,400 jobs in April. Full-time jobs fell by 11,600 while part-time jobs jumped by 49,000.

Porsche executives are being investigated for market manipulation. German prosecutors are investigating whether or not Porsche executives Matthias Mueller and Hans Dieter Poetsch waited too long to inform investors about the risks associated with the diesel emissions scandal at Volkswagen, Reuters says.

Earnings reports keep coming. Ralph Lauren and Walmart report ahead of the opening bell while Gap and Ross Stores release their quarterly results after markets close.

US economic data is light. Initial claims and Philly Fed will be released at 8:30 a.m. ET.

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10 Things You Need To Know Before The Opening Bell

Jonathan Ernst/Reuters

russia white house

Protesters outside the White House.

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President Donald Trump asked former FBI director James Comey to shut down the investigation into former National Security Adviser Michael Flynn, The New York Times reports. “The President has never asked Mr. Comey or anyone else to end any investigation,” the White House said in a statement.

Global markets are in risk-off mode. Gold and Treasurys are rallying as US stock futures decline. Major indexes across Europe and Asia are in the red.

Target beats. The retailer reported a smaller-than-expected drop in quarterly comparable sales, as sales picked up in March after a slow start to the quarter.

Britain’s unemployment falls to a 42-year low of 4.6%. But wage growth is falling as Brexit squeezes consumers, according to the latest data released by the Office for National Statistics.

Snap faces IPO-related allegations. A former employee who claims Snap lied to investors ahead of its initial public offering has escalated his lawsuit against the company and is seeking protection under whistleblower laws.

The Securities and Exchange Commission reconsiders a risky ETF. According to The Wall Street Journal, the SEC is reviewing its initial approval of a risky, exchange-traded fund that promises four times the daily moves of S&P 500 futures — a so-called quadruple-levered ETF.

The New York Stock Exchange is slowing down trading for a key market. The NYSE has won approval for plans to introduce a 350-microsecond delay in trading on its market for small-cap companies. The speed bump was “designed to create a competitive trading model to IEX,” America’s newest stock exchange, NYSE said.

Twitter cofounder Biz Stone is rejoining the company after almost six years away. Stone returns amid a stall in new-user growth.

Earnings reporting is light. American Eagle Outfitters is set to announce ahead of the opening bell. Cisco and L Brands are scheduled after the market closes.

Oil inventories are on tap. The Energy Information Administration will release its latest weekly report on stockpiles at 10:30 a.m. ET. The American Petroleum Institute said Tuesday that stockpiles rose by 882,000 barrels, missing the expectation for a draw by 2.3 million.

More from Akin Oyedele:

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10 Things You Need To Know Before The Opening Bell

Reuters/David Becker

Miss USA

Miss District of Columbia Kara McCullough reacts after being crowned 2017 Miss USA.

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Trump reportedly revealed highly classified information to the Russians. During last week’s meeting with Russian officials, President Donald Trump reportedly jeopardized a key source of intelligence about the Islamic State, The Washington Post reports.

The euro is at a 6-month high. The euro ticked above 1.10 against the dollar for the first time since November, moments before eurozone Flash GDP printed an in line up 0.5%.

UK inflation hasn’t been this hot since 2013. Consumer prices in the UK climbed 2.7% year-over-year in April, making for their fastest gain since September 2013, data released by the Office for National Statistics showed.

Chinese steel production hits a record high. Data released by China’s National Bureau of Statistics showed 72.78 million tonnes of steel were produced in April, topping the record 72 million tonnes that were churned out in March.

The retail apocalypse is also hitting Australia. Australia’s retail sector, the second-largest employer behind healthcare, has lost more than 60,000 jobs over the past year.

Philadelphia is suing Wells Fargo. The City of Philadelphia is accusing Wells Fargo of predatory lending for steering minority borrowers into products that were higher-cost and riskier even if they qualified for better terms, Reuters says.

AB InBev is investing $2 billion in the US. The world’s largest brewer will spend $200 million on brewery and distribution products in 2017 and a total of $2 billion by 2020 as it looks to prop up declining US volume and market share, Reuters says.

