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U.S. stocks see out April in the red – their worst monthly performance in seven months with tech earnings leading the losses. Amazon posts a Q1 beat on the back of solid cloud growth and A.I. demand. However, guidance is softer than expected and CEO Andy Jassy warns of higher capex to come. Tesla CEO Elon Musk shuts down his supercharger team, costing two executive positions and hundreds of job losses as the EV maker struggles with waning demand and competition from China. A surprise fall in same-store sales at Starbucks prompts the coffee chain giant to slash its outlook. Shares have slumped to a 21-month low as a result. And Spanish luxury beauty giant Puig aims for the top of the price range ahead of its near €14bn IPO – the largest in Spain in almost a decade.

HSBC CEO Noel Quinn is to retire after a 5-year tenure at the UK lender which is eyeing a further $3bn in buybacks following a Q1 beat. Santander is buoyed by its European retail banking sector, posting an 11 per cent rise in Q1 net profit. It has also confirmed its full-year targets. Wall Street is on track to break a five-month winning streak despite an upbeat session yesterday. Tesla shares saw their best performance in three years. We speak to IMF managing director Kristalina Georgieva who says she is concerned about global central bank divergence as Europe is making quicker progress in the fight against inflation than the U.S.

Tesla CEO Elon Musk makes a surprise visit to China, meeting with Premier Li Qiang. Beijing has moved to cut back on certain restrictions on Tesla vehicles made in the country.  Rate cut expectations have been further dampened after another sticky inflation print out of the U.S. However equities Stateside still finished last week in the green, enjoying their best week since November. The yen/dollar trade remains volatile, briefly dropping below the key psychological level of 160. U.S. Secretary of State Antony Blinken travels to Riyadh while a Hamas delegation prepares for ceasefire talks in Cairo. We hear from Egyptian foreign minister Sameh Shoukry who urges both sides to meet to end the conflict. And in banking news, Deutsche Bank warns that long-term litigation costs may leave a €1.3bn hole in its bottom line.  

New data out of the U.S. shows the economy growing at its slowest pace in almost two years, causing equities to tumble and Treasury yields to spike. Tech earnings Stateside beat expectations in extended trade. Google owner Alphabet announces its first dividend with CEO Sundar Pichai hailing the company’s next wave of A.I. innovation and adoption. In Japan, the BoJ holds rates steady pushing the yen to a new 34-year low. Traders are now concerned whether policy makers will choose to intervene. Airbus confirms its guidance and backs its higher delivery goals as it boosts production of its A350 to extend its lead over troubled rival Boeing. And in Sydney, BHP shares struggle following reports that mining competitor Anglo American is unimpressed by yesterday’s takeover offer.

Meta posts an earnings beat but shares tumble in extended trade as CEO Mark Zuckerberg sparks further concerns over excessive spending plans for A.I. Deutsche Bank sees Q1 pre-tax profits rise by 10 per cent as credit loss provisions shrink. There are also earnings from BNP Paribas with the French lender looking to increase cost-cutting. In commodities news BHP has made a bid for rival Anglo American in what could be a mega-merger for the world’s largest listed miner. And Spanish Prime Minister Pedro Sanchez steps away from public duties and threatens resignation after a court launches an investigation into his wife’s business dealings.

Tesla shares surprisingly hold up despite the EV maker missing massively on both the top and bottom lines. Elon Musk has hinted to investors that more affordable options are in the pipeline. The S&P 500 posts its best day since February with investors shrugging off rate concerns. We hear from Oaktree Capital’s Howard Marks who says the days of easy capital are unlikely to return. Luxury giant Kering posts double-digit Q1 sales declines and warns that profits could fall by up to 45 per cent in H1. On Capitol Hill, the U.S. Senate votes overwhelmingly to pass a $95bn aid package to Ukraine, Israel and Taiwan. And we are live in Rotterdam at the WEC where RWE CEO Markus Krebber tells CNBC that green transition costs could soar due to capital and geo-political risks.