U.S. economy shrank 0.7% in the first quarter. Previously reported to show a 0.2% expansion, U.S. GDP figures were revised to show a 0.7% contraction annualized for the first quarter – it’s third slump since 2009. Analysts talking to Bloomberg didn’t seem to be too perturbed about it though: “The economy slowed in the first quarter but we’ll see an acceleration in the second quarter,” said Michael Gapen of Barclays Plc. Bloomberg
S&P 500 clips gains after Chicago PMI number turns ugly. While the bulls ignored the nation’s GDP contraction, a surprisingly low headline PMI figure from the Midwest caught them flat-footed, leading the S&P 500 to slip 0.6% Friday for its first weekly drop this month. Chicago PMI plunged to its lowest level since February, missing estimates and raising concerns that the rebound after first quarter may lack buoyancy. Bloomberg
Shanghai Media Group dukes it out with online rivals. The influential Shanghai Media Group has been feeling the heat lately as users continue to cut their cable cords in favor of watching U.S. TV shows such as the “Game of Thrones” online. In response, the state-owned TV giant is currently in talks to bring in shows such as “House of Cards” as well as provide streaming media through the Xbox One and the Playstation. WSJ (paywall)
Venezuela – this month’s best performing stock market. Thought the SHCOMP was red hot this month? Venezuela’s IBVC Index practically doubled the past 30 days, with two weeks punching in over 35% gains to end the month up 92.3%. FT (paywall)
Greek bank deposits drop to its lowest level in over a decade. The real-life chess game between Athens, the IMF, and Wolfgang Schäuble just got a little more difficult for Greece as bank deposits in the nation drop to its lowest level in over ten years. Total deposits at Greek banks shrank to $153 billion last month. WSJ (paywall)
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