Beat the street: US GDP; Best Buy; Anglo-BHP; Tesla
US GDP data showed the economy grew less than previously expected in Q1. Best Buy shares moves higher after its earnings beat. HP beats revenue estimates.
Tesla shares rise on a report the EV maker has made a push to roll out advanced FSD self-driving in China. Plus, what next for Anglo and BHP?
(AI Video Summary)
GDP figures
In this episode of "Beat the street", Angeline Ong discusses key financial indicators and market movements. The GDP figures came in as expected at 1.3%, aligning with market forecasts. Attention is particularly drawn to the upcoming core PCE index data, the Federal Reserve's preferred inflation gauge.
Commodities
In the commodities market, WTI crude oil showed slight volatility, and copper prices, though recently declining, maintain a long-term uptrend. The notable corporate update included BHP withdrawing from a $49 billion bid for Anglo American, hinting at possible future M&A targets like Antofagasta and Freeport-McMoRan.
Corporate events
On the corporate earnings front, BHP’s revenue surpassed expectations. Retail sector performance varied, with companies like Best Buy showing resilience in sales. The episode wrapped up with updates on new technological advancements from BYD in hybrid vehicles, potentially impacting the EV market.
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