April's retail-sales report will show consumers' willingness to spend at stores and restaurants and online as easing inflation returns some spending power to shoppers.
Consumers cut retail spending for the second straight month in March, pulling back on purchases of furniture, appliances and gasoline. But a solid labor market last month kept wage growth elevated while inflation cooled to its slowest pace in two years-which could in turn help boost consumer spending, the primary driver of economic growth.
PacWest and Regional Bank Stocks Mixed Ahead of SVB, Signature Senate Hearing
Regional bank stocks were mixed early Tuesday ahead of testimony from former Silicon Valley Bank and Signature Bank executives in front of a Senate panel.
It's set to be a key day for insight into how the turmoil has played out as regulators will also face questions from the House Financial Services Committee at around the same time.
Fed Officials See Rates Remaining High This Year
In contrast to the market's expectations that the Federal Reserve could cut its benchmark interest rate later this year, ahead of a potential sharp economic slowdown and possible recession, central bank officials signaled they see rates staying high and possibly even rising.
Atlanta Fed President Raphael Bostic told CNBC he doesn't foresee rate cuts this year, even in a recession. The Fed is determined to return inflation to the 2% target rate. The best policy is "wait and see" he said, to assess how well the actions to date have worked.
China's Youth Unemployment Tops 20% Amid Signs of Stalling Recovery
HONG KONG-China's youth unemployment rate rose above 20% for the first time since Beijing began tracking the data five years ago, the latest sign of uncertainty around the country's economic recovery.
A bundle of new economic indicators for April, released Tuesday by China's National Bureau of Statistics, also showed measures of retail sales, factory production and fixed-asset investment all falling short of economists' expectations.
China's Demand for Oil Hits Record as IEA Raises Global Forecasts
China's insatiable demand for oil is growing at a faster-than-expected pace, threatening to tighten crude markets and send oil prices higher as supplies struggle to keep up, the International Energy Agency said.
The Paris-based agency's latest outlook points to a widening divide between booming demand for crude across the developing world and lackluster demand in Europe and North America where economic prospects look bleak.
Swiss Listings Have Been a Drag on Chinese Stocks
Switzerland has become an alternative fundraising venue for Chinese companies wanting to sell shares abroad as U.S.-China tensions simmer.
There is one problem: Shares of most of the Chinese companies that listed on the SIX Swiss Exchange have fallen significantly since they priced their European stock offerings, and there has been very little trading in them.
Write to paul.larkins@dowjones.com TODAY IN CANADA
Earnings:
Lithium Americas 1Q
Economic Calendar (ET):
0830 Mar Monthly Survey of Manufacturing
0830 Apr CPI
Stocks to Watch:
Big Rock Brewery 1Q Loss/Shr C$0.04; Loss C$255,000; Rev C$10.5M
CubicFarm Systems 1Q Rev C$455,392
Delta 9 Cannabis 1Q Loss/Shr C$0.02; 1Q Loss C$3.14M; 1Q Rev C$16.9M
Enthusiast Gaming 1Q Loss/Shr C$0.06; 1Q Loss C$8.7M; 1Q Rev C$42.9M
Fortuna Silver Mines 1Q Basic EPS $0.04 Vs. EPS $0.09; 1Q Sales $175.7M Vs. $182.3M; Gold Production at 60,092 Oz; Silver at 1,586,378 Oz; Gold Equivalent at 94,110 Oz Silver Mines 1Q Basic EPS $0.04 Vs. EPS $0.09; 1Q Sales $175.7M Vs. $182.3M; Gold Production at 60,092 Oz; Silver at 1,586,378 Oz; Gold Equivalent at 94,110 Oz
K-Bro Linen 1Q Net C$2M
Lithium Americas Approves Agreement Providing for Separation Into Two Leading Lithium Companies; Intends to File Circular With Details on the Separation by End of June; Separation Will Be Presented to Hldrs for Approval at AGM Expected for July 31
NXT Energy Solutions 1Q Loss/Shr C$0.02
Power Corp 1Q EPS C$0.47; 1Q Adj EPS C$0.77
PyroGenesis Canada 1Q Rev C$2.6M
Expected Major Events for Tuesday
04:30/JPN: Mar Revised Retail Sales
06:00/UK: Apr UK monthly unemployment figures
06:45/FRA: 1Q New home sales
08:00/FRA: May IEA Oil Market Report
08:00/ITA: Apr CPI
09:00/GER: May ZEW Indicator of Economic Sentiment
12:30/CAN: Mar Monthly Survey of Manufacturing
12:30/US: Apr Advance Monthly Sales for Retail & Food Services
12:30/CAN: Apr CPI
12:55/US: 05/13 Johnson Redbook Retail Sales Index
13:15/US: Apr Industrial Production & Capacity Utilization
14:00/US: Mar Manufacturing & Trade: Inventories & Sales
14:00/US: May NAHB Housing Market Index
20:30/US: 05/12 API Weekly Statistical Bulletin
23:01/UK: Apr Scottish Retail Sales Monitor
23:50/JPN: 1Q 1st Preliminary Quarterly GDP Estimates
All times in GMT. Powered by Onclusive and Dow Jones.
