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The Power Brief

An employee works on an engine at the assembly line of a car factory in Qingdao, China.
STR | AFP | Getty Images
An employee works on an engine at the assembly line of a car factory in Qingdao, China.

A daily morning look at the financial stories you need to know to start the day

STOCKS/ECONOMY

-Stock futures are sharply down in reaction to another slowdown in Chinese manufacturing. Investors will be watching the May auto sales numbers coming out today.

-The European Commission is slashing its projections for Eurozone and global economic growth.

-The dollar has set a fresh 18-month low vs the yen.

-The yield on the 10-yr Treasury is back down to 1.8%.

OIL/ENERGY

-Crude prices are down more than 1% and at the $44/barrel level.

-Gasoline prices are up to $2.22/gallon, national average.

ELECTION

-Today is the Indiana primary. Donald Trump is favored in the GOP race while the Dem battle between Hillary Clinton and Bernie Sanders is expected to be closer. Trump is boasting he will win tonight and seems to be stating to focus more on Clinton.

-Hillary Clinton out-raised Bernie Sanders in April for the first time in several months.

BUDGET

-In the 6 months since Pres. Obama and Congressional Republicans signed the budget deal that removed the debt ceiling, the debt has risen by more than $1 trillion.

TRADE

-Pres.Obama has written an op-ed in favor of the TPP trade deal in today's Washington Post.

DEFENSE

-A US soldier has been killed in combat in Northern Iraq.

-ISIS hackers have published a list of what they say is personal info about US drone pilots.

UNIONS

-The troubled Central States Pension Fund, and 273,000 of its pensioners, are still awaiting mediator Ken Feinberg's decision on how much to cut the pension payments. Feinberg may not make his decision public before the May 7th deadline.

-The Detroit teachers union closed down just about all the school district yesterday with a sick out in reaction to news there may not be any money to pay them past June.

HEALTHCARE

-A new study shows that about half of the people in America know at least one person who is addicted to painkillers.