Today's Headlines

Bloomberg:

• What Does the U.K. Snap Election Mean for Brexit? (video) Prime Minister Theresa May’s call for a June 8 election reverses her opposition to an early vote. The last election in 2015 took place a year before the U.K. voted in a referendum to leave the European Union. As May prepares for two years of Brexit talks, her Conservative Party enjoys the widest public-opinion margin in three decades over the main opposition Labour Party. That gives her a chance to cement her position and widen her majority.

• U.S. Firms in China Face Worst Conditions in Decades: AmCham. U.S. companies in China face one of the most challenging environments in decades this year, the American Chamber of Commerce in China said.

• Chinese Stocks Are Unnerving Investors Again as Losses Steepen. The stability in China’s stock market this year is showing signs of cracking. In just three days the Shanghai Composite Index has fallen 2.4 percent, the steepest such decline since mid-December. The psychologically key 3,200 level has been breached for the first time in two months, while a measure of volatility is climbing.

• European Stocks Slide With FTSE 100 as May Calls for Election. (video) U.K. equities tumbled after Prime Minister Theresa May called for a snap election, with European stocks in a broad decline as markets reopened after the Easter holiday. The Stoxx Europe 600 Index plunged 1.1 percent at the close. All but one industry group fell, with miners leading declines as iron-ore prices tumbled. The exporter-heavy FTSE 100 Index tumbled 2.5 percent in its biggest drop since the aftermath of the Brexit vote as the pound rose after May called for a general election in June.

• Industrial Metals Are Diving. 

• IMF Raises Global Forecast While Warning of Protectionism Threat. (video) The emergence of protectionist forces could undermine a modest brightening of the global growth outlook and is putting severe strain on the post-World War II economic order, the International Monetary Fund said. The IMF raised its forecast for global growth to 3.5 percent this year, up 0.1 percentage point from January, the Washington-based fund said in the latest update to its World Economic Outlook. Expansion will pick up to 3.6 percent in 2018, unchanged from the projection three months ago. The upgrade offers a glimmer of optimism following a trend in recent years of the fund downgrading its growth forecasts.

Wall Street Journal:

• Hollywood’s New Script: You Can’t Make Movies Without China. The U.S. movie industry has become reliant on China’s investors and its more than a billion potential moviegoers—a relationship with strings attached.

• Malls Deploy Technology to Lure—and Keep—Shoppers. Faced with declining sales and disappearing stores, mall owners turn to smartphones, apps and social media. 

CNBC:

• Since 1990, market gains double when this happens — and it just did. (video)

• Zuckerberg lays out Facebook's(FB) 'act two': augmented reality.

• Economist Zandi, who predicted Trump 'lengthy recession,' changes his tune. (video)

• UnitedHealth(UNH) raises its 2017 outlook despite the uncertainty over Obamacare repeal.

• Buy McDonald's(MCD) because of its new menu offerings, digital ordering, Bernstein says.

• Here’s why Georgia’s special election isn’t the big threat to Trump Dems are making it out to be.

Zero Hedge:

• Pentagon Considers Shooting Down North Korea Missile Tests.

• Fund Managers Revolt: Cut Allocation To "Record Overvalued" US Stocks To Lowest Since 2008. (graph)

• Cable Flash Smash: Pound Explodes As Stops Taken Out. (graph)

• US Macro Data Crashes Most In 7 Years - What Happens Next? (graph)

• "It's Very Shocking" - Georgia's Cobb County Waited 2 Days Before Admitting Critical Voting Machines Stolen.

• Trump To Crack Down On Visa "Abuse" In "Hire American" Executive Order.

• Theresa May Calls For Snap UK General Election To Get Brexit Support. (graph)

• Free Money! Is The Fed Paying Banks $22 Billion To Not Lend? (graph)

• Factory Output Tumbles In March. (graph)

• Housing Starts Drop Most In 4 Months; Single-Family Starts Collapse In The Midwest. (graph)

Business Insider:

• Cardinal Health(CAH) is buying Medtronic's(MDT) medical supplies businesses for $6.1 billion.

• 'Facebook(FB) killer' Steve Stephens found dead in Pennsylvania.

• If the latest iPhone 8 rumors are true, Samsung should be worried.

• Bank of America(BAC) beats, has record quarter in investment banking.

The Telegraph:

• The markets are betting Theresa May's snap general election will provide greater certainty (and a softer Brexit).