- Reuters/Terray Sylvester
Here is what you need to know.
China’s latest economic report card was a little disappointing. Retail sales grew by 9.4% in April, matching the weakest annual growth rate since early 2004, data from China’s National Bureau of Statistics showed.
Billionaire Michael Bloomberg is launching a rival to Davos – and it’s all about China. Bloomberg’s new conference – dubbed the New Economy Forum – will focus almost entirely on the rise of China and its changing role in the world.
Hong Kong could overtake New York as the world’s billionaire capital very soon. Hong Kong added 21 billionaires in 2017, bringing its total count to 93 – just 10 fewer than New York City, according to Wealth-X’s latest Billionaire Census.
2 Chinese bitcoin mining equipment makers are planning $1 billion Hong Kong listings. Canaan Creative has filed to go public and Zhejiang Ebang Communication is also working on plans for a listing, Reuters says.
The starting gun has fired on a new race for succession at Goldman Sachs. Goldman Sachs announced Monday that securities division coheads Pablo Salame and Isabelle Ealet were leaving the bank come June.
The owner of MoviePass says it could stay afloat for 17 months without raising money. MoviePass owner Helios & Matheson Analytics CEO Ted Farnsworth told Variety that his company has a $300 million line of credit that can keep it afloat for 17 months without raising additional cash.
Tesla Model S driver who collided with a fire department vehicle in Utah says Autopilot was engaged. This is the latest in a series of Tesla crashes in recent months involving the company’s semi-autonomous driving Autopilot feature.
Stock markets around the world trade mixed. Hong Kong’s Hang Seng (-1.23%) trailed in Asia and Britain’s FTSE (+0.22%) leads in Europe. The S&P 500 is set to open little changed near 2,729.
Earnings reports trickle out. Home Depot reports ahead of the opening bell.
US economic data picks up. Empire Manufacturing and retail sales will both be released at 8:30 a.m. ET and the NAHB Housing Market Index is due out at 10 a.m. ET. The US 10-year yield is up 1 basis point at 3.01%.