With shippers seeking to avoid the risk of delays, this year’s peak shipping season is expected to start weeks earlier than usual, at the end of June, just as back-to-school and other seasonal products flood in. That will create high stakes for importers and for the White House as goods arrive against the backdrop of a fragile economy, racing inflation and fresh memories of last year’s massive container-ship backups.
New York Fed Flags Scenarios Where Central Bank Could See Losses
The Federal Reserve could reach a point where it no longer has profits to hand over to the U.S. Treasury, should the central bank raise interest rates beyond what markets expected as of this spring, the New York Fed said in a report Tuesday.
The Fed could see paper losses on its bondholdings-and likely did at the start of this year, the report said.
Snap’s Gloomy Forecast Prompts Debate Over Trouble for Broader Advertising Market
Snap Inc.’s surprise disclosure that its second-quarter revenue and profit will be lower than expected sent its shares plunging and sparked debate over whether the social-media company’s woes signal a broader slowdown in the online-ad market.
During a presentation at an investment conference, Snap Chief Executive Evan Spiegel said “the macroeconomic environment has definitely deteriorated further and faster than we expected.” In a filing, Snap said it would miss the low end of its target for 20% to 25% year-over-year revenue growth, and would fail to reach its target for adjusted operating earnings. Snap shares fell 43% on Tuesday, closing at $12.79.
Write to paul.larkins@dowjones.com
Expected Major Events for Wednesday
06:00/GER: 1Q GDP – Detailed breakdown
06:00/SWE: Apr PPI
06:00/SWE: Apr Labour Force Survey
06:00/EU: Apr New Commercial Vehicle Registrations in Europe statistics (EU27 + EFTA3)
06:00/NOR: Mar Labour force survey SA, incl unemployment
06:00/GER: Jun GfK consumer climate survey
06:00/DEN: 1Q Labour force survey
06:45/FRA: May Consumer confidence survey
07:00/SPN: Apr PPI
07:00/SWE: May Monthly Business Tendency Survey
07:00/SWE: May Consumer Tendency Survey
08:00/POL: Apr Unemployment
08:00/ICE: Apr Labour Force Survey
08:00/ICE: Apr PPI
09:00/MLT: Apr Registered Unemployed
09:00/LUX: Mar Trade
23:01/UK: CBI Service Sector Survey
23:01/UK: Apr UK monthly automotive manufacturing figures
All times in GMT. Powered by Kantar Media and Dow Jones.
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(END) Dow Jones Newswires
May 25, 2022 00:24 ET (04:24 GMT)
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