Tuesday, May 22, 2018
What to watch today
On Tuesday, investors will have a fairly busy earnings schedule with AutoZone (AZO), Kohl’s (KSS), Intuit (INTU), Hewlett Packard Enterprise (HPE), and TJ Maxx parent company TJX (TJX) all set to report results. Reports from Kohl’s and TJX will be closely tracked by investors during a week that is expected to be very retail heavy on the earnings side.
The economic calendar, however, will be nearly empty with only the Richmond Fed’s regional manufacturing survey set for release.
US, China nearing deal to remove U.S. sales ban against ZTE: Washington and Beijing are nearing a deal that would remove an existing U.S. order banning American companies from supplying Chinese telecommunications equipment maker ZTE Corp, two people briefed on the talks told Reuters. The people, who declined to be identified because negotiations are confidential, said the deal could include China removing tariffs on imported U.S. agricultural products, as well as buying more American farm goods. [Reuters]
China to cut import duty on cars to 15%: China will cut the import duty on passenger cars to 15%, boosting auto makers such as BMW AG and Ford Motor Co. (F) just as the immediate threat of a trade war with the U.S. recedes. The Finance Ministry said Tuesday the levy will be lowered effective July 1 from the current 25% that has been in place for more than a decade. [Bloomberg]
NYSE to have first female leader: The New York Stock Exchange is set to get its first female leader in its 226-year history. Stacey Cunningham, the NYSE’s chief operating officer, will become the Big Board’s 67th president, the exchange’s parent Intercontinental Exchange Inc. (ICE) told The Wall Street Journal. She will start her new role Friday, succeeding Thomas Farley, an ICE veteran who is leaving the Atlanta-based company. [WSJ]
Sony to become world’s No.1 music publisher: Sony Corp. said it would pay about $2.3 billion to gain control of EMI, becoming the world’s biggest music publisher in an industry that has found new life in streaming services. The acquisition, which gives Sony a catalogue of more than 2 million songs from artists such as Kanye West, Sam Smith and Sia, is the biggest so far by new CEO Kenichiro Yoshida. The deal seeks to take advantage of the rapid growth in streaming music services like Spotify (SPOT) and Apple Music (AAPL) which has driven a recovery in the music industry. [Reuters]
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