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Theresa May resigns as UK Prime Minister: Morning Brief

Friday, May 24, 2019

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WHAT TO WATCH

Earnings season is drawing to a close. Footwear retailer Foot Locker (FL) is the only notable company scheduled to release quarterly results ahead of the bell. Analysts are predicting that Foot Locker will report earnings of $1.60 per share on $2.11 billion in revenue.

On the economic data side, durable goods orders for the month of April will be released. Economists are expecting durable goods to have fallen 2.0% during the month, down from 2.6% growth in March.

“We estimate that headline durable goods orders fell quite sharply in April, but the underlying details are likely to have been more positive,” Capital Economics wrote in a note May 17.

Nomura economist Lewis Alexander also wrote in a note to clients May 17 that a drop in April’s durable goods orders is to be expected. “The industrial sector has yet to show signs of bottoming from the recent deceleration and continues to face headwinds from slower external growth, elevated trade uncertainty and waning fiscal stimulus.”

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TOP NEWS

Britain's Prime Minister Theresa May makes a statement outside at 10 Downing Street in London, Friday May 24, 2019. Theresa May says she'll quit as UK Conservative leader on June 7, sparking contest for Britain's next prime minister. (Yui Mok/PA via AP)

Theresa May resigns as UK Prime Minister: Theresa May has announced she is to stand down as British Prime Minister on 7 June following months of mounting pressure over her failure to deliver Brexit. [Yahoo News UK]

FAA sees approval of Boeing 737 MAX to fly as soon as late June: The Federal Aviation Administration (FAA) expects to approve Boeing Co's (BA) 737 MAX jet to return to service as soon as late June, representatives of the U.S. air regulator informed members of the United Nations' aviation agency in a private briefing on Thursday, sources told Reuters. [Reuters]

Here's how much new Trump tariffs could cost American households: President Donald Trump’s new round of tariffs on China levied in May is likely to cost the average American household hundreds of dollars. Using their findings from costs imposed on consumers from the 2018 tariffs, New York Fed economists estimated that the annual cost jumped to $831 this year from $419 from the last round of tariffs last year. [Yahoo Finance]

Weinstein reportedly reach tentative sexual-misconduct deal: Harvey Weinstein, women who accused him of sexual misconduct, his former film studio's board members and the New York attorney general's office have reached a tentative $44 million deal to resolve lawsuits and compensate alleged victims of the Hollywood producer, the Wall Street Journal reported. [Reuters]

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Editor’s note: Morning Brief will be observing Memorial Day on Monday, May 27, 2019. It will resume on Tuesday, May 28, 2019.

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