World Economy Condition and Market News for May 8, 2024:

☀️ Happy Wednesday, traders! We’re here with updates on the world economy and market news for May 8, 2024. Without further ado, let’s dive into the world economy and market news.

👀 According to JPMorgan, the US corporate default rate is less of a concern for investors, with distressed debt exchanges suggesting a true default rate close to 3%.

🇩🇪 In Germany, industrial production dropped by 0.4% in March, recording the year’s first decline but still outperforming expectations, which predicted a 0.7% decrease.

🇨🇳 According to The Economist, Chinese electric vehicle manufacturers are swiftly surpassing their Western rivals by releasing new models at significantly lower prices. Despite this, an intense pricing battle in China could slow this advancement.

🍏 Apple has introduced new iPad Pro and iPad Air models equipped with cutting-edge chips and features. Preorders are open, with sales beginning next week. Apple shares rose by 0.38% today.

🚗 BMW reported a decrease in earnings for the first quarter due to rising production costs, yet it achieved a 28% increase in EV sales and reaffirmed its outlook for the full year. BMW stock declined by 3.26% today.

🛢 Oil prices have dipped to near their lowest since mid-March, affected by a slight rise in US stockpiles and persistent Middle East tensions.

📉 BP has moderated its oil production reduction goals for 2030 to ease investor concerns about profitability amid its energy transition, resulting in a 3.79% drop in BP shares today.

🔥 Amazon has entered the European 5G market by transitioning one million Telefonica Germany customers to its AWS cloud platform, nudging Amazon shares up by 0.03%.