Boeing crash report; Tesla sales slump; India slashes rates

The findings, part of preliminary report on the tragedy released by the ministry, are likely to place significant pressure on airplane manufacturer Boeing.

The crash of the Boeing 737 Max 8 was the second in less than six months. Shares in Boeing (BA) were little changed in extended trading.

Boeing did not immediately respond to the report, but it has said it will work with global regulators to investigate the cause of the crash.

2. India slashes rates: India's central bank cut interest rates for the second time in two months on Thursday, just days before crucial election.

The Reserve Bank of India lowered the rate at which it lends to banks from 6.25% to 6%, citing a domestic and global economic slowdown as one of the main factors.

India's gross domestic product slumped to 6.6% in the quarter to the end of December, a sharp drop from the 7.1% and 8.2% growth recorded in the previous two quarters.

The rate cut gives the Indian government a boost as Prime Minister Narendra Modi bids for a second term in office when polling begins next week.

"On the eve of the general election, the Reserve Bank of India has delivered another gift to the government," Shilan Shah, India economist at Capital Economics, said in a note.

3. Tesla's big drop: Shares in Tesla (TSLA) plunged 7% in extended trading after the company reported a massive sales drop.

About 63,000 vehicles were delivered to customers in the first three months of 2019 — a 31% drop compared to the prior quarter. The total sales figures included about 50,900 Model 3 sedans, Tesla's best-selling vehicle, and 12,100 luxury Model S sedans and Model X SUVs.

The sales figures do not come as a shock: Wall Street analysts expected sales and deliveries of the Model 3 to be about 50,000. And Tesla had already said it expected Model S and Model X deliveries to be lower than they were a year earlier. The company said it's confident it will reach its annual sales goal.

4. Brexit stalemate: The British pound edged higher Thursday after lawmakers voted to force the UK government to request another extension to the Brexit process.

The bill, which passed by 313 votes to 312, seeks to prevent Prime Minister Theresa May from yanking the United Kingdom out of the European Union without an agreed deal.

Crashing out of the union would be hugely damaging to businesses in the United Kingdom.

5. Global market overview: US stock futures were flat.

European markets opened lower. Stocks in Asia struggled to find direction.

The Dow Jones industrial average and the S&P 500 both gained 0.2% on Wednesday. The Nasdaq added 0.6%.

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6. Earnings and economics: Constellation Brands (STZ) will release earnings before the open. Duluth Trading Co (DLTH) will follow after the close.

Shares in Commerzbank (CRZBF) jumped 3% in Frankfurt after the Financial Times said Italian bank UniCredit (UNCFF) is ready to make a rival offer for the German lender if talks with Deutsche Bank (DB) fall apart. UniCredit and Commerzbank both declined to comment.

German factory orders plunged 4.2% in February compared to the previous month. It was the worst monthly drop since January 2017.

7. Coming this week:
Thursday — Constellation Brand (STZ)earnings; Reserve Bank of India rate decision
Friday — US March jobs report; EU finance ministers meet

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