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BREAKING: Fed's Preferred Inflation Number

Trump, GAP, China

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Good Morning!

Happy Friday! Have a great weekend:

👉President Trump is found guilty

👉 GAP earnings are in

👉China restricts exports

BREAKING: April PCE, the Fed’s preferred inflation measure, was 2.7%. This is in-line with expectations.

TRUMP: Found Guilty

A New York jury found former President Donald Trump guilty of all 34 felony charges of falsifying business records related to a hush money payment to porn star Stormy Daniels before the 2016 election.

Source: WSJ

President Trump is the first U.S. president to be convicted of a crime and faces three other pending criminal cases. His sentencing is set for July 11, just days before the Republican National Convention where he is expected to be confirmed as the GOP’s presidential nominee. Trump remains free without bail and could face up to four years in prison for each count, though the judge is not required to impose a prison sentence. He is expected to appeal the verdict.

🎯 GRIT TAKE: Wall Street legends talks Trump…upgrade to VIP now to read the full GRIT Take!

EARNINGS: GAP

Gap reported positive sales across all its brands, leading the company to raise its full-year guidance as CEO Richard Dickson’s turnaround strategy gains momentum.

Source: Bloomberg

The retailer, which includes Gap, Banana Republic, Athleta, and Old Navy, beat earnings and revenue estimates, causing shares to jump over ~20%. For the fiscal first quarter, Gap reported a net income of $158 million, or 41 cents per share, compared to a loss of $18 million, or 5 cents per share, last year. Sales rose 3% to $3.39 billion from $3.28 billion.

CHINA: Restricts Exports

Starting July 1, China will restrict the export of certain aviation and aerospace components to safeguard national security. The new rules, announced by the Ministry of Commerce, require export licenses for items like aerospace parts, engine manufacturing, and gas turbines.

Source: NPR

The regulations aim to protect national security and meet international non-proliferation obligations. The statement, issued with the General Administration of Customs and the Equipment Development Department, emphasized that these measures are not aimed at any specific country or region. China opposes the use of its controlled items to undermine its sovereignty and security. Recently, China also sanctioned Boeing and two other defense companies for arms sales to Taiwan.

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