MARKET RECAP at 4 pm ET

Wall Street ended on a mixed note as Coming Up - On Tuesday investors gauged U.S.-China tensions amid ongoing uncertainty about the global economic recovery. Treasury A U.S. Commerce Department report is Senate Committee on National yields were down. The dollar index expected to show new home sales in Finance. and gold prices rose on safe-haven April likely fell 21.9% to 490,000 units demand. Oil fell, pressured by doubts from 627,000 units in March. PROMOTION over fuel demand. Separately, the Conference Board's LIVECHAT – REUTERS GLOBAL consumer confidence index for May MARKETS FORUM is likely to rise to 88.0, following a Robert Wyrick, CIO of Post Oak Private STOCKS Close Chng %Chng Yr-high Yr-low reading of 86.9 in April. Building Wealth Advisors in Houston, Texas, 24465.16 -8.96 -0.04 29568.57 18213.65 DJIA permits data for April is also scheduled joins us to discuss his investment Nasdaq 9324.59 39.71 0.43 9838.37 6631.42 for release. outlook, risk management, and recent S&P 500 2955.45 6.94 0.24 3393.52 2191.86 upheavals in the U.S. oil industry. Toronto 14913.64 28.79 0.19 17970.51 11172.73 The will (1000 ET/1400 GMT) To join the FTSE 5993.28 -21.97 -0.37 7689.67 4898.79 partially reopen the trading floors at its conversation, click here Eurofirst 1327.71 -1.49 -0.11 1691.19 1051.38 iconic 11 Wall Street building, closed 20388.16 -164.15 -0.80 24115.95 16358.19 Nikkei since March 20 when the bourse was Hang Seng 22930.14 -1349.89 -5.56 29174.92 21139.26 forced to go all-electronic due to the coronavirus pandemic. TREASURIES Yield Price

10-year 0.6574 6 /32 Bank of Canada Governor Stephen 2-year 0.1696 0 /32 Poloz and Senior Deputy Governor 5-year 0.3334 1 /32 Carolyn Wilkins are scheduled to 30-year 1.3705 21 /32 appear before the Canadian Standing REUTERS/Lucas Jackson

FOREX Last % Chng

Euro/Dollar 1.0901 -0.44 Dollar/Yen 107.59 -0.02 KEY ECONOMIC EVENTS Sterling/Dollar 1.2173 -0.40 Events ET Poll Prior Dollar/CAD 1.3983 0.22 TR/HKEX RMB 92.64 0.04 Build permits R number for Apr 0800 -- 1.074 mln Build permits R change mm for Apr 0800 -- -20.8% COMMODITIES ($) Price Chng % Chng National Activity Index for Apr 0830 -- -4.19

Front Month Crude /barrel 33.49 -0.43 -1.27 Monthly home price mm for Mar 0900 -- 0.7% Spot gold (NY/oz) 1735.03 9.82 0.57 Monthly home price yy for Mar 0900 -- 5.7% Copper U.S. (front month/lb) 0.0241 -0.0004 -1.59 Monthly Home Price Index for Mar 0900 -- 287.0 CRB Index Total Return 137.54 -1.04 -0.75 Caseshiller 20 mm SA for Mar 0900 0.2% 0.4%

S&P 500 Price $ Chng % Chng Caseshiller 20 mm NSA for Mar 0900 -- 0.5%

GAINERS Caseshiller 20 yy for Mar 0900 3.3% 3.5% Coty Inc 3.75 0.42 12.61 Consumer Confidence for May 1000 88.0 86.9 American Tower Corp 242.43 14.27 6.25 New home sales-units for Apr 1000 0.490 mln 0.627 mln Agilent Technologies Inc 84.98 4.23 5.24 LOSERS New home sales change mm for Apr 1000 -21.9% -15.4% Hewlett Packard Enterprise Co 9.17 -1.19 -11.49 Dallas Fed Manufacturing Business Index for May 1030 -- -73.70 Wynn Resorts Ltd 78.25 -4.90 -5.89 State Street Corp 55.31 -2.78 -4.79

