Happy Monday. Good Luck out there this week.
Global Spotlight
EU to discuss sanctions on Russia. The leaders of the 26 EU member states will hold a summit on May 30-31 where the war in Ukraine and the sanctions against Russia will be at the center of the agenda. If the leaders convince Hungary to lift its veto, the bloc could announce a ban on Russian oil imports after weeks of internal negotiations.
Colombia’s historic presidential election begins. The first round of Colombia’s presidential elections will be held on May 29. The three leading candidates include leftist Gustavo Petro, conservative Federico Gutierrez and populist Rodolfo Hernandez. The landmark election is the first in recent decades in which the country’s traditional center-right coalition does not have a major contender, signifying Colombians’ growing desire for political change.
Shanghai inches toward ending its lockdown. Authorities in Shanghai are pushing for June 1 as a soft target for ending the Chinese city’s ongoing COVID-19 lockdown, which has been in place since March 28.
U.S. to supply Ukraine with rocket systems. The United States is planning to send advanced, long-range rocket systems — specifically the M142 High Mobility Artillery Rocket System (HIMARS) — to Ukraine as part of a new large package of U.S. military assistance to the war-torn country.
Stratfor.com
Economic Calendar
Briefing.com has a good U.S. economic calendar for the week. Here are the main U.S. releases.
Briefing.com
Last Weeks Numbers
Review Last weeks numbers here.
Earnings
Source I/B/E/S data from Refinitiv
Aggregate Estimates and Revisions
- 22Q1 Y/Y earnings are expected to be 11.2%. Excluding the energy sector, the Y/Y earnings estimate is 5.1%.
- Of the 488 companies in the S&P 500 that have reported earnings to date for 22Q1, 77.5% have reported earnings above analyst estimates. This compares to a long-term average of 66% and prior four quarter average of 83.1%.
- During the week of May 30, 7 S&P 500 companies are expected to report quarterly earnings.
