What to watch for today
Nokia reports earnings for the first time since its IoT gamble. Last month the company bet big on the internet of things with its $191 million acquisition of Alcatel-Lucent. Investors will look for hints on how the integration process is going—and for a 2016 profit forecast.
NASA reports the latest Kepler findings. The space telescope, launched in 2009, aims to find planets in the Milky Way galaxy. It’s already detected hundreds—likely thousands, once confirmations are made. Today’s announcement could boost the numbers further.
Walt Disney reports earnings. The entertainment conglomerate will likely report a strong second quarter, thanks to box-office hits such as Zootopia and The Jungle Book. That should assuage investors’ worries about ESPN, at least for a while.
While you were sleeping
Names from the Panama Papers went live. A trove of new data detailing offshore banking secrets was posted by an international consortium of journalists. The newly released names included 36 Americans, who had been largely absent from the first round of stories about the leaked papers from a Panamanian law firm.
“Duterte Harry” claimed victory in the Philippines’ presidential election. The controversial candidate Rodrigo Duterte placed well ahead of his rivals. Drawing comparisons to Donald Trump, he made a series of offensive comments on the campaign trail and pledged to execute thousands of criminals.
China released a new batch of economic data. Consumer prices rose slightly less than expected in April. Producer prices showed signs of moderating, easing strains on businesses faced with slow demand and high levels of debt. Meanwhile vehicle sales rose 6.4% last month from a year ago, according to China Passenger Car Association.
Dilma Rousseff’s impeachment was cancelled—or at least postponed. The acting speaker of Brazil’s lower house of Congress stunned the country by declaring that the chamber would need to re-vote on the president’s impeachment due to procedural snafus. This is likely just a delay in Rousseff’s ouster, but caused tremors among investors who are counting on a new pro-business government.
Quartz markets haiku
In the Shanghai sea
oily water laps against
empty hulls of ships
Quartz obsession interlude
Jenny Anderson on the difficulty of “leaning in” as a single mom. “Sheryl Sandberg, now a widow, took to Facebook on Mother’s Day to say she gets it: ‘Some people felt that I did not spend enough time writing about the difficulties women face when they have an unsupportive partner or no partner at all. They were right.’” Read more here.
Matters of debate
There is no justification for tax havens. Thomas Piketty and 300 colleagues say they distort the global economy.
It’s the best time in history to be “young, gifted, and black.” Barack Obama reminded college graduates how much the world has changed.
The era of great famines could be over. Shortfalls are caused by politics, not overpopulation (paywall).
Russia’s largest weapons manufacturer is starting a fashion line. Kalashnikov hopes military-style clothing will offset business lost to sanctions.
Facebook has been suppressing stories about Republicans. It has enormous power to shape the political news that users read.
Drones could replace $127 billion worth of labor and services. The energy and rail sectors may be disrupted the most.
Scientists developed an easy way to test for Zika. It’s as simple as a home pregnancy test and costs less than a dollar.
Trump voters are better educated than the average American. They also earn more than the US median.
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