Coming Up - Week Ahead

On the U.S. economic calendar, a Inc is expected to report second- higher costs of operating stores during second estimate on Thursday is quarter results on Wednesday. the health crisis and sales skew toward expected to show the U.S. economy lower margin products. probably contracted 4.8% in the first Dell Technologies Inc on Thursday is quarter. Durable goods data for April expected to report a fall in first-quarter Ralph Lauren Corp on Wednesday is is expected to show an 18.5% plunge revenue as the coronavirus-induced expected to swing to a fourth-quarter on Thursday, following a 14.7% fall in lockdown shut down factories and loss after it was forced to shut stores March. On the same day, initial claims restricted supply in addition to a fall in globally due to the COVID-19 data for state unemployment consumer demand for its goods. pandemic. Investors will also be benefits for the week ended May 18 is interested in knowing if the company likely to show a drop to a seasonally Dollar General Corp is expected to can maintain prices of its high-end adjusted 2.100 million from 2.438 post a jump in first-quarter same-store apparel and accessories or would have million in the week before. Pending sales on Thursday, as the COVID-19 to offer discounts to move excess home sales data is likely to show a fall pandemic led customers to stock up on inventories. of 15.0%, following a 20.8% drop in household essentials and food March. On Friday, a Commerce products. Investors will also keep a Occidental Petroleum Corp Department report is expected to show close watch on the company's outlook shareholders on Friday get their first personal consumption expenditure as dollar stores generally outperform say on the oil company's troubled fell 12.5% in April, following a 7.5% fall other retailers in an economic acquisition of Anadarko Petroleum in March. Personal income is likely to downturn. Corp when they vote on issuing shares have dropped 6.5% in April, after a and warrants to Hathaway 2.0% drop in March. University of Dollar Tree Inc, like rival Dollar for helping finance the $38 billion deal, Michigan's consumer sentiment General, is expected to post a rise in which has led to sharp cuts to cover index for May is likely to show a final first-quarter same-store sales on interest costs. reading of 74.0 on Friday, following a Thursday, as the COVID-19 pandemic reading of 73.7 in early May. led customers to stock up on Department store chain Nordstrom household essentials and food Inc's first-quarter results on Thursday U.S. Federal Reserve Chair Jerome products. However, concerns remain will show the impact of the COVID-19 Powell will appear in a webcast around its profit margins due to the pandemic as business halted for discussion with former Fed vice chair

Alan Blinder on Friday, the Fed announced. Separately, on the same day, Powell is scheduled to participate via webcast in Griswold Center for Economic Policy Studies Princeton Reunions Talk: A Conversation with Jerome Powell.

On Wednesday, Exxon Mobil Corp shareholders will vote on measures that include splitting the CEO and board roles, reporting lobbying, and disclosing climate risks, as the largest U.S. oil producer holds a virtual annual shareholder meeting.

Salesforce.com Inc is expected to post a rise in first-quarter revenue on Thursday, as more companies turn to its at a time when the coronavirus has hastened the move to A file photo of the company logo for Salesforce.com displayed on the Salesforce Tower in New an online workplace. Separately, HP York City, March 7, 2019. REUTERS/Brendan McDermid

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weeks, forcing Nordstrom to permanently close 16 of its stores. Focus will be on the management's comments on recovery and strength of the retail market as easing lockdowns bring customers rushing back to stores.

A decision on a key legal aspect of the trial over whether Huawei Technologies Chief Financial Officer Meng Wanzhou can be extradited to the from Canada will be announced on Wednesday. Meng was arrested at the request of the United States on charges of bank fraud and accused of misleading the HSBC bank about a Huawei-owned company's dealings with Iran.

