The HSBC CEO announces his retirement
HSBC Holdings posted a 1.8% drop in first-quarter pretax profit to $12.7 billion, a performance partly due to rising costs from expansion in Asia and amid inflationary pressures.
Australian retail sales
Overnight in the Asia-Pacific region, Australian retail sales dropped by 0.4% month-over-month (MoM) in March, missing market estimates of 0.2% growth. Japan's factory output grew more than expected in March, by 3.8%, while retail sales expanded 1.2% in March from a year earlier, below the median market forecast for a 2.2% rise.
Chinese PMI data
In China, PMI data showed a mixed picture of the state of economic activity in April. Caixin manufacturing PMI rose to 51.4 from 51.1 the previous month. But the official NBS PMI showed a loss of momentum in both the manufacturing and services sectors.
French and German economic data
The French economy expanded 0.2% in the first quarter quarter-over-quarter (QoQ), better than the 0.1% growth expected. On an annual basis, gross domestic product (GDP) growth accelerated to 1.1%, up from 0.8% in Q4 2023 and higher than the 0.9% expected. Later on Tuesday, Germany GDP data is due at 9 a.m., with QoQ and year-on-year (YoY) growth expected to be 0.1%, up from -0.3% and -0.2%, respectively. At 10 a.m., the eurozone GDP growth rate is forecast to rise to 0.2%.
HSBC Holdings
HSBC Holdings posted a 1.8% drop in first-quarter pretax profit to $12.7 billion, a performance partly due to rising costs from expansion in Asia and amid inflationary pressures. Operating expenses rose 7% in the period. The London-headquartered bank also announced $3 billion worth of share buybacks on top of $2 billion in share purchases announced in February. HSBC Chief Executive Noel Quinn announces he will step down after five years at the helm.
Deutsche Lufthansa
Watch out for Deutsche Lufthansa at the airport. The German airline posted a Q1 adjusted Earnings before interest and taxes (EBIT) loss of €849 million and a 5% rise in revenue to €7.4 billion. Lufthansa expects a strong summer season, with bookings up 16% on the previous year. The airline confirmed its forecast of a full-year adjusted EBIT of €2.2 billion. This line was revised down two weeks ago following a wave of costly industrial action.
Volkswagen
Volkswagen reported a 20% drop in first-quarter operating profit, weighed by lower sales volumes and higher costs. Mercedes-Benz reported lower first-quarter profits and sales, in line with expectations. Stellantis revenue missed expectations in Q1.
McDonalds
McDonald's is releasing its first quarter results today before the opening bell, and analysts expect the company to report EPS of $2.70, reflecting a 2.7% growth from $2.63 in the same quarter last year.
Amazon
Amazon is also reporting today and is expected to report its first quarter earnings after the market closes. Market watchers will be eyeing potential growth in AI technology, cost-cutting measures, Amazon Web Services (AWS) expansion, and advertising revenues. Also expected today are Coca-Cola, PayPal, Eli Lilly, and Starbucks.
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