In today’s recap, we start analyzing how food prices rise above the official inflation rate and see how most corporates reported their earnings and showed great profits.
Of 124 companies in the U.S. S&P 500 index that have reported Quarter 1 results to date, 85.5% have already topped analysts’ earnings estimates, with Refinitiv IBES data now predicting a +34.3% jump in profit growth.
Both the S&P 500 & Dow Jones Industrial Average are to finish a 3rd consecutive monthly gain today, up +4.27% & +2.42% respectively for the month of April. The Nasdaq index will complete a 6th straight month of increase, up +4% for the month, as the market levels off with investors moving to assess the overall health of the domestic & international economy.
Copper prices hit a 10-yr high towards a record above $10K a tonne seen a decade ago, over supply disruption worries in top producer Chile, due to strikes & as investors hope for an improvement in global demand, amid a stable economic recovery. Robust demand helps expectations of shortages this year +27% in 2021.
EU countries agreed this month to launch COVID-19 travel passes that will permit people who have been vaccinated against the disease, recovered from an infection or have tested negative to travel more easily. A top EU official says that Americans who have been vaccinated against COVID-19 should be able to travel to Europe by summer, easing existing travel restrictions. The European Medicines Agency has approved the 3 vaccines used in the U.S.
Germany, Europe’s largest economy saw business morale improve only slightly in April, as a 3rd wave of COVID-19 infections & a semiconductor shortage in the motor vehicle sector, slowed the overall economic recovery. The Ifo institute said its business climate index edged up to just 96.8 from 96.6 in March. A higher figure of 97.8 had been expected.
New Covid-19 infections increase at an alarming rate in India; Domino’s will test autonomous pizza delivery in Houston; Boeing Quarterly Losses are Greater Than Expected.