Citigroup Inc Chief Executive Michael Corbat will speak to investors at Bernstein's 36th Annual Strategic A file photo shows Huawei Technologies Chief Financial Officer Meng Wanzhou leaving her home Decisions Conference on Friday, where to appear in British Columbia supreme court for a hearing, in Vancouver, British Columbia, analysts will be looking for more details Canada, September 30, 2019. REUTERS/Lindsey Wasson on how the coronavirus pandemic has impacted business. and the central bank's actions in also expected for April on Friday. The response to the COVID-19 crisis, country's first-quarter current account On Tuesday, Federal Reserve Bank of hosted by the Stony Brook University balance data is expected on Thursday. Minneapolis President Neel Kashkari College of Business. Canada's current account deficit will participate in a virtual conference, narrowed to C$8.76 billion in the fourth "Living in a COVID-19 World: A Warehouse club operator Costco quarter. Building permits data for Discussion with Leading Health and Wholesale Corp on Thursday is April is expected on Wednesday. The Economics Experts", hosted by the expected to report a rise in third- value of Canadian building permits fell Federal Reserve Bank of Minneapolis quarter profit and revenue, helped by by 13.2% in March. and the Center for Infectious Disease strong demand for frozen foods, meat Research and Policy (CIDRAP) at the and produce ahead of the coronavirus- Mexico's final estimate of first-quarter University of Minnesota. On led lockdowns. Investors will be on the gross domestic product is due on Wednesday, Federal Reserve Bank of lookout for Costco's comments on Tuesday. A seasonally adjusted earlier St. Louis President James Bullard store traffic and sales in recent weeks, estimate from the national statistics speaks in a webinar on "Views on the as it posted a rare monthly same-store agency showed GDP shrank 1.6% in Pandemic from Onset to Reopening sales decline in April. the January-March period compared the Economy" and participates in a with the previous quarter. moderated question-and-answer On Canada's economic data front, session, organized by the C.D. Howe gross domestic product numbers for Brazil's first-quarter gross domestic Institute. On Thursday, Federal the first quarter and for March are due product data is expected on Friday. Reserve Bank of New York President Friday. Canada's economic growth Latin America's largest economy grew John Williams participates in slowed to an annualized rate of 0.3% in by 0.5% in the fourth quarter, statistics livestream moderated discussion on the fourth quarter. Data on producer agency IBGE said. the state of the Long Island economy prices, which fell by 0.9% in March, is

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Market Monitor

Wall Street ended mixed in a mostly tame finish to a week of strong gains, as investors gauged China-U.S. tensions and amid ongoing uncertainty about the pace of economic recovery from the coronavirus. "The biggest thing out there today is the Hong Kong/ China saber rattling," said Eric Freedman, chief investment officer at U.S. Bank Wealth Management. "We still think COVID-19 concerns are in the driver's seat, but we could see U.S.- China relations move back into the front seat." Chinese e-commerce giant Alibaba reported better-than-expected quarterly profit, but its shares tumbled 6.13%. Smaller rival Pinduoduo's U.S. -listed shares surged 14.50% after the company posted upbeat results. The Dow Jones Industrial Average was down 0.04% at 24,465.16 points, while the S&P 500 gained 0.24% to 2,955.45. The Nasdaq Composite Kong further strained fast-deteriorating coronavirus has nullified a decade of added 0.43% to 9,324.59. For the week U.S.-China ties. "It's definitely a risk-off global oil demand growth and the the Dow was up 3.3%, the S&P 500 kind of day," said Minh Trang, senior recovery will be slow," said Stephen gained 3.2% and the Nasdaq added FX trader at Bank in Brennock of broker PVM. Brent crude 3.4%. Santa Clara, California. "These types of futures fell 2.14% at $35.29 a barrel. headlines certainly give a little bit of a U.S. West Texas Intermediate crude Treasury yields fell as risk sentiment jolt to the overall market, and you are were 1.27% lower at $33.49 a barrel. turned sour after proposed seeing the result of that today," he imposing a new security law on Hong said. The dollar index was up 0.41% Gold gained as intensifying U.S.-China Kong, exacerbating China's strained at 99.77. The offshore Chinese yuan tensions compounded fears of a slow relationship with the United States. hit a two-month low of 7.1644 per recovery in a global economy already "The markets are now paying close dollar. The euro slipped 0.44% against reeling from the coronavirus pandemic. attention to some of the pre- the greenback at $1.0901. "Rising trade tensions in the past coronavirus activity or headlines such initially resulted in the USD benefiting as those related to Hong Kong and Oil prices tumbled on rising U.S.-China primarily from safe haven flows, but China, and now that's weighing on the tensions and doubts about how quickly escalating tensions on a global basis market a little bit in terms of pushing fuel demand would recover from the boosted a flight to safety in both gold yields lower," said Jim Barnes, director coronavirus crisis. Fuel demand and the USD," said Standard of fixed income at Bryn Mawr Trust in plummeted as the coronavirus Chartered Bank analyst Suki Cooper. Devon, Pennsylvania. The benchmark pandemic caused governments to "The wider economic and health 10-year notes rose 6/32 to yield 0.66% impose restrictions on movement and uncertainty are likely to keep gold and the 30-year bonds were up 21/32 businesses closed their doors. Oil has prices underpinned. ... Prices are to yield 1.37%. The two-year notes rallied in recent days as activity starts facing technical resistance around were flat yielding 0.17%. to resume. But prices dropped after $1,765." Spot gold rose 0.57% to China said it would not publish an $1,735.03 per ounce. U.S. gold The dollar rose against a basket of annual growth target for the first time. futures were up 0.74% at $1,734.70 currencies, helped by safe-haven Beijing also pledged more government an ounce. demand as a move by Beijing to spending as the pandemic kept impose a new security law on Hong hammering the economy. "The