Stock markets around the world trade mixed. China’s Shanghai Composite (+0.7%) led in Asia and France’s CAC (+0.3%) trails in Europe. The S&P 500 is set to open little changed near 2,403.

Earnings reports keep coming. Dick’s Sporting Goods, Home Depot, Staples, and TJX are among the names reporting ahead of the opening bell.

US economic data flows. Housing starts and building permits will be released at 8:30 a.m. ET before industrial production and capacity utilization are due out at 9:15 a.m. ET. The US 10-year yield is little changed at 2.34%.

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10 Things You Need To Know Before The Opening Bell

Reuters/Christian Veron

Venezuela protests

Demonstrators stand next to a bus burns near a protest against Venezuela’s President Nicolas Maduro’s government in Caracas, Venezuela.

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Saudi Arabia and Russia agree to extend oil production cuts until March 2018. West Texas Intermediate crude oil trades up 3% at $49.24 a barrel after the two sides agreed to extend the terms of the existing production cuts until March 2018.

China’s industrial production slows. Data released by China’s National Bureau of Statistics showed industrial production grew 6.5% year-over-year in April. That was below both March’s 7.6% print and the 7.1% that economists had forecast.

Theresa May’s Conservative Party has a big lead in the polls. A poll released by Comres for the Sunday Mirror and the Independent shows Theresa May’s Conservative Party with an 18-point lead over Labour ahead of the June 8 national election, AFP says.

Macron is sworn in. Emmanuel Macron took the oath of office on Sunday, becoming France’s youngest president ever.

Money poured into the euro after the French election. Net short positioning in euro futures and options contracts fell by $1.4 billion to $7 billion, data released on Friday by the US Commodity Futures Trading Commission showed.

Bitcoin is gaining ground ahead of the SEC Winklevoss ETF ruling. The cryptocurrency trades up 3.5% at $1,750 a coin ahead of the US Securities and Exchange Commission’s ruling on whether it will reverse its decision to reject the Winklevoss twins’ exchange-traded fund.

The global ransomware cyberattack has claimed more than 200,000 victims. “We are running around 200 global operations against cyber crime each year but we’ve never seen anything like this,” Europol executive director Rob Wainwright told Britain’s ITV on Sunday.

Stock markets around the world are mixed. Hong Kong’s Hang Seng (+0.9%) led in Asia and Germany’s DAX (-0.3%) trails in Europe. The S&P 500 is set to open unchanged near 2,390.

Earnings reports trickle out. Forterra and Premium Brands report ahead of the opening bell.

US economic data is light. Empire Manufacturing will be released at 8:30 a.m. ET and the NAHB Housing Market Index will cross the wires at 10 a.m. ET. The US 10-year yield is little changed at 2.32%.

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10 Things You Need To Know Before The Opening Bell

Reuters/China Stringer Network

Alibaba mass wedding

Alibaba employees attend a mass wedding at their headquarters in Hangzhou, Zhejiang province, China.

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China’s bank lending heats up. Chinese banks handed out 1.1 trillion yuan ($159.4 billion) in net new loans in April, up from 1.02 trillion yuan in March, data released on Friday by the People’s Bank of China showed.

Hong Kong’s GDP crushes expectations. Hong Kong’s economy grew at a 4.3% year-over-year clip in the first quarter, easily beating the 3.7% growth that economists surveyed by Bloomberg were expecting.

Australia’s banks had a brutal week. Australia’s four major banks lost a combined $16.5 billion in market cap over the past week as they emerged as the biggest losers from the federal budget.

Bitcoin has gained in 18 of the last 20 sessions. The cryptocurrency has soared 55% during its streak. It holds little changed near $1,820 a coin on Friday as traders await the US Securities and Exchange Commission ruling on whether it will reverse its decision to reject the Winklevoss twins’ exchange-traded fund.

Sprint and T-Mobile are talking about a merger. The talks between Softbank, Sprint’s largest shareholder, Sprint, and T-Mobile owner Deutsche Telecom come after consolidation in the industry was shelved for over a year until the conclusion of the April 27 government spectrum auction, Bloomberg says.

Nordstrom’s same-store sales miss. The high-end department store said comparable sales slipped 0.8% versus a year ago, missing the flat reading that Wall Street was anticipating.

