Financial Markets and Economy
The US economy just grew at its slowest pace in 3 years (Business Insider)
The US economy grew by 0.7% in the first quarter, weaker than expected, according to an advance estimate of gross domestic product from the Department of Commerce released on Friday.
Oil's April Rollercoaster Takes It Back to $50 on Supply Dilemma (Bloomberg)
Futures are down 2.4 percent this month in New York after slipping 6.3 percent in March. What’s worrying investors is expanding U.S. crude production, which threatens to dilute the impact of OPEC-led supply cuts.
Consumers' Brexit Squeeze Puts Economy on Lower Growth Track (Bloomberg)
The U.K. economy posted its worst performance in a year as the dominant services industry felt the impact of an intensifying Brexit-related squeeze on living standards.
New data from the Office of National Statistics on Friday, which showed UK GDP growth slowing to just 0.3% in the first quarter of 2017, has effectively killed off any chance that the Bank of England will raise interest rates in the foreseeable future, according to Barclays' UK economics team.
The ruble is gaining after Russia's central bank surprises with a bigger than expected rate cut (Business Insider)
The Russian ruble is climbing after the Central Bank of Russia cut rates by more than expected.
The petro-currency is up by 0.3% at 56.7957 per dollar as of 8:07 a.m. ET after climbing by 0.5% earlier.
Euro-Area Inflation Picks Up as ECB Takes Baby Step Toward Exit (Bloomberg)
Euro-area inflation bounced back to a level in line with the European Central Bank goal and underlying price growth surged, setting up a debate about an exit from unconventional stimulus that may lead to a policy signal in June.
Worker compensation sees biggest gain since 2007, ECI shows (Market Watch)
The amount of money it costs businesses to employ workers surged in the first quarter to the fastest rate since 2007, underscoring the upward pressure on wages in a tightening U.S. labor market and improved bargaining position for workers.
Dollar drifts down as euro, pound power higher after data (Market Watch)
The euro and the pound advanced against the U.S. dollar Friday, with the shared currency higher after stronger-than-expected inflation data, while sterling brushed past a downbeat report on British economic growth.
Japan Data Deluge Points to Economic Growth, Weak Inflation (Bloomberg)
A flood of data the day after the Bank of Japan held its monetary policy unchanged indicates that the modest recovery in the world’s third-largest economy is continuing for a fifth quarter, yet inflation largely refuses to budge.
Could the best buying opportunity of the year in stocks be coming up soon? (Market Watch)
“Best buying opportunity of the year,” the headline, above, says. Is that a joke or a typo? No.
And that’s the case even though “sell in May and go away” is just around the corner. That saying has meant that stocks enter the doldrums in the summer months.
U.S. GDP Rose 0.7% in First Quarter (The Wall Street Journal)
The U.S. economy’s output grew at the slowest pace in three years during the first quarter, underscoring the challenges facing the Trump administration as it seeks to rev up economic growth.
Curious Curse of May: Emerging-Market Currency Bulls Beware (Bloomberg)
Blame dividend payments, weddings in India, or simply plain profit-taking. Developing-nation currencies could be in for a rough month in May, if history is any guide.
World’s Biggest Inflation Surge Has Poland Bracing for More (Bloomberg)
Poland’s next big inflation shock may be just around the corner.
Gains in wages risk touching off a new round of inflation pressures after a six-month acceleration in prices that HSBC Holdings Plc estimates as the largest globally.
Pound Holds Monthly Gain Even as U.K. Economic Growth Slows (Bloomberg)
The pound shrugged off slower-than-forecast economic growth in the U.K. to head for its biggest monthly advance in a year.
U.K. growth falls to just 0.3%. Is more pain on the way? (CNN)
The quarter on quarter growth rate was the worst in a year, and a major slowdown from the 0.7% expansion posted in the final quarter of 2016. It was also a weaker performance than economists had forecast.
U.S. economy bogs down in first quarter with slowest growth in 3 years, GDP shows (Market Watch)
The government’s official scorecard for the U.S. economy in the first quarter pointed to the weakest growth in three years, but the slowdown appeared tied to temporary effects that are likely to give way a rebound in the coming months.
IMF to Return to Zambia in May to Continue Loan Talks (Bloomberg)
The International Monetary Fund will send a mission to Zambia in May to continue talks over as much as $1.6 billion in aid the government is seeking after they failed to reach a deal in Washington this month.
European Stocks Hold Steady as Investors Await Inflation Data (Bloomberg)
European stocks were little changed before the release of consumer-price data for the euro area, after European Central Bank President Mario Draghi voiced caution on the outlook for consumer prices.
