European Economics Preview: UK GDP, Foreign Trade Data Due

Monthly GDP, foreign trade and industrial production from the UK are due on Tuesday, headlining a busy day for the European economic news.

At 2.00 am ET, the Office for National Statistics releases UK monthly GDP estimate, industrial output and external trade figures. The economy is forecast to grow 0.6 percent on month in February, reversing a 2.9 percent fall in January.

The UK industrial output is forecast to grow 0.5 percent in February, reversing a 1.5 percent drop in the previous month. The visible trade deficit is seen at GBP 10.4 billion versus -GBP 9.82 billion in January.

In the meantime, Germany’s wholesale price data for March is due.

At 3.00 am ET, consumer price data is due from the Czech Republic. Inflation is forecast to rise to 2.4 percent in March from 2.1 percent in February.

At 4.00 am ET, Italy’s Istat publishes industrial output data for February. Economists forecast industrial output to climb 0.7 percent month-on-month, but slower than the 1 percent increase in January.

At 5.00 am ET, Germany’s ZEW economic confidence survey results are due. The economic sentiment index is forecast to rise to 79 in April from 76.6 in March.

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Insider’s virtual event “Financing Net-Zero,” presented by IDA Ireland, takes place Thursday, May 13, 2021, at noon ET, and includes live conversations with Insider editors and leaders in the financial markets and sector.

Sessions will discuss the big trends in sustainable finance, how the net-zero transition is being financed, non-profit, private and public sector collaboration, and ESG investing. 

Speakers include:

• Megan Starr, Global Head of Impact Investing, Carlyle
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• Anne Simpson, Director, Governance and Strategy, CalPERS
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Former NBA star Scottie Pippen shares heartbreaking post about his son Antron’s death

Antron Pippen, the firstborn son of NBA Hall of Famer Scottie Pippen, died on Sunday. He was 33 years old. 

Scottie Pippen, the former Chicago Bulls star, announced the heartbreaking news on Monday in an emotional series of tweets. The cause of his death was not revealed. 

"I’m heartbroken to share that yesterday, I said goodbye to my firstborn son Antron," Pippen wrote. "The two of us shared a love for basketball and we had countless conversations about the game.

"Antron suffered from chronic asthma and if he hadn’t had it, I truly believe he would've made it to the NBA. He never let that get him down, though — Antron stayed positive and worked hard, and I am so proud of the man that he became.

Americans are being paid 'more money' to stay unemployed: Moore

US shouldn’t pay people more money to stay unemployed: Stephen Moore

Economist Stephen Moore discusses why businesses are struggling to fill jobs.

Economist Stephen Moore joined Stuart Varney on "Varney & Co." to discuss the unemployment situation in America and how Washington is contributing to the problem.
 

KUDLOW: ARE AMERICANS BEING PAID TO STAY HOME?
 

STEPHEN MOORE: Now, on this big issue about the labor force, we are seeing a big problem right now, Stuart. We've talked about on the show over the last few months, I did a study with Casey Mulligan that shows that about over half of the workers who are unemployed right now are getting more money and unemployment benefits, food stamps, nutrition assistance – all of these other programs – than they would if they went back to work. It's a really big problem. 

…

Around the country what we're seeing…I have a store down the street from where I live that says, 'sorry, we're closed because we can't get our workers back.' It's a restaurant. You're seeing that all over the country, Stuart. We should not be paying people more money to stay unemployed than to go back to work – but that's exactly what Washington is doing. 
 

CLICK HERE TO WATCH THE FULL INTERVIEW 

Pit bull saved owner's life by luring stranger to the medical emergency

RBI sets up committee to review working of ARCs

Panel to submit report in 3 months

The RBI on Monday set up a committee to undertake a comprehensive review of the working of asset reconstruction companies (ARCs) in the financial sector ecosystem and recommend suitable measures for enabling them to meet the growing requirements.

The six-member committee will be headed by Sudarshan Sen, former executive director, Reserve Bank of India (RBI).

As per the terms of reference of the committee, the panel will review the existing legal and regulatory framework applicable to ARCs and recommend measures to improve efficacy of ARCs.

It will also review the role of ARCs in the resolution of stressed assets, including under the Insolvency and Bankruptcy Code (IBC), and give suggestions for improving liquidity in and trading of security receipts.

Besides, it has also been asked to review the business models of ARCs.

“The committee will submit its report within three months from the date of its first meeting,” the central bank said in a statement.