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Top News

U.S. plans massive coronavirus said that gross merchandise volume analysts' average estimate of $1.62 per vaccine testing effort to meet year- exceeded $1 trillion for the first time in share, according to IBES data from end deadline its fiscal year ending in March. Refinitiv. Equipment sales declined The United States plans a massive Excluding items, the company earned 20% to $8.22 billion, topping testing effort involving more than 9.20 yuan per American Depository expectation of $7.69 billion. 100,000 volunteers and a half dozen or Share. Analysts were expecting 6.10 so of the most promising vaccine yuan per ADS, according to Refinitiv GM delays resumption of second candidates in an effort to deliver a safe data. shift at 3 North American truck and effective one by the end of 2020, plants -source scientists leading the program told Deere signals recovery as U.S. General Motors is delaying the Reuters. The project will compress farmers to benefit from relief resumption of second shifts at truck what is typically 10 years of vaccine program assembly plants in Michigan, Indiana development and testing into a matter Deere topped quarterly sales and profit and Mexico because of a lack of parts of months, testimony to the urgency to estimates and forecast a smaller-than- from Mexico, a person briefed on the halt a pandemic that has infected more expected fall in farm equipment sales matter said. The Detroit automaker, than 5 million people, killed over for the year, signaling a recovery in which resumed production on Monday 335,000 and battered economies demand for its harvesters and tractors. after suspending operations in March worldwide. To get there, leading The company said it expects farm and because of the coronavirus pandemic, vaccine makers have agreed to share turf equipment sales to fall between will launch a second shift week data and lend the use of their clinical 10% and 15% this year. According to only at its Lansing Delta Township trial networks to competitors should Jefferies, the midpoint is better than a plant. It will not immediately begin, as it their own candidate fail, the scientists 14% drop estimated by analysts. It had hoped, second shifts on Monday at said. Candidates that demonstrate forecast 2020 profit in a range of $1.6 its Ft Wayne, Indiana, Flint and Silao, safety in small early studies will be billion to $2 billion, down 39% to 51% Mexico plants that build full-size trucks, tested in huge trials of 20,000 to from a year earlier. In the quarter but could resume a second shift as 30,000 subjects for each vaccine, ended May 3, farm and turf machinery early as later next week, the source slated to start in July. Between 100,000 sales fell 18% to $5.97 billion and said. GM spokesman Dan Flores said and 150,000 people may be enrolled in construction and forestry equipment "demand for our full size picks has the studies, said Dr. Larry Corey, a sales dropped 25% to $2.26 billion. Net been very strong so we are certainly vaccine expert at Fred Hutchinson income fell 41% to $666 million, or exploring ways to add production and Cancer Center in Seattle, who is $2.11 per share in the quarter, but beat will do that when it makes sense." helping design the trials.