Expected Earnings for Tuesday
AIM ImmunoTech Inc (AIM) is expected to report for 1Q.
AgEagle Aerial Systems Inc (UAVS) is expected to report for 1Q.
Agilysys (AGYS) is expected to report $0.10 for 4Q.
Ampco-Pittsburgh Corp (AP) is expected to report for 1Q.
Arrow Financial (AROW) is expected to report $0.66 for 1Q.
Athenex Inc (ATNX) is expected to report for 1Q.
Big Rock Brewery is expected to report for 1Q.
Calithera Biosciences (CALA) is expected to report for 1Q.
Container Store Group Inc (TCS) is expected to report $0.17 for 4Q.
Crossroads Impact Corp (CRSS) is expected to report for 1Q.
Doximity Inc (DOCS) is expected to report for 4Q.
Drive Shack Inc (DSHK) is expected to report $-0.06 for 1Q.
Embark Technology Inc (EMBK) is expected to report for 1Q.
Empire Petroleum Corp (EP) is expected to report for 1Q.
Evoke Pharma (EVOK) is expected to report for 1Q.
FTI Consulting (FCN) is expected to report $1.65 for 4Q.
Focus Universal Inc (FCUV) is expected to report for 1Q.
GSI Technology Inc (GSIT) is expected to report $-0.02 for 4Q.
High Liner Foods Inc (HLF.T) is expected to report for 1Q.
Home Depot Inc (HD) is expected to report $3.80 for 1Q.
HyreCar Inc (HYRE) is expected to report $-0.16 for 4Q.
Keysight Technologies Inc (KEYS) is expected to report $1.80 for 2Q.
Kyndryl Holdings Inc (KD) is expected to report for 4Q.
Lifecore Biomedical Inc (LFCR) is expected to report $-0.18 for 3Q.
NextGen Healthcare Inc (NXGN) is expected to report $0.12 for 4Q.
Palatin Technologies Inc (PTN) is expected to report for 3Q.
Parkervision Inc (PRKR) is expected to report for 1Q.
Perspective Therapeutics Inc (CATX) is expected to report $-0.02 for 3Q.
Pioneer Bancorp Inc (PBFS) is expected to report for 3Q.
Prairie Provident Resources is expected to report for 1Q.
QuickLogic Corp (QUIK) is expected to report for 1Q.
Rubius Therapeutics Inc (RUBY) is expected to report $-0.50 for 1Q.
Signature Bank (SBNY) is expected to report $2.69 for 1Q.
Silvergate Capital Corp (SICP) is expected to report for 1Q.
StageZero Life Sciences is expected to report for 1Q.
TESSCO Technologies Inc (TESS) is expected to report for 4Q.
ThermoGenesis Holdings Inc (THMO) is expected to report for 1Q.
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ANALYST RATINGS ACTIONS
Albemarle Raised to Outperform From Neutral by Baird
DuPont de Nemours Raised to Buy From Hold by Deutsche Bank
Essex Property Cut to Underperform From Peer Perform by Wolfe Research
Magellan Midstream Partners, L.P. Cut to Tender From Hold by TD Securities
Mid-America Apartment Cut to Underperform From Peer Perform by Wolfe Research
Silk Road Medical Cut to Underperform From Peer Perform by Wolfe Research
SoFi Gets a Downgrade Just Days After a Buy. Wall Street Is Divided on the Stock. -- Barrons.com
This article is a text version of a Wall Street Journal newsletter published earlier today.
(END) Dow Jones Newswires
05-16-23 0619ET
