What you need to know before the US open
US bonds weren’t much changed after latest GDP figures showed a one per cent contraction in the first quarter.
European markets and US futures stood their ground too, with investors expecting the weather-induced declines.
Later, we’ve got pending home sales out. Initial jobless claims showed 300,000 people signed on for unemployment benefit last week – better than the 318,000 analysts had expected.
Corporate news
Tata Motors has reported a loss after tax of 8.2bn rupees (£83m) in the last quarter, from 3.1bn rupees a year earlier. Its domestic sales fell 33 per cent to 132,000 units. The company’s Jaguar Land Rover continued to be its linchpin, posting a 19 per cent rise in profits, to £449m, and revenues of £5.35bn.
High street clothes retailer Abercrombie & Fitch has confirmed its profit for the year will be between $2.15 a share and $2.35 a share. But, it has revealed a greater loss in the last quarter, to $23.7m, from $7.2m a year earlier.
Data in focus
• 3.00pm: US April pending home sales