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🏛️ Financial News

• US GDP 🏭 IMF slashes 2025 U.S. growth forecast to 1.8% from 2.7%, citing trade tensions – CNBC: The International Monetary Fund lowered its 2025 projections for U.S. growth from the forecast it delivered in January. As President Trump's steep tariffs on virtually all trading partners begin to bite, the IMF warned worldwide economic output will slow in the months ahead.

• US Tariffs 🚢 Trump Doubtful on Another Tariff Pause, Wants China Concessions – Bloomberg via Yahoo! Finance: President Donald Trump suggested another delay to his higher so-called “reciprocal” tariffs was unlikely, raising pressure on nations to negotiate trade deals with his administration.

• US Tariffs 🚢 Treasury Sec. Bessent says China, U.S. have ‘opportunity for a big deal’ on trade – CNBC: Bessent said that “there is an opportunity for a big deal here, if they want to rebalance, let’s do it together” on trade issues between the United States and China.

• Big Box Retailers 🛍 Walmart, Target, Home Depot tout productive meeting with Trump as tariffs threaten the holidays – RetailDive: As retailers work through their pre-tariff inventories, some are beginning to view tariffs as an incoming “holiday tax,” given that many of the new import duties are poised to raise prices in time for peak shopping periods, starting with back-to-school, Halloween and Q4 holidays.

  • CNBC: Businesses are already trying to pass tariff costs onto customers, Fed report says

  • CNBC: Amazon sellers raise prices after Trump’s China tariff: ‘It’s unsustainable’

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🚢 Tariff Update

• India Tariffs 🕌 India's Modi and US Vice President Vance optimistic on New Delhi-Washington trade deal – CNBC: JD Vance was in India on a personal trip with second lady Usha Vance and his family. The two leaders hailed the significant progress made in trade talks between the two sides.

• Southeast Asia Tariffs🛺 US finalizes tariffs on Southeast Asian solar imports – Reuters: US trade officials finalized steep tariff levels on most solar cells from Southeast Asia, a step toward wrapping up a year-old trade case in which American manufacturers accused Chinese companies of flooding the market with unfairly cheap goods.

• Retailers 🛍 Businesses are already trying to pass tariff costs onto customers, Fed report says – CNBC: Businesses dealing with the early stages of President Donald Trump’s tariffs are looking for ways to pass increasing costs onto consumers, according to the Fed “Beige Book” report.

  • CNBC: Amazon sellers raise prices after Trump’s China tariff: ‘It’s unsustainable’

• US Tourism 🌉 US government data show a roughly 10% decline in visitors arriving by air in March from the year before. – CNBC: Delta Air Lines and United Airlines CEOs say international and premium-travel demand is growing, making up for the shortfall in inbound tourism and weakness in domestic main cabin tourism.

🌎 Global Financial News

• European Central Banks 🏰 ECB cuts rates again as Trump tariffs weigh on economic outlook – euronews: As analysts had anticipated, the European Central Bank cut its interest rate for the seventh time in a year, by .25 to 2.25%, as threats to growth outweigh inflationary concerns.

• Germany 🍻 Germany's fiscal expansion shift will offset trade drag starting in 2026, IMF official says  – Reuters: Germany’s parliament approved plans in March for a massive spending surge to boost its economy starting in 2026, throwing off decades of fiscal conservatism in hopes of reviving economic growth and scaling up military spending.

📊 Stock Market

• $LUV ( ▲ 0.11% )  ✈️ Southwest to cut flights this year, pulls guidance, citing ‘macroeconomic uncertainty’ – Yahoo! Finance: Southwest Airlines pulled its full-year 2025 and 2026 EBIT guidance, citing “macroeconomic uncertainty.” The carrier plans to cut its schedule in the second half of the year, following Delta Air Lines and United Airlines.

• $ALK ( ▲ 0.96% )  ✈️ Alaska Airlines warns of slower demand as second-quarter profit outlook falls short – CNBC: Alaska Airlines said it expects a six-percentage-point hit to revenue in the second quarter. The carrier, which merged with Hawaiian Airlines last year, said it wouldn’t update its full-year forecast because of “economic uncertainty and volatility,” but that it expects to remain profitable in 2025.

