Uber IPO; Central banks in focus; Delta earnings - CNN

An IPO of that size would be one of the biggest in tech history. The company could make registration documents connected to the sale available Thursday, according to Reuters.

The news agency reported that Uber was targeting a valuation of up to $100 billion. Uber declined to comment on the report.

2. Delta earnings: Delta (DAL) is set to report its results before the opening bell.

The airline has already said its first quarter earnings will be better than expected thanks to fuel costs rising at a less dramatic pace than it had originally anticipated.

Delta has an advantage compared to many other US carriers — it does not have any Boeing 737 Max jets, which has allowed it to avoid headaches associated with the aircraft's grounding.

Rival American Airlines (AAL) cut its revenue forecast due to the grounding of the aircraft on Tuesday, and its stock dropped 2% as a result.

3. Central banks in focus: The European Central Bank will announce its latest decision on interest rates at 7:45 a.m. ET. A press conference will follow at 8:30 a.m. ET.

No policy changes are expected but ECB President Mario Draghi could provide an assessment of economic data that suggests continued weakness in major eurozone economies.

Draghi's term as president of the central bank ends in October and speculation about who will replace him is mounting.

At 2:00 p.m. ET, the US Federal Reserve will release minutes from its March meeting. The Fed held rates steady, lowered its economic forecasts and signaled that no further rate hikes are coming this year.

Investors will hunt for clues about whether some members think the Fed should cut rates — which both President Donald Trump and his Fed board pick Stephen Moore have called for.

4. Brexit summit: British Prime Minister Theresa May is traveling to Brussels to seek a Brexit extension that would prevent her country from crashing out of the bloc without a deal on Friday.

"The odds still favor the UK being offered a lengthy extension to Brexit negotiations, with strict conditionality," said Kit Juckes, a strategist at Societe Generale.

Juckes said that outcome would be positive for the pound, which has been volatile in recent weeks.

Watch CNN Business' live digital show 'Markets Now' at 12:45 p.m. ET

5. Global market overview: US stock futures were pointing higher.

European markets opened mostly up, following a mixed trading session in Asia.

The Dow Jones industrial average plunged 0.7% on Tuesday. The S&P 500 and the Nasdaq both dropped by 0.6%.

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6. Earnings and economics: Bed Bath & Beyond (BBBY) will report earnings after the close.

Tesco (TSCDF), the biggest supermarket chain in Britain, said that its full year profit surged by a third despite an uncertain market. It also announced a dividend hike.

UK GDP grew 0.3% in the three months to February, according to the Office for National Statistics. Construction output dropped 0.6% over the period, but services grew 0.4%.

US inflation data for March will be published at 8:30 a.m. ET. Weekly US crude inventories data will be released at 10:30 a.m. ET.

7. Coming this week:
Wednesday — Delta Air Lines (DAL), LVMH (LVMHF) and Bed Bath & Beyond (BBBY) earnings; US March consumer prices; Fed minutes; ECB rate decision; UK GDP and EU summit on Brexit
Thursday — Rite Aid (RAD) earnings; Disney (DIS) investor day; India election polling begins
Friday — JPMorgan Chase (JPM) and Wells Fargo (WFC) earnings; China export data, Britain's current deadline to leave the European Union

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https://www.cnn.com/2019/04/10/investing/premarket-stocks-trading/index.html

2019-04-10 09:28:00Z
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