10 things you need to know before the opening bell, Business Insider - Business Insider Singaporeby Business Insider
Here’s what you need to know before the markets open.
1. The EU plans a record-breaking new stimulus package of $826 billion to soothe Europe’s economic pain from the coronavirus. The European Commission unveiled a planned deployment of 750 billion euros ($826 billion) on Wednesday as part of its new long-term budget and recovery plan to help fight the impact of the coronavirus on the continent’s economy.
2. Global stocks are mixed after Trump promised ‘interesting’ action against China, while Europe digets its new stimulus package. In Asia, the Hang Seng was down 0.4%, the Shanghai Composite was down 0.3% and the Nikkei was up 0.7%. In Europe, the Dax is up 1.9%, the FTSE 100 is up 1.4% and the Euro Stoxx 50 is up 2%. In the US, futures underlying the S&P 500 rose 1%, the Dow 30 rose 1.4% and the Nasdaq 100 rose 0.4%.
3. Warren Buffett dumped the ‘big 4’ airline stocks in April. They’ve already recovered from the sell-off he sparked. Shares in American Airlines, Delta Air Lines, Southwest Airlines, and United Airlines jumped last week on coronavirus vaccine hopes, then soared more than 12% on Tuesday after a raft of positive news.
4. Amazon is reportedly in talks to buy secretive self-driving car company Zoox for less than $3.2 billion. Amazon is in late-stage discussions to acquire secretive self-driving car company Zoox, according to the Wall Street Journal.
5. China’s Chery Auto plans to sell cars in the EU and United States. China’s Chery Automobile, which has a manufacturing partnership with Jaguar Land Rover (JLR) , is planning to sell its own-branded cars in the European Union and United States for the first time, its chairman said.
6. Hugo Boss sees recovery in third quarter at earliest. Hugo Boss expects a recovery in its business in the third quarter at the earliest due to store closures and consumer caution during the coronavirus pandemic, the chief executive of German fashion house said on Wednesday.
7. AT&T launches HBO Max, vying with Netflix, others for quarantine viewing. AT&T’s WarnerMedia division launches its HBO Max streaming service on Wednesday, taking on Netflix, Disney and Amazon at a time when coronavirus lockdowns have boosted demand for streaming even as rising unemployment has cut disposable incomes.
8. US mortgage applications rise for sixth straight week. US applications for home mortgages jumped last week, in a sixth straight weekly increase, suggesting the housing market could lead the economy’s recovery from the novel coronavirus crisis even as high unemployment is expected to linger.
9. First-quarter earnings coming in. Royal Bank of Canada and HP are due.
10. Economic data releases today. API weekly crude oil stocks data is due.