Business activity in the eurozone continued its momentum in April, coming in better than expected as demand improved and inflation eased, data from a purchasing managers survey showed Friday.
The HCOB Flash Eurozone Composite PMI Output Index-which gauges activity in the manufacturing and services sectors-increased for the sixth consecutive month to 54.4 in April, from a downwardly revised 53.7 in March, the highest since May 2022.
UK Consumer Confidence Rose Again in April Despite High Inflation
Confidence among U.K. consumers rose for third consecutive month in April to its highest level in more than a year, indicating that momentum toward an economic recovery could be building, despite cost-of-living pressures from sky-high inflation.
Research firm GfK said its consumer-confidence barometer stood at minus 30 in April compared with minus 36 a month earlier, an improvement on the minus 34 expected by economists polled by The Wall Street Journal.
UK Retail Sales Fell on Month in March as High Inflation Weighed
U.K. retail sales fell more than expected on month in March, reflecting that cost-of-living pressures from high inflation are weighing on household spending.
Retail sales volumes dipped 0.9% in March from the previous month, compared with a downwardly revised increase of 1.1% in February, data from the Office for National Statistics showed Friday.
OPEC Hasn't Fixed the Oil-Price Slump. The Problem Is Demand.
Oil prices have given back almost all of the gains they made after OPEC and its allies surprised the market by agreeing to cut production by 1.2 million barrels a day starting in May. It's a sign that the oil market is more focused on demand now, and doesn't see enough evidence that countries are using more oil.
Weak demand is also weighing on oil stocks, which have had a mediocre month despite OPEC's actions. The SPDR S&P Oil & Gas Exploration & Production ETF (ticker: XOP) is trading flat since before the announcement, and is down 0.8% so far this year even as the S&P 500 has risen 8%.
U.S. Begins Planning for 6G Wireless Communications
WASHINGTON-The Biden administration is beginning to plan for 6G wireless telecommunications, seeking to expand internet access while reasserting U.S. leadership in a sector where China has notched gains.
The White House on Friday will meet with corporate, government and academic experts to begin developing goals and strategies for the new 6G communications technology, which would have the ability to take cloud computing and the mobile internet to true global ubiquity, among other improvements.
Supreme Court Faces Fresh Deadline in Abortion-Pill Case
The Supreme Court faces another deadline Friday to decide whether to preserve access to a widely used abortion pill while a legal battle over its approval continues.
The high court on Wednesday extended by two days a temporary stay allowing sales of the pill mifepristone to continue while it weighs whether to block lower-court orders that would impose significant new limits on the drug. Those restrictions are set to go into effect at the end of the day on Friday absent Supreme Court intervention.
Donald Trump Tops Ron DeSantis in Test of GOP Presidential Field, WSJ Poll Finds
WASHINGTON-Donald Trump has gained command of the GOP presidential-nomination race over Ron DeSantis, a new Wall Street Journal poll finds, with the former president building support across most parts of the primary electorate as the Florida governor has struggled on the national stage.
Mr. DeSantis's 14-point advantage in December has fallen to a 13-point deficit, and he now trails Mr. Trump 51% to 38% among likely Republican primary voters in a hypothetical head-to-head matchup.
Russia Mistakenly Bombs Own City
Russia said it had mistakenly bombed its own territory late Thursday as Ukraine's Western backers were preparing to meet to discuss future military deliveries to the country to assist in Kyiv's expected counteroffensive.
Moscow said that one of its jet fighters had accidentally dropped a weapon over the Russian city of Belgorod near the Ukrainian border, causing an explosion and leaving several injured.
Russia's Wagner Offered Arms to Sudanese General Battling Army
Russia's paramilitary Wagner Group has offered heavy weapons to the leader of Sudan's Rapid Support Force, one of two rival factions battling for control of the East African country, according to a current and a former U.S. official, and a person close to the Sudanese general.
The Kremlin-backed group has offered to send arms, including shoulder-mounted MANPADS antiaircraft missiles, that it has in neighboring Central African Republic, where Wagner has been active in recent years, these people said.
President Biden Plans Video Re-Election Bid Announcement as Soon as Next Week
WASHINGTON-President Biden is looking to formally launch his re-election campaign with a video announcement as early as next week, said people familiar with the planning.
A formal campaign announcement from Mr. Biden, 80, has long been expected, and the president has been vocal about his desire to "finish the job" he started during his first term. But aides have said there was little urgency to make it official, given the lack of a serious Democratic primary challenger and the chaotic Republican field. Tuesday, April 25, will mark the four-year anniversary of the launch of Mr. Biden's last presidential campaign.