Alibaba's sales surge as people shop online during lockdown Alibaba reported forecast-beating fourth-quarter revenues and profits, as more people shopped online for essentials because of the coronavirus lockdowns. As people stayed indoors and brick-and-mortar stores remained shut during the health crisis, online orders surged, with the company's core commerce business rising nearly 19% to 93.87 billion yuan in the quarter. Revenue at its cloud computing business rose about 58%. Alibaba's overall revenue rose to 114.31 billion yuan in the quarter ended March 31 from about 93.50 billion yuan a year earlier. Analysts had expected revenue of 107.04 billion yuan, according to A file photo of the words John Deere seen on machinery at a John Deere dealership in Taylor, IBES data from Refinitiv. The company Texas, February 16, 2017. REUTERS/Mohammad Khursheed

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Facebook-owned FB.O WhatsApp for discounts, said revenue rose 44% to their submissions and made further 6.54 billion yuan, beating estimates of progress in three other investigations 4.97 billion yuan, according to IBES related to . The Twitter ruling data by Refinitiv. However, quarterly relates to a 2019 probe into a bug in its revenue dropped sharply from 10.79 Android app, where some users' billion yuan it reported for the fourth protected tweets were made public. quarter last year. Excluding items, the Twitter is the subject of two of the 20 company lost 2.73 yuan per American other inquiries the DPC had open into depository share compared with REUTERS/Dado Ruvic big tech firms at the end of 2019. estimates of loss of 1.97 yuan per ADS. Evofem's gel first non-hormonal Human trials of British coronavirus contraceptive to get approval in over KKR to invest $1.5 billion in vaccine to reach 10,000 30 years Reliance Industries' digital unit, its Oxford University and AstraZeneca are Evofem Biosciences' birth control gel biggest deal in Asia recruiting around 10,000 adults and received the U.S. Food and Drug KKR will invest $1.5 billion in Reliance children in Britain for trials of an Administration's approval, making it the Industries' Jio Platforms, its biggest experimental coronavirus vaccine, a first non-hormonal contraceptive for investment in Asia to date and bringing day after receiving U.S. backing worth women in over three decades. The the amount of new funds raised by the up to $1.2 billion. Institutions across company said earlier in May it was Indian digital company this month to a Britain had begun enrolling up to looking to price the contraceptive gel, massive $10 billion. "We are investing 10,260 adults and children to see how Phexxi, between $250 and $275 for a behind Jio Platforms' impressive well the human immune system of 12 packs. Phexxi's launch will, momentum, world-class innovation and responds to the vaccine and how safe however, be delayed to the first week strong leadership team," Henry Kravis, it is, the university said. An initial trial of September due to the disruptions co-founder and co-CEO of the U.S. that started on April 23 has already caused by the coronavirus pandemic, buyout firm, said in a statement. The seen more than 1,000 volunteers aged the company said. The failure rate for $10 billion in new funds raised will also 18-55 receive the injection and Oxford male condoms is 13%, for hormonal help Reliance meet its target of said phases II and III will add people pills it's 7% and less than 1% for eliminating $21.4 billion in net debt this aged 56 and older as well as children intrauterine devices, according to the year. The oil-to-telecoms giant, of 5 to 12 years. "The speed at which U.S. Centers for Disease Control and controlled by Asia's richest man this new vaccine has advanced into Prevention. Clinical trials have found Mukesh Ambani, is also selling $7 late-stage clinical trials is testament to that Phexxi, which works by creating a billion in new shares. Oxford’s ground-breaking scientific hostile environment for the survival of research," AstraZeneca executive sperm, has a 13.7% failure rate in Amazon to hire 50,000 temp workers Mene Pangalos said. But a read-out on preventing pregnancies. The gel could in India as lockdown boosts demand how well the vaccine works may take bring in peak sales of $500 million by Amazon.com's India unit said it would between two and six months, Oxford 2030, according to HC Wainwright hire 50,000 temporary workers to meet University said. Separately, Sinovac analyst Raghuram Selvaju. a surge in online shopping in the Biotech said it had started mid-stage country, where customers have been human trials of its experimental Pinduoduo beats revenue estimates stuck indoors for two months in a coronavirus vaccine in China earlier as online shopping demand soars lockdown to fight the coronavirus this month. To read more, click here China's Pinduoduo beat first-quarter outbreak. "We want to continue helping revenue estimates as more people customers all over India get everything Irish regulator reaches preliminary shopped on its e-commerce platform they need so they can continue to decision in Twitter privacy probe during coronavirus lockdowns that practice social distancing," Amazon Twitter may be the first big technology have shut most brick-and-mortar senior executive Akhil Saxena said in a firm to face a fine by the EU's lead outlets. The company said its average statement on the company's blog. The regulator under the region's tougher daily orders since May are close to 65 temporary hires will work in Amazon's data protection rules after it submitted million, compared with around 50 fulfillment centers and as part of its a preliminary decision in a probe into million before the pandemic outbreak. delivery network, the company said, the social media firm to other member Its net loss widened to 4.12 billion yuan making the announcement at a time states. Ireland's Data Protection in the quarter ended March 31, from when various other companies in the Commission (DPC) also said it had 1.88 billion yuan a year earlier. The e- country have been forced to cut jobs as sent a preliminary decision to commerce company known for its deep they try to tide over the health crisis.

