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Here's what you need to know before the markets open.
1. 'The greatest disconnect in history': An investor who called the coronavirus sell-off warns of two market crashes this year. An investor who called the coronavirus sell-off and subsequent rally expects two market crashes this year, according to MarketWatch. 2. $1.7 trillion giant Saudi Aramco's profits drop almost $6 billion after oil prices crash below $0. Saudi Aramco, the $1.7 trillion oil giant, reported a 25% drop in profits in the first quarter of 2020 compared to the same period last year as the impact of historically low oil prices and lack of demand weighed down on profitability. 3. BP's CEO warned that we may have seen 'peak oil' and said demand may never fully recover from its coronavirus crash: 'I would not write that off. BP's CEO warned that the impact of coronavirus on crude oil consumption will last well after the pandemic, and that demand may never fully recover, in an interview with the Financial Times. 4. U.S. federal court to consider payout suit brought by RBS whistleblower. The US Second Circuit Appeals Court will on Tuesday consider arguments by an ex-Royal Bank of Scotland employee who is suing the US. 5. BOC Aviation says lessors may have to take back planes later this year. Aircraft lessors may need to start taking back some planes in the second half of the year, the CEO of BOC Aviation said, adding that the pandemic-hit aviation market could take until 2023 to fully rebound. 6. ArcelorMittal offers $2 billion of shares, convertibles at discount. ArcelorMittal, the world's largest steelmaker, is issuing $2 billion of shares and convertible notes at a deep discount to accelerate debt reduction plans that have been slowed by the COVID-19 pandemic. 7. China announces new tariff waivers for some US imports. China announced on Tuesday a new list of 79 U.S. products eligible for waivers from retaliatory tariffs imposed at the height of the bilateral trade war, amid continued pressure on Beijing to boost imports from the United States. 8. Stocks are mixed. In Europe, the Eurostoxx 50 is up 0.36%, the Dax is up 0.38% and the FTSE 100 is up 0.72%. In Asia, the Hang Seng Index fell 1.4%, the Nikkei 225 and the Shanghai Composite were flat. In the US, futures underlying the Dow Jones Industrial Average, S&P 500, and Nasdaq point to a positive open, with all looking to open 0.3% higher. 9. First-quarter earnings coming in. Toyota and Honda both report Q4 earnings, while German financial giant Allianz reports Q1 earnings. 10. Economic data releases today. The US monthly Budget Statement, consumer price inflation data, and API weekly Crude Oil Stock numbers are all set for release. | 