European Economics Preview: Germany Foreign Trade Data Due

U.S. Factory Orders Surge More Than Expected In March

New orders for U.S. manufactured goods spiked by more than expected in the month of March, according to a report released by the Commerce Department on Tuesday.

The report showed factory orders surged by 2.2 percent in March following a revised 0.1 percent uptick in February.

Economists had expected factory orders to jump by 1.1 percent compared to the 0.5 percent drop originally reported for the previous month.

The sharp increase in factory orders came as orders for non-durable goods soared by 3.2 percent, while orders for durable goods shot up by 1.1 percent.

The report also showed shipments of manufactured goods spiked by 2.3 percent in March after jumping by 1.1 percent in February.

Inventories of manufactured goods also shot up by 1.3 percent in March following a 0.9 percent increase in February.

With orders jumping by inventories, the inventories-to-shipments ratio dropped to 1.43 in March from 1.45 in February.

US companies added 247,000 jobs in April, sharply missing expectations: ADP

Trade school enrollment up due to low cost, jobs ‘within grasp’

FOX Business’ Lydia Hu visits HoHoKus School of Trade in Paterson, New Jersey, where low student enrollment costs and quick certification turnaround attracts new students.

U.S. companies added far fewer jobs than expected in April, suggesting the tightest labor market in decades has made it difficult for businesses to fill a record number of open positions, according to the ADP National Employment Report released Wednesday morning. 

Companies added 247,000 jobs in April, sharply missing the 395,000 gain that economists surveyed by Refinitiv had predicted. 

The ADP release comes two days ahead of the more closely watched Labor Department jobs report, which is expected to show that payrolls rose by 394,000 and the unemployment rate inched down slightly to 3.5%, the lowest level since the pandemic began in February 2020.

This is a developing story. Please check back for updates.
 

Trump Fails To Get Stay For Payment Of 10k Daily Fine

Former President Donald Trump’s effort to stay a contempt order and $10,000 in daily fines against him was rejected by a New York appeals court.

Trump had challenged Manhattan Judge Arthur Engoron’s April 25 ruling to fine him $10,000 per day until he properly responds to a subpoena from New York Attorney General Letitia James.

Trump was held in contempt after failing to comply with the subpoena to produce documents requested in a state investigation into the former president’s fraudulent business practices.

Trump maintained that he does not have possession of any of the documents that the Attorney General’s Office sought. They reportedly include records linked to Trump’s personal finances and various properties and projects involving the Trump Organization.

Engoron imposed the $10,000 daily fine until he was satisfied that Trump had complied with the subpoena.

The appellate division of the First Judicial Department on Tuesday denied the interim application of Trump’s lawyer to stay Engoron’s contempt order.

The court has set the hearing on Trump’s contempt appeal for May 23.

Carvana Shares Slip 6%

Shares of used cars dealer company Carvana Co. (CVNA) are down 6 percent on Wednesday’s trading after reports that analysts downgraded the stock following not so favorable earnings in late April.

The stock has been on a downward trend since the past few days.

Currently at $54.18, the stock has traded between $52.37 and $376.83 during the past 52 weeks.

IDEXX Laboratories Drops On Lower Q1 Net Profit, Lower Outlook

IDEXX Laboratories, Inc. (IDXX) shares are declining more than 5 percent on Wednesday after the company reported a reduction in first-quarter net profit and trimmed full year revenue outlook.

The company posted quarter net income of $193.96 million, lower than net income of $204.26 million in the prior year. On a per-share basis, earnings were $2.27, compared to $0.235 in the previous year.

Looking ahead to the full year 2022, the company expects revenue growth of 5.5 percent – 8 percent while the previous expectation was in a range of 9 – 11 percent on a reported basis.

The Company now projects full-year operating margins of 26.8 percent – 27.3 percent.
Currently, shares are at $413.02, down 5.26 percent from the previous close of $435.96 on average volume of 692,308. For the 52-week period, the shares have traded in a range of $381.11-$706.95 on average volume of 510,451.

Police investigating two overnight shootings in Denver

Denver police are investigating two separate shootings overnight that left two injured.

Authorities responded after midnight on Wednesday to the 3500 block of Wazee Street to a shooting. One victim was taken to a hospital for injuries. The investigation is ongoing and the condition of the victim is unknown.

Police are also investigating a shooting that occurred around 3 a.m. Wednesday in the 4400 block of North Josephine Street. A woman took herself to the hospital for non life-threatening injuries, police said in a Tweet.

The investigation is ongoing and the current condition of the woman is unknown.

European Economics Preview: Germany Foreign Trade Data Due

Foreign trade data from Germany and mortgage approvals from the UK are the major statistical reports due on Wednesday.

At 2.00 am ET, Destatis is slated to issue Germany’s foreign trade data for March. Exports are forecast to fall 2.0 percent on month, while imports are expected to climb 1.0 percent.

At 3.00 am ET, Spain unemployment data is due. Also, retail sales from Hungary and Slovakia are due.

At 3.15 am ET, S&P Global releases Spain’s services Purchasing Managers’ survey results. The services index is forecast to rise to 55.9 in April from 53.4 in the previous month.

At 3.45 am ET, Italy services PMI data is due. The services PMI is seen at 54.5 in April versus 52.1 in the previous month.

Thereafter, final PMI survey results are due from both France and Germany.

At 4.00 am ET, S&P Global publishes eurozone final PMI results. The composite index reading is seen at 55.8, in line with flash estimate.

Half an hour later, the Bank of England is scheduled to issue UK mortgage approvals data for March. The number of mortgage approvals is seen at 70,700 in March compared to 70,990 in February.

At 5.00 am ET, Eurostat is slated to release Euro area retail sales data. Economists forecast sales to drop 0.1 percent on month in March, reversing a 0.3 percent rise in February.