Financial News Digest

British Prime Minister Keir Starmer on Monday said he would step down, clearing the way for Andy Burnham, a left-wing former mayor, to likely become the country’s sixth prime minister in seven years. #UK #politics

Here is the holiday schedule for the rest of the year—eight days on which the New York Stock Exchange, Nasdaq and U.S. bond markets are all shut: Monday, Feb. 17: Presidents Day Friday, April 18: Good Friday Monday, May 26: Memorial Day Thursday, June 19: Juneteenth Friday, July 4: Independence Day Monday, Sept. 1: Labor Day Thursday, Nov. 27: Thanksgiving Day Thursday, Dec. 25: Christmas Day Markets also close early on July 3 and Christmas Eve, and on the day after Thanksgiving. The bond market will observe two further holidays: Columbus Day, celebrated by many people as Indigenous Peoples' Day, on Oct. 13, and Veterans Day on Nov. 11. #US #market #holidays

Here is the holiday schedule for the rest of the year—eight days on which the New York Stock Exchange, Nasdaq and U.S. bond markets are all shut: Monday, Feb. 17: Presidents Day Friday, April 18: Good Friday Monday, May 26: Memorial Day Thursday, June 19: Juneteenth Friday, July 4: Independence Day Monday, Sept. 1: Labor Day Thursday, Nov. 27: Thanksgiving Day Thursday, Dec. 25: Christmas Day Markets also close early on July 3 and Christmas Eve, and on the day after Thanksgiving. The bond market will observe two further holidays: Columbus Day, celebrated by many people as Indigenous Peoples' Day, on Oct. 13, and Veterans Day on Nov. 11. #US #market #holidays

Here is the holiday schedule for the rest of the year—eight days on which the New York Stock Exchange, Nasdaq and U.S. bond markets are all shut: Monday, Feb. 17: Presidents Day Friday, April 18: Good Friday Monday, May 26: Memorial Day Thursday, June 19: Juneteenth Friday, July 4: Independence Day Monday, Sept. 1: Labor Day Thursday, Nov. 27: Thanksgiving Day Thursday, Dec. 25: Christmas Day Markets also close early on July 3 and Christmas Eve, and on the day after Thanksgiving. The bond market will observe two further holidays: Columbus Day, celebrated by many people as Indigenous Peoples' Day, on Oct. 13, and Veterans Day on Nov. 11. #US #market #holidays

Here is the holiday schedule for the rest of the year—eight days on which the New York Stock Exchange, Nasdaq and U.S. bond markets are all shut: Monday, Feb. 17: Presidents Day Friday, April 18: Good Friday Monday, May 26: Memorial Day Thursday, June 19: Juneteenth Friday, July 4: Independence Day Monday, Sept. 1: Labor Day Thursday, Nov. 27: Thanksgiving Day Thursday, Dec. 25: Christmas Day Markets also close early on July 3 and Christmas Eve, and on the day after Thanksgiving. The bond market will observe two further holidays: Columbus Day, celebrated by many people as Indigenous Peoples' Day, on Oct. 13, and Veterans Day on Nov. 11. #US #market #holidays

Here is the holiday schedule for the rest of the year—eight days on which the New York Stock Exchange, Nasdaq and U.S. bond markets are all shut: Monday, Feb. 17: Presidents Day Friday, April 18: Good Friday Monday, May 26: Memorial Day Thursday, June 19: Juneteenth Friday, July 4: Independence Day Monday, Sept. 1: Labor Day Thursday, Nov. 27: Thanksgiving Day Thursday, Dec. 25: Christmas Day Markets also close early on July 3 and Christmas Eve, and on the day after Thanksgiving. The bond market will observe two further holidays: Columbus Day, celebrated by many people as Indigenous Peoples' Day, on Oct. 13, and Veterans Day on Nov. 11. #US #market #holidays

#US #market #opening

The latest consumer-price index is expected to show prices rose 2.4% in the 12 months through April, the same rate as a month earlier. #US #inflation #data

The Consumer Price Index in the United States increased 0.20 percent in April of 2025 over the previous month. Inflation Rate MoM in the United States averaged 0.29 percent from 1947 until 2025, reaching an all time high of 2 percent in September of 1947 and a record low of -1.80 percent in November of 2008. #US #inflation #CPI #data

April inflation report: What you need to know Here are the key points to know ahead of this morning's consumer-price index: 🔀 This is the first CPI report that will capture the economic volatility sparked by President Trump's April 2 "Liberation Day" tariff announcements. 👉Prices likely rose 2.4% in April from a year earlier, according to economists polled by The Wall Street Journal. 🍒🔋 On a core basis, or excluding volatile food and energy prices, the CPI likely rose at a 2.8% rate. Both annual rates would be unchanged from a month earlier. 👆Economists expect monthly inflation likely ticked up, with the CPI rising 0.2% in April from March, and core CPI up 0.3%. 🔂The report from the Labor Department is due at 8:30 a.m. ET, and will be followed by a report on wholesale inflation Thursday. ⚡️Elements of both will be incorporated into the Federal Reserve’s preferred inflation gauge, the personal consumption expenditures price index, or PCE. That is due May 30. 🕚Last week the Fed warned that high tariffs, if sustained, would likely push up both inflation and unemployment. #US #market #CPI #digest #forecast

