Earnings season. Softbank, Henkel, Marriott International, Mitsubishi Electric, Bridgestone Corporation, Tencent Music, Asahi Group and Amcor are among companies reporting their earnings today.

The wrath of Elon. Tesla sold 3,635 vehicles in China in April, down 64% from March, the China Automobile Manufacturers' Federation (CPCA) announced on Monday. Elon Musk, on the other hand, is very upset about social distancing measures and public regulations. He sued the California authorities on Saturday and is threatening to move Tesla out of California, unhappy with the ban on business resumption imposed by Alameda County. However, authorities are working with the manufacturer to find a way to resume production.

Holcim Philippines postponed. The sale of 85.7% of the shares of LafargeHolcim's subsidiary in the Philippines to San Miguel was postponed because the Philippine antitrust authorities did not give their approval within the allotted time. This transaction was announced a year ago, based on an enterprise value of $2.15 billion for 100% of the subsidiary's capital. The group says that on-site activity has resumed in three of the four cement plants.

Made in USA. Trump and the American companies of the semiconductor sector are working on processors 100% made in USA, the Wall Street Journal reports. The objective is to encourage the installation of foundries in the country. Intel is reportedly ok to go ahead and Taiwan Semiconductor, the world number one, has not given any answer yet.

Keep your distance. Google and Facebook allow employees who wish to do so and who can work remotely to stay at home until 2021. This will now be the norm, with highly supervised face-to-face working opportunities.

Henkel in the dark. The German group Henkel reported a slight decline in sales to €4.93 billion in the first quarter of 2020, fairly close to expectations. The company, known for its adhesives (Pattex, Loctite...) and care and maintenance products (Diadermine, Mir...), had already abandoned its annual targets in April. Management confirms this morning that it is impossible to make realistic forecasts for the current year at this stage.

Money is too expensive. United Airlines has had to abandon its bond investment, with lenders demanding too high a return. Apparently, demand has not covered supply on the basis of a 9% rate. It would have had to go up to 11% for the deal to be successful. The bonds were due in 2023 and 2025.

Wella's in with KKR. Coty sells control of its professional beauty and hairdressing business (Wella, Clairol...) to the KKR fund for $4.3 billion.

Double standards. Chesapeake Energy plans to pay $25 million in incentive compensation to 21 senior executives, which is a bit of a stretch as the company prepares to file for bankruptcy protection to restructure $9 billion in debt.

In other news. Apple is going to reopen its Apple Store in some states that were little affected by Covid-19. The FDA grants emergency approval for Quidel's Covid-19 antigen test. Colombian airline Avianca, 20,000 employees, is facing bankruptcy. Veraison increases its stake in Aryzta to over 7%. In China, car registrations in April are down only 5.5% year-on-year. Aviv Regev will take over the research orders of Genentech (Roche).