Emirates is getting crushed by Trump’s travel ban. The airline said profit plunged 82% and called President Donald Trump’s travel ban “destabilizing,” Reuters says.

Stock markets around the world are mixed. China’s Shanghai Composite (+0.7%) led the gains in Asia and Britain’s FTSE (+0.2%) paces the advance in Europe. The S&P 500 is on track to open down 0.4% near 2,386.

Earnings reporting is light. JC Penney reports ahead of the opening bell.

US economic data flows. CPI and retail sales will be released at 8:30 a.m. ET before University of Michigan consumer confidence crosses the wires at 10 a.m. ET. The US 10-year yield is down 2 basis points at 2.37%.

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10 Things You Need To Know Before The Opening Bell

Reuters/Rick Wilking

Warren Buffett

Berkshire Hathaway chairman and CEO Warren Buffett enjoys an ice cream treat from Dairy Queen before the Berkshire Hathaway annual meeting in Omaha, Nebraska.

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Macron wins the French election. Centrist Emmanuel Macron defeated far-right candidate Marine Le Pen by a margin of 66.06% to 33.94% in Sunday’s presidential election, according to the French Interior Ministry. “I know the divisions in our nation, which led some to vote for extremist parties. I respect them,” Macron said in a victory speech at his campaign headquarters. “I will work to recreate the link between Europe and its peoples, between Europe and citizens.”

The euro slides off 6-month highs. The single currency trades down 0.5% at 1.0946 versus the dollar as sellers have gained the upper hand following Macron’s victory in the French election.

China’s trade surplus with the US widens. China’s trade surplus with the US was $21.34 billion in April, compared with $17.74 billion a month earlier, according to data from the General Administration of Customs. Overall China’s trade surplus climbed to $38.05 billion, wider than the $35.5 billion that economists were expecting.

China’s Fx reserves jump. China’s foreign exchange reserves gained for a third straight month, climbing by $21 billion in April to $3.03 trillion, the State Administration of Foreign Exchange said on its website.

Oil surrenders its early gains. West Texas Intermediate crude oil is unchanged near $46.25 a barrel after giving up its overnight gains. The energy component climbed by as much as 1.65% late Sunday following chatter Saudi Arabia was going to extend its oil production cut.

Berkshire Hathaway hosts its annual meeting. Warren Buffett and Charlie Munger answered questions for around five hours on Saturday, touching on Jack Bogle, Jeff Bezos, healthcare and more. Check out Business Insider’s full coverage of the event.

The Sohn Investment Conference is happening on Monday. Speakers include Bill Ackman, David Einhorn, Jeff Gundlach, and more.

Stock markets around the world trade mixed. Japan’s Nikkei (+2.3%) hit a 17-month high and France’s CAC (-0.9%) trails in Europe. The S&P 500 is set to open little changed near 2,400.

Earnings reporting remains heavy. AMC Entertainment, Marriott International, Pandora, and Sturm Ruger are among the names reporting after markets close.

2 Fed members speak. St. Louis’ Bullard and Cleveland’s Mester take the mic at 8:35 a.m. and 8:45 a.m. ET, respectively.

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10 Things You Need To Know Before The Opening Bell

Reuters/Baz Ratner

The last surviving male northern white rhino

A warden guards Sudan, the last surviving male northern white rhino, at the Ol Pejeta Conservancy in Laikipia national park, Kenya

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The jobs report is coming. The US economy is expected to have added 190,000 nonfarm jobs in April as the unemployment rate ticked up to 4.6%, according to economists surveyed by Bloomberg. Additionally, average hourly earnings are expected to have held steady at up 2.7% year-over-year. The data will cross the wires at 8:30 a.m. ET.

Oil plunges suddenly. In a matter of 20 minutes, West Texas Intermediate crude oil tumbled 3.6% to a low of $43.76 a barrel. However, it has recovered its losses, and now trades little changed near $45.55.

Bitcoin is swinging violently. The cryptocurrency gained as much as 9% on Thursday, putting in a record high of $1,652 a coin before plunging below $1,500. On Friday, bitcoin trades up 6.4% at $1,598.

