[Austria's Q1 GDP Grows 0.2% Quarter-on-Quarter, a Slight Rebound from the Previous Quarter] ⑴ Preliminary data shows that Austria's GDP grew by 0.2% quarter-on-quarter in the first quarter, a slight rebound from the stagnation of the previous quarter. Consumption supported economic activity, with household consumption (including non-profit organizations serving households) growing by 0.8%, compared to 0.2% previously; government spending rebounded (0.4%, compared to -0.4% previously); gross fixed capital formation grew by 1%, compared to -2.1% previously. ⑵ Net trade continued to drag down GDP, with exports essentially flat (0.1%, compared to -0.1% previously), while imports grew by 0.9% (compared to -0.7% previously). On the production side, output from mining, manufacturing, energy and water supply, and waste management grew by 0.4% (compared to -1.4% previously), information and communication, financial and insurance services, real estate and housing activities grew by 0.2% (compared to 0.7% previously), public administration grew by 0.2% (compared to 0.8% previously), while construction declined by 0.5% (compared to -0.8% previously). (3) Year-on-year, GDP grew by 0.6% in the first quarter, compared with 0.7% in the previous quarter.

[European Stocks Fall to Three-Week Lows, Stoxx 50 Down 1%] ⑴ European stocks mostly fell on Thursday, with the Stoxx 50 index down 1% to a three-week low and the Stoxx 600 down 0.6%, as investors assessed the latest developments in the Iranian conflict, analyzed economic data and corporate earnings, and prepared for monetary policy decisions from the European Central Bank and the Bank of England. ⑵ Brent crude oil rose to a four-year high after reports that the US military would brief Trump on potential actions against Iran, raising concerns about a renewed armed conflict and a prolonged blockade of Iranian ports. ⑶ In terms of individual stocks, Stellantis fell 7% due to weak first-quarter revenue, Volkswagen fell 2% due to declining sales, and Crédit Agricole fell 5% due to lower-than-expected revenue. ArcelorMittal fell 1.7% despite better-than-expected earnings per share, and BNP Paribas fell 4% despite strong revenue. Standard Chartered rose 2.5% on record profits, Unilever was flat due to strong sales, and Glencore rose 0.4% on optimistic trading business earnings.

Royal Bank of Canada raised its price target for Amazon from $300 to $320.