Warning Signs for China StocksInvestors are running out of reasons to chase the bull market in Chinese stocks. After adding as much as $2.5 trillion to share values and outpacing gains everywhere else in the world, the rally in China is starting to look tired. Headwinds include an uninspiring earnings season, as well as the likelihood that Beijing will pursue a less aggressive stimulus policy than anticipated. Talks with the U.S. on trade also resume this week.
Boeing Cockpit Alert StatementBoeing has acknowledged that a cockpit alert notifying pilots of a sensor malfunction linked to two fatal accidents wasn’t working as represented on every 737 Max. The planemaker said it didn’t deactivate a warning that was supposed to show conflicting readings between two angle-of-attack vanes. But the alert only functioned on jets that had a separate indicator display — available for a fee — with readings from the sensors, Boeing said in a statement Monday.
Markets OpenAsian stocks are set to drift Tuesday ahead of key China data that will provide clues on global economic growth. U.S. stocks hit another record high on Monday, but pared gains ahead of Alphabet’s report. Hang Seng and Nikkei futures are also pointing to a higher open. Treasury yields rose after a large five-year block sale. Most G-10 currencies gained versus the dollar; the yen declined.
Google Parent Earnings DisappointAlphabet’s first-quarter revenue missed, sparking concern advertisers are shifting some spending from Google to digital rivals. Sales came in at $29.5 billion, excluding payments to distribution partners. Wall Street was looking for $30.04 billion. Shares fell more than 7 percent in late trading. One slightly wobbly quarter doesn’t detract from Google’s impressive track record of steady growth since its rough patch several years ago.
It’s Getting Crowded in JakartaIndonesia plans to relocate its administrative capital from Jakarta, with the move set to take up to a decade and cost as much as $33 billion. President Joko Widodo ordered ministers to formulate a financing plan for the move, with private investment set to play a key role. The plan envisages relocating government and its executive branch, ministries and the parliament while retaining the central bank as well as trade and investment functions in Jakarta.
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