The 1st large Chinese-made passenger jet took off on its maiden voyage. The C919 took off from Shanghai Pudong International Airport, making China the fourth jumbo jet producer after the US, Europe, and Russia, Reuters says.

Warren Buffett unloads some of his IBM stock. Buffett sold one-third of Berkshire Hathaway’s 81 million shares saying he “revalued it somewhat downward” from six years ago. Berkshire’s annual meeting will take place on Saturday, and Business Insider will have full coverage.

ChemChina clinches its $43 billion takeover of Syngenta. “At the end of the main offer period on May 4, based on preliminary numbers, around 80.7 percent of shares have been tendered,” the companies said in a joint statement. “Subject to confirmation in the definitive notice of interim results scheduled for May 10, the minimum acceptance rate condition of 67 percent of issued Syngenta shares has been met.”

Shake Shack same-store sales whiff. The burger chain said sales at stores open at least a year fell 2.5%, missing the 0.2% growth that Wall Street analysts were expecting, according to Bloomberg. Shake Shack shares sank more than 7% in extended trading on Thursday.

Stock markets around the world are lower. Hong Kong’s Hang Seng (-0.8%) lagged in Asia and Germany’s DAX (-0.3%) trails in Europe. The S&P 500 is set to open little changed near 2,391.

Earnings reporting slows down. Cigna, Cognizant, and Fannie Mae are among the names reporting ahead of the opening bell.

Aside from the jobs report, US economic data is light. Consumer credit will be released at 3 p.m. ET. The US 10-year yield is unchanged at 2.35%.

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10 Things You Need To Know Before The Opening Bell

Reuters/Alaa Al-Marjani

Iraqi army fires towards Islamic State militant positions in Mosul from outskirts of Bartila, Iraq

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Inflationary pressures are stirring in China. Data released on Friday by China’s National Bureau of Statistics showed consumer prices jumped 2.3% year-over-year in November, up sharply from the 0.1% YoY gain seen in October. Pork, a staple of the Chinese diet, saw prices climb 5.6% YoY.

South Korea’s president has been impeached. President Park Geun-hye has been stripped of her power and prime minister Hwang Kyo-ahn will take over until South Korea’s highest court makes a final ruling, Reuters reports. The Korean won ended weaker by 0.6% at 1165.93 per dollar.

The UK’s trade deficit narrowed. The deficit narrowed to 3.8 billion pounds ($4.7 billion) in October as exports increased by 2 billion pounds and imports decreased by 1.8 billion pounds, according to data from the Office for National Statistics. The British pound is up 0.2% at 1.2609 versus the dollar.

Here comes the 3rd biggest US IPO of the year. The annuity provider will raise $1.08 billion as shares price at $40, or the midpoint of the $38 to $42 range. Shares will trade under the ticker ‘ATH.’

Time is reportedly trying to sell itself. The publisher of People, Fortune, and Sports Illustrated magazines has hired Morgan Stanley and Bank of America to field takeover offers, the Wall Street Journal reports.

Goldman Sachs is up about 30% since the election. Shares of the investment bank hit a post-financial crisis high on Thursday as traders continue to price in the impact of a Trump presidency. Goldman is about 2.5% below its record high set in 2007.

Restoration Hardware slashes its outlook. The high-end furniture retailer expects full-year adjusted EPS of $1.19 to $1.29, down from $1.60 to $1.80 as slow holiday sales weigh. Shares were down as much as 19% in after-hours trade.

Samsung is going to supply semiconductor chips to Tesla. A report from South Korea’s Electronic Times says Samsung will make the chips for the self-driving features in Tesla vehicles.

Stock markets around the world are higher. Japan’s Nikkei (+1.2%) hit its best level in a year as it paced the advance in Asia and Spain’s IBEX (+2.1%) leads the gains in Europe. The S&P 500 is set to open little changed near 2.245.

US economic data flows. University of Michigan consumer confidence will be released at 10 a.m. ET and the Baker Hughes rig count will cross the wires at 1 p.m. ET. The US 10-year yield is up 3 basis points at 2.44%.

NOW WATCH: Watch the Air Force drop 8 armored Humvees out of a plane from 5,000 feet

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