ConocoPhillips has started to confiscate assets belonging to Venezuela's state-owned, solvency-challenged PDVSA as part of its unilateral enforcement of the $2 billion arbitration award. The big loser here? China.
Companies are citing that wages are rising (due to a tight labor market) and prices for raw materials like steel are rising. Both of these are being reflected in companies’ aims to increase prices of goods and services... inflation is coming.
Following the arrest (and imprisonment on treason charges over a contract dispute with PDVSA) of two of its workers, Reuters reports, citing four people familiar, that Chevron has evacuated executives from Venezuela.
While focus this week will undoubtedly fall on earnings with 181 S&P companies set to report Q1 results, there is also a busy economic calendar on deck with US Core PCE, real GDP, UK GDP, CPI and PMI across the euro area; and CPI inflation data in Australia.
Global stocks stumbled on Monday ahead of an avalanche of earnings in this season's busiest reporting week but the big story overnight was the spike in 10Y Yield which climbed as high as 2.9957%, the highest level since January 2014.