Business

Gloucestershire police are investigating allegations of electoral fraud committed by the Conservative Party ahead of the 2015 general election. The Tory party has been accused of violating key spending regulations over claims that they should have declared the cost of bussing in activists to campaign for constituency candidates on local election expenses, rather than on its national return. RT reports: The probe was sparked by a complaint made to Gloucestershire Police, the source of which has not been disclosed.

In what is the latest confirmation that nobody believes the "rally", the latest fund flow data from EPFR showed that US mutual fund and ETF flows turned sharply negative for stocks and high yield this past week (ending on May 4th). The outflow from stocks was $16.9BN following a $1.29bn inflow in the prior week. This was the biggest outflow from stocks since the Sep'15 capitulation on back of China devaluation.

• Trump, under pressure to unite Republicans, sharpens attack on Clinton (Reuters)
• Trump's Campaign Upends the Science of Presidential Transition (BBG)
• Trump says Britain would be better off outside EU (Reuters)
• Goldman Said to Extend Fixed-Income Job Cuts to 10% of Staff (BBG)
• Apple's Tim Cook to visit China for government meetings (Reuters)
• China regulator studying impact of overseas-listed firms relisting in China (Reuters)
• China Ponzi Warning to Asset Managers Cites Pooling of Cash (BBG)

Submitted by Mish Shedlock of Mish Talk

Class 8 Truck Orders Plunge 39%; Large Truck Sales vs. Recessions

Class 8, “heavy duty” truck orders are down 39% from a year ago.

First, let’s take a look at the reports, then we will take a look at what this may mean for the economy.

Class 8 Truck Orders Plunge 39%

The Wall Street Journal reports Truck Orders Fall in April.

Ahead of the most important macroeconomic event of the week, US nonfarm payrolls (Exp. +200,000, down from 215,000 and following a very poor ADP report two days ago), the markets have that sinking feeling again.