Russia’s oil prices fell for a fifth week, leaving the value of the nation's shipments close to a two-year low and largely negating the impact of a gain in crude sales. Total flows in the four weeks to May 11 were worth about $4.09 billion, edging up from the period to May 4 but still the second-lowest since April 2023. Export prices for key grades shipped from the Baltic, Black Sea and Pacific regions all registered further declines. #oil #Russia #market

#sentiment #market

The ZEW Indicator of Economic Sentiment for Germany surged by 39.2 points to 25.2 in May 2025, rebounding sharply from a near two-year low of -14.0 in April and far surpassing market expectations of 11.9. The survey indicates growing optimism for the next six months, driven by the formation of a new federal government, progress in resolving tariff disputes, and signs of stabilizing inflation. Nearly all sectors reported improved sentiment in May. The outlook is particularly bright for the banking sector, as well as for export-oriented industries such as automotive, chemicals, metals, machinery, and steel. The recent interest rate cut by the European Central Bank—and expectations of further easing—are seen as especially supportive for a recovery in the construction sector. Respondents also anticipate a rebound in domestic demand, which has been sluggish in recent months. Meanwhile, Germany’s current economic assessment held steady at a low level, dipping 0.8 points to -82.0. #EU #Germany #sentiment #market

WSJ: Goldman Sachs #GS bumped up its forecasts for Chinese economic growth, a day after the U.S. agreed to an unexpectedly large reduction in tariffs on the country's goods. Goldman said Tuesday it expects the Chinese economy to grow 4.6% this year, compared to its prior forecast for 4% growth. Its projections are for real, or inflation-adjusted, growth. That would still come in below Beijing's 5% target. For 2026, the bank raised its forecast to 3.8% from 3.5%. Goldman expects China's export volumes to be flat this year. It had previously forecast a 5% contraction. #China #forecast2025 #forecast #GDP #Asia

The United Kingdom's unemployment rate edged higher to 4.5% from January to March 2025, after remaining unchanged at 4.4% for four consecutive periods, aligning with market expectations. This marked the highest jobless rate since the three months ending in August 2021, as the number of people unemployed for up to 6 months, 6 to 12 months, and over 12 months all increased. Meanwhile, the number of employed individuals rose by 112 thousand, marking the smallest increase since the three months ending December 2024, to reach 33.98 million, mainly driven by a fall in full-time employment. In addition, the number of people holding second jobs increased, now representing 3.9% of all employed individuals. Lastly, the economic inactivity rate decreased by 0.2 percentage points to 21.4%. #UK #jobless #data

Here’s what you need to know about US President Donald Trump’s visit to Saudi Arabia, his first scheduled overseas trip since taking office: 🛬Trump landed earlier in Riyadh and was personally greeted on the tarmac by Crown Prince Mohammed bin Salman, in a break with protocol that highlights the close relationship between the two leaders. MBS greeted Trump with a long and firm handshake, a far cry from the frosty reception the Saudi royal awarded the then President Joe Biden in Jeddah in 2022. 🇺🇸🇸🇦The ceremonial elements of this trip are also a moment of consecration for the crown prince. He is already Saudi Arabia’s de facto leader, but the absence of his father, King Salman, is an unmistakable message that the crown prince is fully prepared to take over. 🖇The trip is primarily a business one, with Trump looking to secure at least $1 trillion in investment and trade pledges from Saudi Arabia. The crown prince is seeking to gain a boost from the US for his grand Vision 2030 project. 📣The US is preparing to announce a deal granting Saudi Arabia more access to advanced semiconductors, paving the way for increased data-center capacity in the Gulf nation, according to people familiar with the matter. News of the deal caused Nvidia shares to erase losses - the company’s CEO, Jensen Huang, is one of the business leaders present in Riyadh. 🥅Prior to Trump’s arrival, US Treasury Secretary Scott Bessent downplayed the possibility of a quick trade agreement with the European Union. During an investment summit in Riyadh, he said the bloc suffers from a “collective action problem” that’s hampering negotiations. #US #MidlEast #SA #Trump

#US #market #opening

#sentiment #market

Drugmakers' shares fell globally after President Trump said he would sign an executive order to lower the cost of prescription drugs. The share-price moves presage possible trouble for U.S. drug stocks. Shares of Japan's Daiichi Sankyo, which gets about a third of revenue from the U.S., dropped around 8%. Other Japanese drug stocks also fell. In Europe, pharmaceutical stocks such as Novo Nordisk, GSK, Novartis and AstraZeneca declined. Shares of AbbVie #ABBV, Pfizer #PFE, Eli Lilly and Johnson & Johnson #JNN fell in U.S. premarket trading. Pharma stocks were broadly weaker in China too. Many global drug companies count on the U.S. for revenue and profit because U.S. drug prices tend to be higher. In other developed nations, governments typically negotiate or set a single nationwide price for drugs, using their leverage to push down the price. In a Truth Social post, Trump said that under his plan to be announced Monday, the U.S. will pay the same price as the Nation that pays the lowest price anywhere in the World. He didn't give details or say whether his executive order would apply to Medicare, Medicaid or other U.S. government programs. #US #Trump #pharma #inflation

WSJ: Apple #AAPL is weighing price increases for its fall iPhone lineup, a step it is seeking to couple with new features and design changes, according to people familiar with the matter. The company is determined to avoid any scenario in which it appears to attribute price increases to U.S. tariffs on goods from China, where most Apple devices are assembled, the people said. #US #market #tech