Wednesday, May 30, 2018
What to watch today
On Wednesday, investors will get three key pieces of U.S. economic data as private payrolls from ADP and a second read on U.S. GDP growth in the first quarter will be released in the morning. Expectations are the GDP number will show the economy grew at an annualized rate of 2.3% in the first three months of the year.
And then in the afternoon the Federal Reserve’s latest Beige Book report will be released. The Beige Book is a collection of economic anecdotes collected by Fed officials across the country and helps form the basis of the economic discussion that will be had at the Fed meeting in two weeks’ time.
Amazon offers discounts to Prime members at more Whole Foods: Amazon (AMZN) is expanding discounts to Prime members at its Whole Foods Markets, which was acquired last year. The e-commerce giant said starting May 30, 121 Whole Foods Market stores across 12 states —including northern California, Nevada, Colorado and Texas — plus all Whole Foods Market 365 stores nationwide will offer savings to Amazon Prime Members. [Yahoo Finance]
China slams surprise U.S. trade announcement, says ready to fight: China on Wednesday lashed out at Washington’s unexpected statement that it will press ahead with tariffs and restrictions on investments by Chinese companies, saying Beijing was ready to fight back if Washington was looking to ignite a trade war. [Reuters]
Volcker Rule to lose some of its bite as Fed proposes overhaul: Wall Street’s long campaign to chip away at the toughest trading restriction imposed on banks after financial crisis is finally paying off under President Donald Trump. The Federal Reserve Board, now led by Trump appointees, will meet Wednesday to start rolling back the Volcker Rule, a regulation that was key to Washington’s efforts to make the industry safer following the 2008 meltdown. [Bloomberg]
Sorrell plots comeback: Martin Sorrell is staging a comeback just six weeks after he was ousted from WPP (WPP), using the same formula as in the 1980s when he transformed a little-known shell company into the world’s biggest advertising group. One of Britain’s best known businessmen, Sorrell said he would invest 40 million pounds ($53 million) of his own money into Derriston Capital while institutional investors have pledged 150 million pounds to buy marketing companies. [Reuters]
Here’s what happened when Starbucks closed all of its US stores for racial bias training: Coffee behemoth Starbucks (SBUX) closed all of its 8,000-plus U.S. stores for four hours on Tuesday afternoon so its 175,000 employees could participate in company-wide racial-bias training. [Yahoo Finance]
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