European Economics Preview: UK Nationwide House Price Data Due

House price data from the UK and retail sales from Germany are due on Wednesday, highlight a busy day for the European economic news.

At 2.00 am ET, UK Nationwide house price data is due. Economists forecast house prices to climb 10.5 percent annually in May after rising 12.1 percent in April.

Also, Destatis releases Germany’s retail sales for April. Sales are forecast to fall 0.2 percent on month after easing 0.1 percent in March.

At 3.00 am ET, revised GDP data from Hungary and Austria are due. Also, PMI survey results from Poland and the Netherlands are due.

At 3.15 am ET, Spain manufacturing PMI data is due. Economists expect the index to fall to 52.0 in May from 53.3 in the prior month.

At 3.45 am ET, S&P Global publishes Italy manufacturing PMI data. The index is forecast to fall to 53.5 in May from 54.5 in the prior month.

Thereafter, final PMI survey results are due from France and Germany at 3.50 am and 3.55 am ET, respectively.

At 4.00 am ET, Eurozone final manufacturing PMI data is due. The final reading is seen at 54.4 in May, in line with flash estimate, but down from 55.5 in April.

Also, Italy’s Istat releases unemployment data for April. The jobless rate is expected to remain unchanged at 8.3 percent.

Half an hour later, S&P Global is scheduled to issue UK final manufacturing PMI for May.

At 5.00 am ET, Eurostat is set to issue eurozone unemployment data for April. Economists expect the jobless rate to remain unchanged at 6.8 percent.

Avaya Holdings Stock Jumps 21%

Shares of Avaya Holdings Corp. (AVYA) are gaining over 21% on Wednesday morning despite no-stock related new release from the company.

AVYA is currently trading at $4.47, up $0.78 or 21.1382%, on the NYSE, on a heavy volume of 5.2 million shares, above average volume of 1.8 million. The stock opened its trading at $3.67 after closing Tuesday’s trading at $3.69. The stock has traded between $2.93 and $29.11 in the past 52-week period.

Avaya Holdings provides digital communications products, solutions, and services for businesses worldwide.

Moody’s Down 3%

Shares of risk assessment firm Moody’s Corp. (MCO) are falling 3 percent on Wednesday’s trading. The stock was down 7.8 percent in Wednesday’s early-morning trade. It was impacted by news of ratings peer S&P Global (SPGI) suspending its full year forecast after warning of an “extraordinarily” weak bond market.

S&P Global said in a statement on Wednesday. “Macroeconomic conditions have deteriorated since S&P Global last provided financial guidance on May 3, negatively impacting the Company’s expectations for GDP growth and debt issuance volumes.”

Currently at $297.24, the stock has traded between $269.49 and $407.94 during the past 52 weeks.

CAE Stock Up 6% On Quarterly Results

Shares of CAE Inc. (CAE) are gaining over 6% on Wednesday morning after the company reported its fourth-quarter results.

CAE is currently trading at $26.48, up $1.51 or 6.05%, on the NYSE. The stock opened its trading at $26.00 after closing Tuesday’s trading at $24.97. The stock has traded between $20.96 and $34.19 in the past 52-week period.

CAE’s fourth-quarter revenues rose 25% to $955.0 million from $894.3 million last year.

Fourth-quarter net income was $55.1 million or $0.17 per share, up from $19.8 million or $0.07 per share last year. Adjusted profit was $92.0 million or $0.29 per share, compared to $63.2 million or $0.22 per share last year.

Victoria’s Secret Stock Gains 7% On Quarterly Results

Shares of Victoria’s Secret & Co. (VSCO) are gaining over 7% on Wednesday morning after reporting its first-quarter results and outlook for the second quarter.

VSCO is currently trading at $44.36, up $3.15 or 7.65%, on the Nasdaq. The stock has traded between $38.48 and $76.00 in the 52-week period.

First-quarter profit was $80.8 million or $0.93 per share, compared to $174.0 million or $1.97 per share last year. Adjusted earnings were $1.11 per share, while analysts had expected earnings of $0.84 per share for the quarter.

The company reported sales of $1.484 billion, a decrease of 4.5% compared to sales of $1.554 billion in the prior year first quarter.

Looking forward to the second quarter, the company is forecasting sales to be up low-single digits to down low-single digits and earnings of $0.95 to $1.25 per share. Analysts currently estimate earnings of $1.19 per share on revenues of $1.59 billion for the quarter.

US Reports Nearly 200K New Covid Cases

The United States on Tuesday recorded one of the highest daily Covid positive case counts in recent months.

With 198400 new cases reporting, the total number of people infected with coronavirus in the country has risen to 84,218,910, as per Johns Hopkins University’s latest data.

2275 Covid deaths reported on the same day is also one of the highest in recent months. With this, the total U.S. Covid casualties reached 1,007,059.

The United States is averaging 98688 cases a day, down 2 percent from two weeks ago, and 298 deaths a day, marking a 6 percent fall within a fortnight, New York Times’ latest tally shows.

There is a comparatively lower number of hospital admissions dude to the pandemic.

The country is averaging 26512 hospitalizations due to the viral disease per day, up 16 percent from two weeks ago.

Out of this, 2,928 patients are admitted in intensive care units, marking 20 percent rise in ICU admissions in the same period.

82,239,607 people have so far recovered from the disease, the Worldometer tally shows.

3468 additional deaths were reported globally on Tuesday, taking the total number of people who lost their lives due to the pandemic so far to 6,293,029.