US Stocks snapped a 6 week losing streak last week and had their best week of the year. The S&P 500 rose 4.7% after weak economic data pointed to the Federal Reserve cutting interest rates at some point this year.
After deciding to exit escalators and air conditioners, United Technologies Corp. is doubling down on the aerospace market with an all-stock deal to merge with defense contractor Raytheon. The combined company, valued at more than $100 billion after planned spinoffs, would be the world’s second-largest aerospace-and-defense company by sales behind Boeing Co., with annual revenue of about $74 billion this year. It will make everything from engines and seats for jetliners and F-35 jet fighters, to Patriot missile launchers and space suits for astronauts.
Finance ministers and central bank chiefs from the Group of 20 major economies wrapped up a meeting in Japan yesterday with a pledge to use all the policies they can to protect global growth. The G-20 finance leaders said in a joint communique that risks from trade and geopolitical tensions were “intensifying.”
Japanese data reaffirmed the world’s third-largest economy grew in the first quarter of 2019, while underscoring signs of weakness amid a global trade war. Japan’s economy expanded an annualized 2.2% during the January-March quarter, following 1.6% growth in the previous three months.