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

Good morning. Stocks look set for gains after the holiday weekend, traders prepare for a new settlement regime and Apple continues its rebou [View in browser]( [Bloomberg]( Good morning. Stocks look set for gains after the holiday weekend, traders prepare for a new settlement regime and Apple continues its rebound in China. Here’s what’s moving markets. — [David Goodman]( Want to receive this newsletter in Spanish? [Sign up to get the Five Things: Spanish Edition newsletter](. Inflation focus US stock futures are pointing to a[higher open](after the holiday weekend as traders get ready for a big week of data. Today sees the release of house price and confidence data, before we get reports on GDP on Thursday. The centerpiece then comes on Friday, with the publication of the [personal consumption expenditures price index]( — the Fed’s favorite inflation gauge. Economists expect that to show the smallest advance so far this year for the measure. Read more on what to expect from Joe below. Fed flurry We’ll have to wait to see if that reading comes in as expected, and potentially brings some relief to Fed policy makers. Before then, the central bank itself has a busy week, with another slew of speakers due as well as the release of the Fed’s Beige Book. Neel Kashkari [kicked off proceedings]( off with comments on CNBC earlier Tuesday, saying policymakers should take their time in monitoring whether inflation is slowing enough to warrant interest-rate cuts. T+1 is here The other big event of the week for markets is the return of T+1 — which will see [trades settle in one day for the first time in 100 years](. The new regime, which will speed up how quickly traders take ownership of the stocks they purchase or to receive payment for the stocks they sell,  is intended to reduce risk in the financial system, but there are [worries about potential teething issues.]( Apple bump One stock that’s likely to be in focus on this auspicious day is Apple, which looks to be [staging somewhat of a rebound in China](. A report today showed iPhone shipments rose 52% in April amid a flurry of discounts from retail partners, continuing its comeback from a woeful start to the year. Apple rose 2.2% in pre-market trading, the equivalent of about $60 billion. Bitcoin slide Elsewhere,[Bitcoin fell](as traders monitored transfers by wallets belonging to the failed Mt. Gox exchange, whose administrators have been stepping up efforts to return a $9 billion hoard of the largest digital asset to creditors. The original cryptocurrency dropped as much as 3.1% and was trading at about $67,850. The weakness spread to smaller coins, including second-ranked Ether. What we’ve been reading This is what’s caught our eye over the past 24 hours. - For private credit's top dogs, [$1 million a year is not enough.]( - ECB shouldn’t exclude [back-to-back cuts](, Villeroy says. - The FTSE 100 is headed for its [worst run since August.]( - Too small to police, [too big to ignore](: Telegram divides Europe. - Catering to the ultra-rich is a [booming business in Australia](. And finally, here's what Joe’s interested in this morning Good morning, and welcome back to all the American readers who enjoyed a long Memorial Day weekend. It should be a pretty interesting short week. Among the things we have on the calendar in the coming days are the Conference Board survey, the Dallas Fed Manufacturing index, the Richmond Fed number, and then on Friday we have a big day with Personal Income, Personal Spending and the Fed's favorite inflation measure the PCE. Expectations for the PCE are a 0.2% increase on core, down from 0.3% in the previous month. Even though inflation number so far in 2024 have generally been hotter-than-expected, there are still disinflationary hopes out there. We've seen, for example, some consumer-facing companies announce promotions Here's a nice piece form CBS News about [various retailers]( and restaurants lowering prices. Meanwhile there are signs of [further deflation]( happening in the auto market. Of course, the big category putting upward pressure on the inflation indices is shelter. So there are two ways to get back to target. Rent could really slow down (a narrative that it feels like we've been waiting on forever) or other goods and services can keep dragging, even as rent growth remains hot. At least right now, this latter path seems like the more plausible of the two. Joe Weisenthal is the co-host of Bloomberg’s Odd Lots podcast. Follow him on X [@TheStalwart]( Like Bloomberg's Five Things? [Subscribe for unlimited access]( to trusted, data-based journalism in 120 countries around the world and gain expert analysis from exclusive daily newsletters, The Bloomberg Open and The Bloomberg Close. [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. If a friend forwarded you this message, [sign up here]( to get it in your inbox. 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