A boycott over Target's diversity policy dents the retailer's first quarter sales.
Plus, Boston Fed economists warn that the growth of private credit comes with risks.
If private credit lending is growing because these loans are being made to riskier borrowers,
then it could lead to an accumulation of greater systemic risk and weaken the financial system.
And tensions flared between President Trump and the South African president over alleged claims of genocide of white South African farmers.
It's Wednesday, May 21st.
I'm Alex Osola for The Wall Street Journal.
This is the PM edition of What's News,
the top headlines and business stories that move the world today.
Target's troubles are mounting.
The retail giant reported tepid first quarter results this morning.
In a three months ended May 3rd,
comparable sales fell 3.8 percent, a steeper drop than analysts expected.
The company lowered its forecast for the fiscal year.
Sarah Nassauer covers large retailers for The Wall Street Journal.
Sarah, what happened here?
What is affecting Target sales?
Target is sort of being hit by a multitude of things.
They called out the overall macroeconomic environment,
weak consumer confidence, lower spending on discretionary items,