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REUTERS/Akhtar Soomro

Rescue workers gather at the site of a passenger plane crash in a residential area near an airport in Karachi, Pakistan, May 22.

Insight and Analysis

EXPLAINER-How ending Hong With remote work plan, Facebook Rudderless after a rally, stock Kong's 'special status' could affect dashes hopes of paycheck arbitrage markets look for next catalyst U.S. companies With Facebook's adoption of Global equity markets have shuffled up New Chinese national security permanent remote work on Thursday, about 1% this month despite the world restrictions imposed on Hong Kong Chief Executive Mark Zuckerberg has starting to re-open after the coronavirus could draw a U.S. revocation of the untethered one of Silicon Valley's -driven lockdowns and U.S. and former British colony's "special status" biggest companies from the place that European economic data showing under U.S. law, a move that would incubated it. But he also dashed a glimmers of a recovery. The sideways have far-reaching trade and investment Silicon Valley dream: that tech workers movement is in sharp contrast to the implications. U.S. businesses oppose would be able to take their generous roughly 30% rally in late March and any change in Washington's salaries with them as they flee the Bay April, when investors were able to recognition of Hong Kong as a Area's crushing housing costs, dirty shrug off far more dire economic data sufficiently autonomous city, where sidewalks and crowded roadways. As and look towards recovery backed by major U.S. companies enjoy access to lockdowns dragged into their third government support. In some ways, not China and Southeast Asia, and where month, message boards popular with much has changed in the world’s bilateral trade flourishes across various well-paid tech workers have lit up with understanding of the coronavirus and parts of the economy, from wine to fantasies of working long-term from its economic impact. Some investors, financial services. A new U.S. law tropical beaches and spacious houses economists and public health experts requires the State Department to certify in affordable small towns in the have been warning for weeks that re- at least annually that Hong Kong, Midwest. "Does that mean I could opening will be slow, vaccines will take which experienced widespread protests apply for a job in Silicon Valley and months and the recovery will be last year over China's extradition plans, work remotely from, say, the prolonged. And yet, investors appear to retains enough autonomy to justify Caribbean? Asking for a friend," wrote be taking heed only now. favorable U.S. trading terms. one user on Blind.

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CANADA

Market Monitor COMING UP - ON MONDAY Bank of Canada Governor Stephen Canada's main stock index rose with Poloz is scheduled to address the the Toronto Stock Exchange's S&P/ University of Alberta's Eric J. Hansen TSX composite index ending 0.19% Memorial Lecture by videoconference, higher at 14,913.64. ahead of his retirement on June 2.

