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FINWIRES

US Dollar Mixed Early Monday, Focus This Week on Retail Sales, S&P Global Flash Estimates

-- The US dollar was mixed against its major trading partners early Monday -- up versus the pound and yen, down versus the euro and Canadian dollar -- as the focus turns to retail sales data on Tuesday and the S&P Global flash estimates on Thursday.

Federal Reserve officials are in a quiet period ahead of the April 28-29 Federal Open Market Committee meeting.

Monday's schedule includes no economic data releases.

In addition to retail sales for March, Tuesday's schedule includes the Philadelphia Fed's non-manufacturing reading for April, weekly Redbook same-store sales, pending home sales data for March, business inventories data for February, and a nomination hearing for Kevin Warsh to become Fed chair.

State-level employment data for February and weekly mortgage applications and petroleum stocks data are the highlights on Wednesday.

The highlights of Thursday's busy schedule include weekly jobless claims, the S&P Global flash estimates for manufacturing and services conditions for April, and weekly natural gas stocks.

The final estimate of April consumer sentiment from the University of Michigan and the Kansas City Fed's services reading for April are due to be released at 11:00 am ET.

A quick summary of foreign exchange activity heading into Monday:

EUR/USD rose slightly to 1.1772 from 1.1770 at the Friday US close, but was below a level of 1.1797 at the same time Friday morning. Eurozone construction output declined further in February, according to data released overnight. European Central Bank President Christine Lagarde is due to speak at 12:40 pm ET. The next European Central Bank meeting is scheduled for April 30.

GBP/USD fell to 1.3519 from 1.3522 at the Friday US close and 1.3528 at the same time Friday morning. There are no UK data on Monday's schedule. The next Bank of England meeting is scheduled for April 30.

USD/JPY rose to 158.8761 from 158.5612 at the Friday US close, but was below a level of 159.1673 at the same time Friday morning. Japanese business services purchases continued to contract in February, though at a slower rate than in the previous month, according to data released overnight. The next Bank of Japan meeting is scheduled for April 27-28.

USD/CAD fell to 1.3683 from 1.3685 at the Friday US close, but was above a level of 1.3677 at the same time Friday morning. Canadian consumer price data for March are due to be released at 8:30 am ET, followed by the Q1 business outlook survey from the Bank of Canada at 10:30 am ET. The next Bank of Canada meeting is scheduled for April 29.

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Australia

Intel Poised for 'Slight Beat' Amid Solid Server CPU Demand, RBC Says

Intel (INTC) is expected to report a "slight beat" in its fiscal first-quarter results amid robust server central processing unit demand, RBC Capital Markets said in a note e-mailed Tuesday.On Thursday, the chipmaker is likely to post adjusted per-share earnings and revenue above RBC's projections for breakeven and $12.20 billion, respectively, for the March quarter, according to the brokerage. The current consensus on FactSet is for non-GAAP EPS of $0.02 and sales of $12.42 billion."We expect a slight beat/raise driven by strong server CPU demand," RBC analyst Srini Pajjuri said. "(Personal computer) market also appears to be holding up for now."First-quarter revenue in the company's data center and artificial intelligence segment is pegged at $4.3 billion, representing a 3% annual gain, with room for potential upside, according to RBC."While demand remains strong, management expected internal wafer supply constraints to be most acute in (the first quarter) which could limit near-term upside," Pajjuri wrote. "Recent media reports point to Intel raising prices which should help."For the current quarter, RBC expects Intel to issue an outlook above Wall Street's estimates of $13.1 billion in revenue and adjusted EPS of $0.09, driven by server CPU demand and improving wafer supply.The data center and AI business is projected to see sequential growth of 10% in the second quarter, with RBC seeing potential upside amid improving supply and healthy pricing. The brokerage expects server demand to continue to benefit from agentic AI and sees industry supply remaining "tight" through 2026, it said in the note.RBC maintained its sector perform rating on Intel's stock with a $48 price target.The company's shares were up 0.3% in Tuesday afternoon trade, bringing its year-to-gains to nearly 79%.Last year, the US government agreed to invest $8.9 billion in Intel's common stock as part of a deal to secure a stake in the company. Separately, Nvidia (NVDA) agreed to inject $5 billion in Intel under a collaboration that aims to develop new data center and PC chips.Price: $66.04, Change: $+0.34, Percent Change: +0.52%

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Australia

Scholastic Reports Preliminary Results of Dutch Auction Tender Offer

Scholastic (SCHL) on Tuesday announced preliminary results from its modified Dutch auction tender offer, which closed on Monday.The company said that shareholders tendered a total of about 2.85 million shares at or below the $40 per share purchase price, including about 1 million shares that were tendered by notice of guaranteed delivery.Based on the preliminary count, Scholastic expects to purchase all properly tendered shares at $40 each, for a total cost of about $114.1 million, excluding fees and expenses, it added.The company said that following completion of the offer, it expects nearly 17.9 million shares to remain outstanding, representing a reduction of about 13.7% in its share count.Shares of Scholastic rose 2.3% in the session.Price: $40.69, Change: $+0.93, Percent Change: +2.34%

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Sectors

Sector Update: Financial

Financial stocks were declining in Tuesday afternoon trading, with the NYSE Financial Index decreasing 0.7% and the State Street Financial Select Sector SPDR ETF (XLF) off 0.6%.The Philadelphia Housing Index was adding 0.6%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) fell 1.8%.Bitcoin (BTC-USD) was decreasing 0.9% to $75,117, and the yield for 10-year US Treasuries was rising 5 basis points to 4.30%.In corporate news, Coinbase (COIN) and Gemini Titan have been sued by New York Attorney General Letitia James for allegedly violating the state laws against against illegal gambling with their prediction markets, Reuters reported, citing complaints filed in a state court in Manhattan. Coinbase shares fell nearly 7%.

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