- Reuters/Nathaniel Wilder
Here is what you need to know.
China posts a surprise trade deficit. Beijing reported a February trade deficit of $9.15 billion, well shy of the $25.75 billion surplus that economists had forecast. The numbers were most likely affected by the timing of the Lunar New Year.
Japan’s economy gets an upgrade. The Final GDP reading for the fourth quarter showed the Japanese economy grew at a 0.3% clip, ahead of the 0.2% that was previously recorded, according to data released by the Cabinet Office. Private business investment grew by 2% in the quarter, making for the fastest growth since the first quarter of 2014.
The British pound is at a 7-week low before the release of the budget. Sterling trades down 0.4% at 1.2152 against the dollar as traders await the details of Chancellor Philip Hammond’s first budget, which will cross the wires at 7:30 a.m. ET.
An indicator of the health of the global economy grew at its fastest pace in 6 years. Data released by the International Air Transport Association showed that revenue passenger kilometers grew by 9.6% compared with a year earlier, making for the fastest growth since April 2011.
Snap is in a bear market. Shares of the newly public social-media company plunged 10% on Tuesday, and they are now 27% below Friday’s high print of $29.44 a share. Snap’s opening trade was at $24 after pricing its initial public offering at $17 last Thursday.
Mark Zuckerberg is finally getting a Harvard degree. Facebook’s CEO will receive an honorary degree and speak at the 366th commencement on May 25. He dropped out of Harvard as a sophomore in 2004 to work on Facebook.
Apple’s new iPhone might not be called the iPhone 8. The 10th-anniversary phone may be called the iPhone Edition, according to a report from the Japanese-language Apple news site Macotakara.
Stock markets around the world trade mixed. Japan’s Nikkei (-0.5%) trailed in Asia, and Germany’s DAX (+0.3%) leads in Europe. The S&P 500 is set to open down 0.2% near 2,364.
Earnings reports trickle out. Ciena and Express report ahead of the opening bell.
US economic data is light. ADP Employment Change is due out at 8:15 a.m. ET, and nonfarm productivity will cross the wires at 8:30 a.m. ET. The US 10-year yield is higher by 2 basis points at 2.54%.