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Wall Street Breakfast

Wall Street Breakfast May 16: COVID Lockdowns Dent China's Economic Activity in April

Wall Street Breakfast

Seeking Alpha

Business, Investing, Business News, News

3.8950 Ratings

🗓️ 16 May 2022

⏱️ 7 minutes

🧾️ Download transcript

Summary

COVID lockdowns dent China's economic activity in April. Plains All American to pay $230M in class action lawsuit over 2015 oil spill. Videogame sales fall 8% in April, though consoles rebound. Catch today’s WSB article here.

Transcript

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0:00.0

Welcome to Seeking Alpha's Wall Street breakfast, your daily source of market news and analysis.

0:06.8

Subscribe to this podcast on Apple Podcast, Spotify or Stitcher.

0:11.0

Good morning. Today is Monday, May 16th, and I'm your host Julie Morgan.

0:15.2

Our top stories, China, Plains All American, and video games.

0:20.0

How has the economy in China been affected by the Zero tolerance COVID lockdowns and are things easing up?

0:26.0

Plains All American settles a class action lawsuit.

0:28.8

How much will they have to pay out and who is on the receiving end?

0:32.2

Video game sales declining.

0:34.0

How have the past five months played out?

0:37.0

First, let's take a look at the market.

0:39.0

The Dow Jones closed up Friday 466 to close at 3, 1.97. The S&P 500 up 94 to close above 4,000 and the

0:47.4

NASDAQ closed up 434 at 11 805. Now on to our day watch the top gainers Verru up 44% a Myra's 37% and notive gain 38%

1:00.1

dual lingo class A 34 percent and Expensify Class A also 34 percent.

1:06.7

The top losers fixed Class A down 25 percent, Infusion Class A 16 percent, exponential fitness Class A down 14%.

1:16.0

Check out the top gainers and losers at seeking Alpha.com.

1:20.3

We'll take a look at Dow S&P and NASDAQ futures in a few minutes as well as the world markets.

1:26.0

Now our top stories.

1:28.0

We're getting a look at China's economy in April amid the zero tolerance COVID lockdowns, retail sales fell 11.1% last month.

1:36.6

Manufacturing fell 4.6%. Industrial output dropped 2.9%. Fixed asset investment rose 6.8% for the January to April time period.

1:48.6

In April, unemployment across China's 31 largest cities reached a new high of 6.7%.

1:55.6

One economist said that COVID case numbers have declined from its peak in mid-April.

2:00.2

However, government officials are cautious about easing up on the lockdowns.

...

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