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Trump Backs Off: Stocks Surge as US, China Agree to Slash Tariffs in Step Back from Decoupling Brink (Bloomberg)
The US and China will temporarily lower tariffs on each other’s products in a dramatic ratcheting down of trade tensions that buys the world’s two largest economies three months to work toward a broader agreement.
The combined 145% US levies on most Chinese imports will be reduced to 30% including the rate tied to fentanyl by May 14, while the 125% Chinese duties on US goods will drop to 10%, according to a joint statement and from officials in a briefing Monday in Geneva.
Equity markets in Asia and Europe rose, and S&P 500 futures jumped 3%. Oil prices increased, Treasury yields gained and the dollar was stronger.
Markets Alert: This Key Stock Market Indicator Is Flashing Red (Bloomberg)
A stock-market indicator has entered a phase historically associated with the worst return prospects for the S&P 500 Index. The Equity Market Regime Model, a Bloomberg Intelligence model that tracks the benchmark stock gauge and clusters periods into three phases — accelerated growth (green), moderate growth (yellow) and decline (red) — fell into the cautious red zone in March and April, according to data compiled by BIoomberg Intelligence's Gina Martin Adams and Gillian Wolff.
US Price Watch: US Inflation Starting to Stir as Trump Tariff Threat Looms (Bloomberg)
This week's inflation and retail sales reports will headline a busy week for US economic data. In addition to weekly jobless claims, traders will pay attention to the University of Michigan’s preliminary May consumer sentiment survey, which will include inflation expectations.
Not Just High Priced Eggs: Record US Beef Prices Poised to Hit Consumers This Summer (Wall Street Journal)
Climate change impact: In recent years, consistent drought conditions in cow pastures across the US have limited the ability of producers to add more animals to their herds.
Check Out Today's Edition of the Daily Read Podcast (Spotify)
Click here to listen to today's AI-generated audio companion to this newsletter. Be sure to 'Follow' the Sheekey Daily Read podcast on Spotify and Apple
Podcasts to listen and be notified when the latest are available.
Ukraine Latest: Russia Faces More Sanctions If Putin Balks at Ceasefire Call (Bloomberg)
Explainer: What’s Behind the Enduring India-Pakistan Conflict? (Bloomberg)
Message to the World: Pope Leo Appeals for No More War in First Sunday Address (BBC News)
Airline News: Officials, Airlines to Talk Newark Reductions After Outages (Bloomberg)
NBA Playoffs Tonight at MSG: Celtics vs. Knicks Game 4 Predictions and Odds (NBC Sports)
Summer Holiday Planner: Top Apps You’ll Want to Take on Vacation: A Digital Packing List (New York Times)
Think of your device as a second carry-on, with its own packing list of apps that are essential for entertainment, getting around, safety and more.
One 'must-download app': Bloomberg Connects has teamed up with more than 800 museums and other cultural spaces, like the New York Botanical Garden,
around the world to offer free information on their exhibits, complementing local organizations like the Musée Carnavalet,
a history museum in Paris, which often have institution-specific apps.
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