G.D.P. Report Shows U.S. Economy Off to Slow Start in 2017 (NY Times)
The government said gross domestic product grew at an annual rate of 0.7 percent in the first quarter, a three-year low, as consumer spending let up.
Ruble Trims Loss as Rate Reduction Fails to Deter Carry Traders (Bloomberg)
Russia’s ruble advanced, paring its first monthly loss since November, after a bigger-than-forecast rate cut failed to reduce its carry-trade appeal.
U.S. Economic Growth Slips to Its Slowest in 3 Years on Weak Consumer Spending (Associated Press)
The U.S. economy turned in the weakest performance in three years in the January-March quarter as consumers sharply slowed their spending. The result repeats a pattern that has characterized the recovery: lackluster beginnings to the year.
U.S. first-quarter growth weakest in three years as consumer spending falters (Reuters)
The U.S. economy grew at its weakest pace in three years in the first quarter as consumer spending barely increased and businesses invested less on inventories, in a potential setback to President Donald Trump's promise to boost growth.
European Bonds Slide as Core Inflation in Euro Area Heats Up (Bloomberg)
European bonds tumbled as a report showed core euro-area inflation jumped to its highest in four years, just one day after European Central Bank President Mario Draghi warned that it remained too weak to begin tapering stimulus.
Investors Are Pouring Money Into European Stocks Like It's 2015 (Bloomberg)
The evaporation of political risk in Europe is seeing money managers rush into the region’s stocks at a clip not seen since the year the equities last surged to an all-time high.
Weak economy collides with Trump's lofty rhetoric (Politico)
The Commerce Department said Friday that gross domestic product expanded at just a 0.7 percent annual rate in the first three months of the year, a sharp drop from the 2.1 percent growth in the final quarter of last year.
BEA: Real GDP increased at 0.7% Annualized Rate in Q1 (Calculated Risk)
Real gross domestic product (GDP) increased at an annual rate of 0.7 percent in the first quarter of 2017, according to the "advance" estimate released by the Bureau of Economic Analysis. In the fourth quarter of 2016, real GDP increased 2.1 percent.
You Can Buy a Home Cheaper Than Renting In These Big Cities (Fortune)
Rents have been rising across the country, and now in many cities throughout the U.S. it’s cheaper to buy a home rather than remain in a rental unit, a new Zillow study shows.
How North Korea gets its oil from China: lifeline in question at U.N. meeting (Reuters)
As the United Nations Security Council decides whether to tighten the sanctions screws on North Korea, the country's increasingly isolated government could lose a lifeline provided by state-owned China National Petroleum Corp (CNPC).
Consumer Confidence 'Steady' Despite Weak Wages, No Spending, Slow Growth (Zero Hedge)
Apart from stagnant wage growth, dismal economic growth, and tumbling spending growth, Americans remain 'confident' according to University of Michigan. Current conditions fell very modestly but 'hope' rose to its highest since January. Inflation expectations were steady (near record lows) but buying climates improved MoM.
Nasdaq Erases Exuberant Earnings Gains (Zero Hedge)
Despite the ebulience of analysts over Amazon and Alphabet (and Microsoft), it seems the 'have-nots' are weighing the Nasdaq down. From record highs at the gap open, the Nasdaq Composite has drifted back to unch.
Companies
China's Didi Raises Over $5.5 Billion in Record Tech Funding (Bloomberg)
Ride-hailing giant Didi Chuxing raised more than $5.5 billion from investors, scoring the largest round of funding ever for a technology company to bankroll an expansion beyond China and into driver-less technology.
Qualcomm accused Apple of a 'global attack' over royalty payments (Business Insider)
The battle between Apple and its chip supplier Qualcomm just turned seriously sour.
Qualcomm's most senior lawyer, Don Rosenberg, accused Apple of launching a "global attack" on the company, because it's interfering with royalty payments from other companies, according to The Financial Times.
Sony Expects Operating Profit to Surge to $4.5 Billion (The Wall Street Journal)
Sony Corp. said this fiscal year is shaping up to be profitable across all its main businesses, marking what executives see as the successful end of a turnaround plan.
Technology
The Commute of the Future Will Be Driverless, Flying and Electric (Bloomberg)
We’re not whizzing around in flying taxis just yet. But this week, we found several of Silicon Valley’s biggest risk takers getting serious about the technology.
Chrome warns you when typing anything into non-secure sites (Engadget)
As part of Google's quest to compel all websites to use the more secure HTTPS protocol, Chrome 62 will flash more warnings when you visit HTTP sites.
