Five Things You Need to Know to Start Your Day: Americas

Good morning. Stock futures are pointing higher after strong earnings from Microsoft and Alphabet. Attention is turning to results from Exxo [View in browser]( [Bloomberg]( Good morning. Stock futures are pointing higher after strong earnings from Microsoft and Alphabet. Attention is turning to results from Exxon and Chevron later today and key US inflation data that may signal the trajectory of Fed rates. Traders are also speculating as to whether Japan will intervene to support the Yen. Want to receive this newsletter in Spanish? [Sign up to get the Five Things: Spanish Edition newsletter](. Jitters over Japan Market eyes are acutely focused on whether Japan will intervene to support the yen after it slid to a 34-year low before rebounding after the central bank kept rates on hold. Later in the day, attention will shift to the release of US personal consumption data — the Fed’s preferred measure of inflation. A hotter-than-expected reading after Thursday’s weaker GDP figures may signal US rates will remain higher for longer. AI boom Elsewhere in markets, [stock futures are rallying]( after [earnings from Microsoft and Google parent Alphabet late Thursday trounced Wall Street estimates.]( Both firms saw a surge in cloud computing revenue, boosted by their use of AI services. The positive sentiment carried into European trading, with technology stocks leading equity gains. Thyssenkrupp shares jumped after Czech billionaire Daniel Kretinsky’s EP Corporate Group agreed to buy a fifth of the German manufacturer’s troubled steel unit. Miners outperformed as copper hit $10,000 a ton for the first time in two years. Copper potential Higher copper prices make it all the more likely that bidding will heat up for miner Anglo American after it [rejected a takeover offer]( from Australian giant BHP. The UK firm said BHP’s bid was opportunistic and significantly undervalued the company and its future prospects.  A tie-up with Anglo would give BHP roughly 10% of global copper mine supply ahead of an expected shortage as mines struggle to meet demand from green industries. China diplomacy US Secretary of State Antony Blinken [has begun talks with Chinese President Xi Jinping in Beijing](, addressing trade complaints to China’s continued support for Russia. The US raised issues such as Beijing’s support for the Kremlin’s military industrial base, peace in the Taiwan Strait and China’s military activity in the South China Sea, in what were described as “substantive and constructive” discussions. Coming Up… The key piece of data on Friday will be personal income and spending numbers for March, the Fed’s preferred measure of inflation. The latest University of Michigan consumer sentiment gauge is also expected. In earnings, companies scheduled to report include oil majors Exxon Mobil and Chevron. What We’ve Been Reading This is what’s caught our eye over the past 24 hours. - The US Supreme Court may drag out Donald[Trump’s immunity claim]( - Billionaire Stephen Ross is [staking is legacy on Florida’s wealth boom]( - [Citi spinoff mints $4.4 billion]( fortune for Europe buyout barons - Britons [finally taste full Brexit](as costly border checks begin - NatWest's jump to 14-month high leads [FTSE 100 Index higher]( - [US demand is still resilient](, even if GDP doesn’t show it And finally, here's what Kristine’s interested in this morning For all the inflation-related risks that have driven Treasury yields toward 5%, it’s remarkable that no tenor has actually managed to sustain their grip on that level. That signals the powerful draw of a relatively high-yielding safe asset like US bonds, even in an environment where price pressures are re-emerging. The $180 billion of Treasury supply this week, while at times met with tepid demand, was ultimately absorbed by the market enough to keep yields just below 5%. The seven-year sale notably saw yields right in line with market pricing, a sign of the standing bid for the notes. As George Goncalves, head of US macro strategy at MUFG put it: “It shows the market is efficient and not looking to overpay for US Treasuries yet.” That said, risks are rife for Treasuries over the coming days. A hotter-than-expected print for underlying inflation from today’s GDP data is raising expectations for similar upside in the latest reading for the Fed’s preferred gauge of prices, which is due on Friday. The impact has rippled across the rates market, where traders are now bracing for a later start to Fed rate cuts. Yet even then, yields have struggled to hold on to a 5% handle. Short-covering has been the trend this week, which has likely kept a lid on Treasury rates. Perhaps once positioning turns neutral, yields could once again chart a path higher -- and a Fed policy decision due next week could well be the trigger. [Bloomberg Markets Wrap: The latest on what's moving global markets. Tap to read.]( Follow Us Like getting this newsletter? [Subscribe to Bloomberg.com]( for unlimited access to trusted, data-driven journalism and subscriber-only insights. Before it’s here, it’s on the Bloomberg Terminal. Find out more about how the Terminal delivers information and analysis that financial professionals can’t find anywhere else. [Learn more](. Want to sponsor this newsletter? [Get in touch here](. You received this message because you are subscribed to Bloomberg's Five Things to Start Your Day: Americas Edition newsletter. 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