Chinese trade surprisingly grew in April as exports increased 0.9% on year after falling 6.6% in March and imports rose 0.8% following a drop of 11.3%. The trade surplus more than doubled to $18.45B from $7.71B and topped forecasts of $13.90B. The readings are in contrast to other data which indicate that China's economy has been slowing and come after a 2.8% fall in the yuan vs the dollar this year.
Australia's jobless rate held steady at 5.8% in April and came in just below consensus of 5.9%. The number of people in work climbed 14,200, although the participation rate slipped to 64.7% from 64.8%. The increased number of jobs comes after the Reserve Bank of Australia left its benchmark interest rate at a record-low 2.5% this week amid slowing inflation and ahead of expected cuts in government spending.
Barclays intends to slash 19,000 jobs over the next three years, including 7,000 at its investment bank, where operating profit halved in Q1. The U.K. company also plans to create a "bad bank" that will incorporate £115B ($195B) worth of risk-weighted assets, including from the investment bank and from retail operations in Europe. Barclays (NYSE:BCS) will book £800M in costs as part of the overhaul. Shares were +5.8% premarket.
Toyota's FQ4 net profit dropped to ¥297B ($2.9B) from ¥314B a year earlier, hurt by extra costs, including for R&D. Sales climbed 12.5% to ¥6.57T ($64.5B). The company forecast that FY 2015 operating profit will edge up to ¥2.3T from a record ¥2.29T last FY and it expects revenues to rise slightly to ¥25.7T. Toyota (NYSE:TM) aims to increase volume to 10.25M vehicles this FY from 10.13M, citing a recovery in the U.S. and Europe.
Tesla generated a net loss of $49.8M in Q1 following a profit of $11.25M last year as the electric-car company increased R&D costs. Adjusted EPS of $0.12 beat consensus, as did operating revenue of $713M, which was up 26.9% on year. However, shares dropped 6.4% premarket after Tesla (NASDAQ:TSLA) provided guidance that disappointed some investors. More positively, Panasonic (OTCPK:PCRFF) has signed a letter of intent to join Tesla in the building of its "gigafactory" for batteries.
Keurig Green Mountain's shares jumped 5.3% premarket after the K-cup coffee pod maker's earnings beat expectations, buoyed by strong sales and cost cuts. EPS came in at $1.08 and revenues climbed 10% to $1.1B, while net profit rose 22.4% to $162.3M. Keurig Green Mountain (NASDAQ:GMCR) is expanding its partnership with J.M. Smucker (NYSE:SJM) with a multi-year agreement to make and sell Folgers and other J.M. Smucker brands in formats that work with new Keurig brewing systems.
Ford and Gilead Sciences unveiled share buybacks yesterday, with Ford (NYSE:F) looking to repurchase 116M shares worth around $1.8B to offset the dilutive impact of some of its convertible debt. Gilead (NASDAQ:GILD) authorized a new $5B program, although it still has $2.9B remaining in an existing $5B plan; the pharmaceuticals company expects to complete that program by September.
Consol Energy has named company President Nicholas DeIuliis as CEO to replace Brett Harvey, who has taken on the new position of Executive Chairman. DeIuliis, who has been President since February 2011, has worked at Consol (NYSE:CNX) for 23 years. At the company's annual meeting yesterday, shareholders voted against three resolutions, including one that would have required the firm to appoint an independent chairman.
As expected, Glencore Xstrata has named former BP (NYSE:BP) CEO Tony Hayward as Chairman following a year-long search for a successor to John Bond, who was ousted after the merger of Glencore and Xstrata. Hayward has been interim chairman of Glencore (OTCPK:GLCNF, OTCPK:GLNCY) since last May; he left BP in the wake of the Deepwater Horizon oil spill in 2010. Glencore's shares were +1.2% in London at the time of writing.
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In Asia, Japan +0.9% to 14164. Hong Kong +0.4% to 21837. China +0.2% to 2015. India flat at 22331.
In Europe, at midday, London +0.4%. Paris +0.6%. Frankfurt +0.4%.
Futures at 6:20: Dow +0.1%. S&P flat. Nasdaq flat. Crude -0.3% to $100.50. Gold +0.1% to $1290.
Ten-year Treasury Yield +4 bps to 2.63%.
Today's economic calendar:
Chain Store Sales
8:00 Fed's Plosser: Monetary Policy
8:30 Daniel Tarullo speech
8:30 Initial Jobless Claims
9:30 Yellen testify before Senate Banking Committee
9:45 Bloomberg Consumer Comfort Index
10:30 EIA Natural Gas Inventory
1:00 PM Results of $16B, 30-Year Note Auction
4:30 PM Money Supply
4:30 PM Fed Balance Sheet
Notable earnings before today's open: AEE, AES, AGO, AMCX, AMED, AMRC, APA, APO, BBEP, BCRX, BDBD, BITA, BPI, CAJ, CBB, CCC, CCOI, CDW, CECE, CECO, CRIS, CRNT, CSTE, CVC, DF, DISH, DNDN, FLY, FSYS, FUN, FXCM, GBDC, GLP, GOLD, GTN, GTXI, HCN, HII, HIMX, HSC, ICE, IRC, JASO, KEM, KERX, LIOX, LNCE, LPI, LPX, LQDT, LXP, LXRX, MGA, MMS, MNK, MPEL, NICE, NPSP, NXST, NXTM, ONE, PCLN, PCP, PKD, POZN, PRFT, REGN, RGEN, RSTI, SKYW, SNI, SPH, SRPT, STE, SUNE, TDC, THS, VC, VITC, VNDA, VRX, WAC, WD, WEN, WIN, WMC, WWAV
Notable earnings after today's close: ABCO, ACET, ADEP, AHT, AIRM, AL, ALIM, ALNY, AMRS, APEI, AREX, ATHX, AUQ, BCEI, BEBE, BIOS, BPZ, BRKS, CBS, CLNE, CLVS, CPE, CSC, CUTR, DAR, DEPO, DIOD, DMD, DVR, EAC, EBS, ECPG, ED, ELON, ENOC, ENV, EVC, FF, FRT, FUEL, FXEN, GCAP, GRUB, GXP, JAZZ, JCOM, JMBA, KRO, MDRX, MDVN, MELI, MNST, MNTX, MTD, NES, NFG, NOG, NUAN, NVDA, OLED, ORA, PAAS, PFMT, PPO, PXLW, QTWO, RPTP, SF, SGMS, SLW, SLXP, SPPI, SSRI, SSTK, SYMC, TNGO, TUES, TUMI, UBNT, UEPS, UNXL, WAGE, WIFI, XNPT, ZGNX
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