Google Classroom Expansion Makes It Easier Than Ever To Teach And Learn (Digital Trends)
Whether you’re a natural-born educator or a learner with a thirst for knowledge, Google wants you to know that its Classroom software is now open to one and all.
Nintendo Just Announced a Surprise New Handheld System (TIME)
Meet the New Nintendo 2DS XL, the newest member of Nintendo's handheld gaming family, stealth-unveiled by Nintendo late Thursday night. The most salient takeaway: it's rather pretty.
Where to buy Samsung's Galaxy S8 and S8 Plus in the UK (Engadget)
It's that time of the year again — one of the most important dates in the smartphone launch calendar. Today, the UK gets its hands on Samsung's new Galaxy S8 and S8 Plus, and whichever size you're eyeing up, you won't be disappointed.
T-Mobile may address high phone prices with its next Un-carrier move (DIgital Trends)
T-Mobile, the self-coined “Un-carrier,” has made a point of addressing wireless customers’ biggest pain points. Its Un-carrier Next launch saw subscribers refunded the taxes and fees they normally pay on top of plan prices.
Politics
A surprising number of Brits think a Marine Le Pen presidency would be good for Britain (Business Insider)
Brits are evenly split on the question of whether French presidential candidates Marine Le Pen or Emmanuel Macron would be better for Britain.
House Leaders Delay New Health Care Bill Vote Until At Least Next Week (Associated Press)
President Donald Trump seems destined to serve his 100th day in office without House passage of a major Republican health care bill or enactment of a budget financing the government for the rest of this year. But at least the government probably won't be shut down — for at least another week.
Ivanka Trump’s Investment Fund Was Accidentally Made Public by an Overeager Angela Merkel (Fortune)
Ivanka Trump was not quite ready to go public with her investment fund—but the world found out about it anyway, thanks to Angela Merkel.
Congress set to vote on heading off government shutdown (Reuters)
The U.S. House of Representatives began debate on Friday on short-term legislation to avert a government shutdown at midnight and buy some time on reaching a deal on federal spending through Sept. 30.
China warns situation with North Korea at 'critical point' (Reuters)
China warned on Friday that the situation with North Korea over its nuclear and ballistic missile programs is at a "critical point" and said dialogue and negotiations are the only "practical" way to end tensions.
Spicer: White House has 'not tried to push' House on health care (Politico)
White House press secretary Sean Spicer said Friday that Trump administration officials “have not tried to push” House Republicans to reach a deal on their revised health care bill, despite reports that they have been doing just that.
Furor over Holocaust comments hits Le Pen's election bid (Reuters)
Marine Le Pen's bid to defy the odds and win election as French president risked a setback on Friday when the man named interim head of her National Front party stood down to defend himself against charges that he shares the views of Holocaust deniers.
Trump names anti-abortion leader Yoest to top HHS post (Politico)
President Donald Trump on Friday said he would name one of the most prominent anti-abortion activists in the country to a top communications post at HHS.
Health and Biotech
Schizophrenia's Unyielding Mysteries (Scientific American)
Last year, when researchers in Cambridge, Mass., announced that they had found a gene strongly linked to a higher risk of schizophrenia, the news media reacted with over-zealous enthusiasm.
Life on the Home Planet
The Scientists Fighting to Save Us From a World Without Coffee (Bloomberg)
While Washington debates whether climate change is a hoax or an imminent threat, the world coffee industry is not waiting for the American government to take action to protect its business.
Woman shot, six arrested in London as police foil terror plot (Market Watch)
Six people have been arrested and a woman remains in the hospital after London police late Thursday raided a house in the U.K. capital as part of an ongoing counter-terrorism investigation.
Pope Francis Makes Historic Trip to Egypt Weeks After Church Attacks (Nicole Winfield, AP)
Pope Francis landed in Egypt's capital on Friday for a historic two-day visit aimed at presenting a united Christian-Muslim front to repudiate violence committed in God's name.
Temperature-boosting El Niño set for early return this year (The Guardian)
The El Niño climate event that helped supercharge global warming to record levels in 2015 and 2016 is set for an early return, according to a forecast from the World Meteorological Organization.
Stranded in the Bahamas: luxury Fyre festival turns to 'chaos' (The Guardian)
It was billed as an Instagram-worthy luxury festival in the Bahamas – but the supposedly glamorous Fyre festival seems to be anything but.
Syrian youth find freedom in Parkour (Reuters)
Leaping over bombed roofs and jumping through damaged window frames, a group of teenagers run and swing their way through buildings left dilapidated by six years of war in the southern Syrian town of Inkhil.
