Here's what you need to know before the
1. Oil prices continue to tank as storage fears persist, and commodity giant BP warns of a shock 'on a scale never seen before'. US oil prices tanked on Tuesday as fears mounted that global oil storage is running out, prompting concerns that the June contract could significantly plunge in the same way as the May contract did last week.
2. HSBC's profits plunged 51% last quarter as the coronavirus pandemic battered the bank. Adjusted revenues slid 6% to below $14 billion as the global equities sell-off and lower interest rates weighed on the wealth management business.
3. Swiss banking giant UBS reported a 40% increase in profits, and lauded its own strength in 'turbulent times'. Swiss banking giant UBS posted a rise of 40% in net profits in the first-quarter of 2020, reflecting in part increased client activity during the nascent stages of the coronavirus pandemic.
4. 'Bond King' Jeff Gundlach is 'frustrated' by government bailouts of companies that piled on debt to fund share buybacks. Jeff Gundlach, the so-called "bond king" and billionaire boss of DoubleLine Capital, took aim at the recent spate of government bailouts on Monday night.
5. Adidas CEO doubles down on ecommerce as 70% of its global stores remain closed. German sportswear giant Adidas plans to ramp up its digital presence as more than 70% of its global store base remains shut during the coronavirus pandemic.
6. UBS: Oil prices will spike 115% by the end of 2020 in a dramatic reversal of the current crisis. Oil prices have tanked in recent days as traders scramble to find places to store oil, but UBS expects the reverse situation to happen in the fourth quarter of the year.
7. Millions of Americans locked out of unemployment system, survey finds. Millions of Americans who have been thrown out of work during the coronavirus pandemic have been unable to register for unemployment benefits since the U.S. economy entered a free fall, according to a poll released on Tuesday.
8. Stocks are up. In Asia, Hong Kong's Hang Seng rose 3.2%, Japan's Nikkei rose 1.6% and China's Shanghai Composite rose 0.25%, . In Europe, Germany's DAX rose 1.5%, Britain's FTSE 100 rose 1.2%, and the Euro Stoxx 50 rose 1.6%. In the US, futures underlying the Dow Jones Industrial Average, the S&P 500, and the Nasdaq all pointed towards more than a 1%.
9. First-quarter earnings coming in. S&P Global, Pfizer and Wells Fargo are coming in.
10. Economic data releases today. USA consumer confidence and the Richmond Fed Manufacturing index are due.
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