The U.S. dollar was 0.22% higher against its Canadian counterpart at TSE's S&P/TSX composite Price C$ Chng % Chng C$1.3983. GAINERS REUTERS/Mark Blinch Hexo Corp 0.88 0.15 20.55 Cronos Group Inc 9.32 0.73 8.50 Canopy Growth Corp 27.10 1.71 6.73 LOSERS Aurora Cannabis Inc 22.48 -1.62 -6.72 Mullen Group Ltd 5.20 -0.32 -5.80 CAE Inc 19.00 -1.12 -5.57

Top News

Canadian retail sales plunge record minister said. In his daily news to ensure that the one country, two 10% in March, led by car sales conference, Prime Minister Justin systems approach continues for Hong Canadian retail sales plunged a record Trudeau said the federal government Kong," Prime Minister Justin Trudeau 10% in March as officials shuttered was already helping Ontario, the most said in his daily news conference. many non-essential businesses to slow populous province, with contact tracing the spread of the coronavirus and was open to do the same for the Canada's CAE profit plunges on pandemic, Statistics Canada said, and other 12 provinces and territories. lower flight simulator sales it said April data could post an even Businesses and citizens "need to know Civil aviation training company CAE sharper decline. The drop, which that we have a coordinated approach reported a 35.8% fall in quarterly profit, Statscan called the largest on record, to gradually reopen that is rooted in hurt by a slump in training revenue in was led by a collapse in car sales and science, evidence and the ability to March due to the COVID-19 pandemic, matched the 10% decline forecast by rapidly detect and control any future and the Canadian company warned of analysts in a Reuters poll. In volume outbreaks," Trudeau said. Canada's a significant impact in the short term. terms, sales plummeted a record 8.2%. total cases rose to 81,765, and deaths "In March, approximately one-third of "Data for March show an ugly situation were up less than 2% to 6,180, official Civil training locations worldwide even before the economy was tamped data showed. suspended operations, and several of down for a full month," said Royce those remaining open, operated at Mendes, a senior economist with CIBC Canada 'concerned' about the significantly reduced capacity," the Capital Markets in a note. Sales situation in Hong Kong, calls for company said. Montreal-based CAE, excluding autos declined only 0.4% in dialogue -PM Trudeau the world's largest civil aviation training March. Canada is concerned about China's company, said revenue in its civil proposal to impose national security aviation unit grew just 1.4% in the Canada to ramp up COVID-19 testing laws on Hong Kong and called for real fourth quarter. Net income attributable and tracing, recommend digital app dialogue in order to de-escalate to shareholders fell to C$78.4 million , Canada will ramp up COVID-19 testing tensions, the prime minister said. "We or 29 Canadian cents per share, in the and contact tracing as it gradually lifts are concerned with the situation in quarter, from C$122.3 million, or 46 restrictions and is working closely with Hong Kong. We have 300,000 Canadian cents per share, a year Apple and Alphabet's on a Canadians who live in Hong Kong and earlier. Revenue fell to C$977.3 million mobile phone app to help, the prime that's one of the reasons why we want from C$1.02 billion.

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WEALTH NEWS

U.S.-CHINA TENSIONS China's planned security agencies for Hong Kong a 'death knell' for autonomy -Pompeo Chinese plans to impose national security laws on Hong Kong could see mainland intelligence agencies set up bases there, raising fears of direct law enforcement and what the United States branded a "death knell" for the city's autonomy.

INSIGHT U.S. shale bust slams rural economies as oil checks shrivel Royalties from oil pumped on Paul Ruckman's land allowed the South Texas retiree to build a six- bedroom, seven-bathroom vacation home. He had plenty left over, and donated some of it to Helena, Texas, an 1800s ghost town that draws hundreds to historic buildings and gunfight re-enactments. The worst oil bust in decades has slashed the bounty that flowed to millions of rural Americans like Ruckman, who said his royalty checks have plummeted 70% since January. "I imagine they're going to be dropping quite a bit more," said Ruckman, who owns the land with his brothers. Click on the chart for a detailed and interactive graphic

U.S. UNEMPLOYMENT RATE All 50 U.S. states shed jobs in April -Labor Department Unemployment rates rose and total employment fell in all 50 U.S. states and the District of Columbia in April as efforts to contain the coronavirus pandemic forced businesses to close across the country, the Labor Department said.

WALL STREET WEEK AHEAD Investors look beyond drug makers as hunt for Covid-19 treatment heats up Investors are diversifying bets in the healthcare sector, as the rush to develop treatments for Covid-19 has driven up prices for some pharmaceutical stocks.

