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1. Stocks dip around the world amid US tariff fallout
Key stock indices around the world dropped on Monday in response to U.S. President Donald Trump's global tariffs unveiled this past Wednesday, the New York Times reports. The main stock index in Hong Kong fell 13%, the benchmark pan-European index was down more than 4% and the U.S.'s S&P 500 was down more than 3%.
The European Union is preparing a response to the U.S.-imposed tariffs with retaliatory tariffs of its own. Member states' foreign and trade ministers are meeting in Luxembourg Monday to discuss suggestions and will vote on them on Wednesday, the New York Times reports.
Goldman Sachs continues to increase the odds of a U.S. recession due to the escalating trade war. Reuters reports that Goldman has raised the odds to 45% from 35% after it increased its estimate of 20% last week.
2. Spring storm ravages US South, Midwest
Heavy rain and wind swept through the U.S. South and Midwest this past week, bringing deadly floods and tornadoes in multiple states, including Kentucky, Indiana, Ohio, Tennessee, Arkansas, Missouri and Alabama, the New York Times reports. There have been at least 18 reported deaths attributed to the storms, nine of them in Tennessee.
While the storm is shifting toward the Atlantic coast, more rain is on the way that could lead to sustained flooding. Southeastern Alabama and central Georgia could get up to 2 inches of rain.
More tornadoes are possible as well, particularly in parts of southeastern Georgia, northern Florida and southern South Carolina.
3. Washington state hotelier feels effects of US-Canada iciness
Trump's tariff policies and comments on annexing Canada as the 51st U.S. state has led to less travel demand in the U.S. from Canada, HNN's Natalie Harms reports.
MegAnne Offredi, general manager of the Holiday Inn & Suites-Bellingham Airport in Bellingham, Washington, said in the first three months of the year, her hotel saw a 22% year-over-year drop in room revenue.
“If the partnership between U.S. and Canada dissolves any further, it’s going to be extremely negative," Offredi said.
4. Airlines to cut 2025 outlooks this earnings season
CNBC reports that analysts are projecting U.S. airlines will scale back their 2025 outlooks this upcoming earning season due to a bevy of reasons: waning travel from Canada; mass government layoffs; tariffs; the stock market dropping quickly; and more.
Delta Air Lines cut its first-quarter forecast last month, and American Airlines and Southwest Airlines cut their outlooks for the first half of the year.
“We expect a world of slower growth, higher inflation, and a more isolationist U.S. to significantly disrupt the competitive environment for airlines,” investment bank TD Cowen wrote on Friday. “We are concerned that the new economic paradigm causes another structural leg down in corporate travel while the negative wealth effect further dampens consumption, especially by Baby Boomers.”
5. Treehouse Hotel Manchester opens
The Treehouse Hotel Manchester opened on Monday, marking the third Treehouse Hotels-branded property to open. This also marks the first Starwood Hotels hotel to open since the company rebranded from SH Hotels & Resorts.
“Treehouse Hotels capture the playfulness of childhood — building forts with your friends, acting out your dreams, and experiencing the world with boundless imagination. It’s about the simplicity of your youth: a place to hang out with friends and escape the world. That’s our brand DNA,” Barry Sternlicht, founder and chairman of Starwood Hotels, said in a news release. “With Treehouse Hotel Manchester, we bring those vibes to life. It’s designed to be full of ‘carefreedom,’ where carefree meets freedom and good times happen.”