China tariffs; Second quarter kicks off; Bahrain oil find

1. China strikes back: Beijing says that tariffs on about $3 billion worth of US imports are going i...

Posted: Apr 2, 2018 2:10 PM
Updated: Apr 2, 2018 2:10 PM

1. China strikes back: Beijing says that tariffs on about $3 billion worth of US imports are going into effect Monday, hitting 128 products ranging from pork to steel pipes.

The sanctions include tariffs of 15% on 120 American products -- such as fruits, nuts, wine and steel pipes -- and 25% on eight other products, including pork and recycled aluminum.

First proposed 10 days ago, the penalties are a response to President Donald Trump's tariffs on imports of steel and aluminum from China and some other countries.

Experts fear that tit-for-tat retaliatory measures could turn into a trade war.

"Trade dispute will continue to dominate investors' decisions heading into the second quarter," said Hussein Sayed, Chief Market Strategist at FXTM.

2. Second quarter kickoff: US stock futures were pointing lower on the first trading day of the second quarter.

Investors are eager to turn the page on the first three months of the year, which were marked by increased volatility.

The Dow lost more than 2% in the first quarter -- snapping its longest quarterly win streak in 20 years, and marking the worst performance since 2015.

European markets were closed on Monday. Asian markets ended mixed.

Gold prices jumped 0.6% following the Chinese tariff announcement as investors looked for safe havens.

3. Thursday market recap: The Dow added 1.1% on the final day of trading before the holiday break, while the S&P 500 gained 1.4% and the Nasdaq closed 1.6% higher.

4. Bahrain's big find: Bahrain has discovered its biggest oil field since 1932, according to the kingdom's official news agency.

The agency said the new oil field is forecast to contain "highly significant quantities" of oil and gas. It said the find it "understood to dwarf Bahrain's current reserves," but did not give details on volume.

Bahrain is not a member of OPEC, but it has signed an agreement with the cartel and other major producers to curtail output. That deal, which runs until the end of 2018, is designed to rid markets of excess oil and support prices.

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5. Companies and economics: Alibaba said Sunday it is buying the part of online food delivery service Ele.me it doesn't already own, in a deal that values the startup at $9.5 billion.

The Institute for Supply Management will release its US manufacturing report for March at 10 a.m. ET.

An official government index that tracks manufacturing activity in China jumped in March. But a second index produced by Chinese media group Caixin, which places more weigh on smaller firms, declined.

"This suggests that while the recent easing of pollution controls has led to a rebound in heavy industry, broader economic activity may not have picked up much as a result," said Julian Evans-Pritchard, senior China economist at Capital Economics.

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6. Coming this week:
Monday - Manufacturing ISM report
Tuesday - Spotify IPO expected
Wednesday - ADP National Employment Report
Thursday - February trade deficit report
Friday - US jobs report

Mississippi Coronavirus Cases

Data is updated nightly.

Cases: 296745

Reported Deaths: 6783
CountyCasesDeaths
DeSoto19731230
Hinds18881393
Harrison16780282
Rankin12787265
Jackson12643229
Lee9703161
Madison9484203
Jones8005147
Forrest7250138
Lauderdale6847227
Lowndes6033140
Lamar590980
Lafayette5747113
Washington5229130
Bolivar4620124
Oktibbeha442194
Panola432396
Pearl River4193132
Warren4138115
Pontotoc410771
Marshall404492
Monroe3993128
Union396474
Neshoba3822170
Lincoln3564104
Hancock350277
Leflore3389119
Sunflower319286
Tate303374
Pike301796
Scott295271
Alcorn292463
Yazoo290865
Itawamba290275
Coahoma282069
Tippah279565
Copiah279259
Simpson276680
Prentiss271158
Wayne254541
Leake253172
Marion252778
Covington249780
Grenada248578
Adams235078
George232445
Newton231252
Winston221979
Jasper213845
Tishomingo212965
Attala206870
Chickasaw201453
Holmes182770
Clay179251
Stone173029
Tallahatchie171439
Clarke169672
Calhoun158528
Smith153033
Yalobusha145536
Greene127933
Walthall124540
Noxubee123131
Montgomery122939
Perry122235
Lawrence120621
Carroll119025
Amite112235
Webster111132
Jefferson Davis102731
Tunica99523
Claiborne99129
Benton93924
Humphreys93027
Kemper90423
Quitman77414
Franklin76219
Choctaw69817
Jefferson62827
Wilkinson62427
Sharkey49117
Issaquena1676
Unassigned00

Alabama Coronavirus Cases

Cases: 498076

Reported Deaths: 10094
CountyCasesDeaths
Jefferson716711387
Mobile36294737
Madison32616468
Tuscaloosa24340421
Montgomery22739519
Shelby22174218
Baldwin19873289
Lee15039157
Calhoun13832293
Morgan13753254
Etowah13390325
Marshall11448211
Houston10124264
Elmore9483190
Limestone9420138
St. Clair9022227
Cullman8984182
Lauderdale8612214
DeKalb8489175
Talladega7606165
Walker6585259
Jackson6545104
Autauga632492
Blount6236127
Colbert6001121
Coffee5264103
Dale4671107
Russell406933
Franklin399878
Covington3993106
Chilton3898103
Escambia379173
Tallapoosa3622143
Clarke344053
Chambers3431111
Dallas3422142
Pike293373
Marion288695
Lawrence284985
Winston258368
Bibb246160
Geneva240370
Marengo238857
Pickens225457
Barbour213651
Hale212269
Fayette202057
Butler201466
Henry183541
Cherokee178039
Monroe166739
Randolph164840
Washington156836
Macon147745
Crenshaw146255
Clay145954
Cleburne139841
Lamar133733
Lowndes132751
Wilcox122925
Bullock117336
Conecuh107024
Perry106127
Sumter99732
Coosa90224
Greene88532
Choctaw55323
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