U.S. RARE EARTHS FUNDING Pentagon halts rare earths funding program pending 'further research' The U.S. Department of Defense last month reversed its decision to fund two projects to process rare earth minerals for military weapons, one of which has controversial ties to China, according to a government document seen by Reuters and three sources familiar with the matter.

HEDGE FUND HOLDINGS Hedge funds increased exposure to growth favorites in first quarter -Goldman Hedge funds concentrated their portfolios even further into growth stocks including Amazon.com and in the first quarter of 2020 as the COVID-19 pandemic pummeled U.S. markets, Goldman Sachs analysts said in a report.

NASDAQ LISTING China's Burning Rock Biotech files for U.S. IPO Burning Rock Biotech filed for a U.S. (IPO), making it the latest Chinese firm to opt for an American listing amid tighter rules by lawmakers.

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ON THE RADAR Events ET Poll Prior Wed: Richmond Fed Composite Index for May 1000 -- -53 Richmond Fed Services Index for May 1000 -- -87 Richmond Fed Manufacturing Shipments for May 1000 -- -70 Texas Service Sector Outlook for May 1030 -- -81.7 Dallas Fed Services Revenues for May 1030 -- -65.4

Thu: Corporate profits preliminary for Q4 0830 -- 0.6% Durable goods for Apr 0830 -18.5% -14.7% Durables ex-transport for Apr 0830 -14.0% -0.4% Durables ex-defense mm for Apr 0830 -- -16.0% Nondefense cap ex-air for Apr 0830 -10.0% -0.1% GDP 2nd estimate for Q1 0830 -4.8% -4.8% GDP sales preliminary for Q1 0830 -- -4.3% GDP cons spending preliminary for Q1 0830 -- -7.6% GDP deflator preliminary for Q1 0830 1.3% 1.4% Core PCE prices preliminary for Q1 0830 -- 1.8% PCE prices preliminary for Q1 0830 1.3% 1.3% Initial jobless claims 0830 2,100,000 2,438,000 Jobless claims 4-week average 0830 -- 3,042,000 Continued jobless claims 0830 25.500 mln 25.073 mln Pending homes Index for Apr 1000 -- 88.2 Pending sales change mm for Apr 1000 -15.0% -20.8% KC Fed Manufacturing for May 1100 -- -62 KC Fed Composite Index for May 1100 -- -30

Fri: Personal income mm for Apr 0830 -6.5% -2.0% Personal consumption real mm for Apr 0830 -- -7.3% Consumption adjusted mm for Apr 0830 -12.5% -7.5% Core PCE price index mm for Apr 0830 -0.3% -0.1% Core PCE price index yy for Apr 0830 1.1% 1.7% PCE price index mm for Apr 0830 -- -0.3% PCE price index yy for Apr 0830 -- 1.3% Advance goods trade balance for Apr 0830 -- -$64.38 bln Wholesale inventories advance for Apr 0830 -- -0.8% Retail inventories ex-auto advance for Apr 0830 -- -1.0% Chicago PMI for May 0945 40.0 35.4 U Mich Sentiment Final for May 1000 74.0 73.7 U Mich Conditions Final for May 1000 -- 83.0 U Mich Expectations Final for May 1000 -- 67.7 U Mich 1-year inflation final for May 1000 -- 3.0% U Mich 5-year inflation final for May 1000 -- 2.6% Dallas fed PCE for Apr 1200 -- 1.1%

KEY RESULTS

Company Name* Quarter ET Smart Estimates EPS Estimates** Year Ago Rev Estimates (mln)

Autozone Q3 BMO $13.97 $13.80 $15.99 $2,703.13 Technologies Q2 AMC $1.13 $1.16 $1.22 $1,075.03

*Includes companies on S&P 500 index. **Estimates may be updated or revised; release times based on company guidance or past practice.

I/B/E/S EPS and revenue estimates, and StarMine Smart Estimates, provided by Refinitiv.

(The Day Ahead – U.S. edition will not be published on Monday, May 25, as markets are closed for Memorial Day)

The Day Ahead - North America is compiled by Benny Thomas and Nidhi C Sai in Bengaluru.

For questions or comments about this report, email us at: [email protected].

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