• $UBER ( ▼ 0.45% )  🚖 FTC sues Uber, says company charged for Uber One without consent – FTC.gov: The FTC sued Uber alleging deceptive billing practices in the company’s Uber One subscription. The regulator claimed that customers are “wrongly promised savings” when they sign up for Uber One, and that the company makes it difficult to cancel the subscription.

• $NOW ( ▲ 0.71% )  🦾 ServiceNow shares pop on strong earnings, upbeat guidance – CNBC: The enterprise technology company topped Q1 results and shared an upbeat forecast despite on-going macroeconomic uncertainties. CEO Bill McDermott said “While our business remains strong, we are only flowing through part of those benefits into our full‑year outlook”

• $INTC ( ▼ 6.7% )  🧇 Intel offers weak forecast amid trade tensions as CEO talks to TSMC – Yahoo! Finance: Intel forecast Q2-2025 revenue and profit below estimates, casting a shadow over new ceo Lip-Bu Tan's first round of earnings at the helm. Tan gave the first hints of sweeping plans to revitalize Intel's culture of innovation, including a mandate for employees to return to the office four days a week, fewer meetings and stripping out unnecessary internal administrative work in favor of core engineering work.

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🚀 Magnificent 7

• $GOOG ( ▲ 1.47% )  🔍 Alphabet shares rise on stronger-than-expected revenue growth – CNBC: Google-parent Alphabet posted stronger-than-expected profit and revenue for the first quarter, as AI helped bolster advertising growth in its search business. Google search’s AI Overviews, now has 1.5B monthly users, up from 1B in October. The results come as Google faces a slew of antitrust challenges over its internet search and online advertising dominance.

  • Alphabet search, advertising units show resilient growth

  • Waymo reports 250,000 paid robotaxi rides per week in U.S.

• $AAPL ( ▲ 0.44% )  🍎 Apple moving to make most iPhones for US in India rather than China – Reuters: Apple aims to make most of its iPhones sold in the US at factories in India by the end of 2026, and is speeding up those plans to navigate potentially higher tariffs in China, its main manufacturing base. The iPhone maker is holding urgent talks with contract manufacturers Foxconn and Tata to achieve that goal.

• $TSLA ( ▲ 9.8% )  🔌 Tesla's Q1 Earnings Miss Estimates – Investopedia: Tesla's auto revenues, which make up most of the company's sales, fell 20% year-over-year, weighed down both by lower volume and sagging average sales prices.

  • Yahoo! Finance: Tesla stock surges 9.8%, clinches 18% weekly gain after DoT unveils new self-driving car rules

• $NVDA ( ▲ 4.3% )  🧇 Amazon and Nvidia say AI data center demand is not slowing down – CNBC: Executives at Amazon and Nvidia said they only see power demand rising due to AI demand. Kevin Miller, Amazon’s vice president of global data centers, said the tech company’s data center plans have not changed significantly. “We haven’t seen a pullback,” said Josh Parker, Nvidia’s senior director of corporate sustainability.

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👛 Personal Finance

• Consumer Goods 🛒 Buy now, stock up or delay: Here’s what consumers are snapping up or putting off in face of tariffs – CNBC: According to a Federal Reserve report and market research firm surveys, tariffs have fueled car purchases and some iPhone upgrades, while in other categories, consumers have delayed rather than sped up purchases.

• Consumer Goods 🛒 Chinese sellers and US buyers prepare for the end of ultra-cheap shopping – rest of world: Temu and Shein are set to raise prices ahead of the de minimis loophole’s closure.

• Gen Z Careers 🙃 Gen Z workers increasingly opt out of college and into the trades: ‘There are about 2 million fewer students – CNBC: As members of Gen Z continue to graduate high school and enter adulthood, many elect to forgo traditional college degrees.

• Retirement 🏖️ The ‘magic number’ to retire comfortably fell to $1.26M But people are less confident they can reach it – CNBC: According to a recent study by Northwestern Mutual, overall, workers are doing well but “the 2025 stock market has not spared many savers” due to market volatility, inflation and future uncertainty undermining retirement confidence.

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We’ll be back next Saturday morning to recap the week’s financial news.

Thanks to Empower Personal Wealth for sponsoring.

✨ Happy Unprompting,

Rawee
[email protected]

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