Write to ina.kreutz@wsj.com TODAY IN CANADA
Earnings:
Nothing major scheduled
Economic Calendar (ET):
0830 Feb Retail trade
Stocks to Watch:
Asante Gold Received an Unsolicited, Non-Binding and Conditional Expression of Interest From Fujairah Holding; Board Has Reviewed and Determined It Is Not in the Best Interests of the Co. or Shareholders; Cash Consideration Contemplated in Non-Binding Expression of Interest at C$2.20 Per Common Share
Expected Major Events for Friday
00:30/JPN: Apr Japan Flash Manufacturing PMI
05:00/JPN: Mar Steel Production
06:00/UK: Mar UK monthly retail sales figures
07:15/FRA: Apr France Flash PMI
07:30/GER: Apr Germany Flash PMI
08:30/UK: Apr Flash UK PMI
08:59/JPN: Feb Final Labour Survey - Earnings, Employment & Hours Worked
12:30/CAN: Feb Retail trade
13:45/US: Apr US Flash Manufacturing PMI
13:45/US: Apr US Flash Services PMI
14:00/US: Mar State Employment and Unemployment
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Expected Earnings for Friday
Acme United (ACU) is expected to report $0.44 for 1Q.
BMTC Group Inc (GBT.T) is expected to report for 4Q.
Bank of the James Financial Group Inc (BOTJ) is expected to report for 1Q.
CSB Bancorp Inc (CSBB) is expected to report for 1Q.
Chino Commercial Bancorp (CCBC) is expected to report for 1Q.
Citizens Holding Co (CIZN) is expected to report for 1Q.
Consumer Portfolio Services Inc (CPSS) is expected to report $0.15 for 1Q.
Ennis Inc (EBF) is expected to report for 4Q.
F&M Bank (FMBM) is expected to report for 1Q.
First Savings Financial Group Inc (FSFG) is expected to report $0.60 for 2Q.
Freeport-McMoRan Inc (FCX) is expected to report $0.46 for 1Q.
German American Bancorp (GABC) is expected to report $0.80 for 1Q.
HCA Healthcare Inc (HCA) is expected to report $4.06 for 1Q.
MetroCity Bankshares Inc (MCBS) is expected to report $0.51 for 1Q.
Park National (PRK) is expected to report $2.03 for 1Q.
Procter & Gamble Co (PG) is expected to report $1.33 for 3Q.
Regions Financial Corp (RF) is expected to report $0.65 for 1Q.
Schlumberger Ltd (SLB) is expected to report $0.60 for 1Q.
Smart Share Global Ltd - ADR (EM) is expected to report for 4Q.
Southern Missouri Bancorp Inc (SMBC) is expected to report $0.83 for 3Q.
Universal Health Realty (UHT) is expected to report for 1Q.
WVS Financial Corp (WVFC) is expected to report for 3Q.
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ANALYST RATINGS ACTIONS
Acadia Healthcare Cut to Sell From Hold by Deutsche Bank
AT&T Raised to Buy From Hold by HSBC
Brilliant Earth Cut to Market Perform From Outperform by Raymond James
Chegg Raised to Buy From Hold by Craig-Hallum
Citizens Financial Group Cut to Neutral From Buy by B of A Securities
General Electric Raised to Buy From Hold by Jefferies
Magellan Midstream Cut to Market Perform From Outperform by RBC Capital
MeridianLink Cut to Underperform From Peer Perform by Wolfe Research
NetApp Cut to Underperform From Neutral by B of A Securities
NuSTAR Energy Raised to Outperform From Market Perform by Raymond James
Paymentus Holdings Cut to Peer Perform From Outperform by Wolfe Research
Plains All American Raised to Strong Buy From Outperform by Raymond James
Raytheon Technologies Cut to Hold From Buy by Jefferies
Relay Therapeutics Raised to Hold From Underperform by Jefferies
Shift4 Payments Raised to Overweight From Equal-Weight by Stephens & Co.
Tesla Cut to Sell From Hold by Tudor Pickering
TripAdvisor Cut to Hold From Buy by Truist Securities
Veritone Cut to Underperform From Neutral by B of A Securities
Western Union Raised to Peer Perform From Underperform by Wolfe Research
WestRock Raised to Buy From Neutral by B of A Securities
Williams Cos Cut to Outperform From Strong Buy by Raymond James
XPO Logistics Raised to Buy From Neutral by Citigroup
This article is a text version of a Wall Street Journal newsletter published earlier today.
(END) Dow Jones Newswires
04-21-23 0624ET
