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Summit shock fades; Samsonite struggles; Europe's big data day

1. Global market overview: Market sentiment has recovered from the shock news that the United States...

Posted: May 25, 2018 11:57 AM
Updated: May 25, 2018 11:57 AM

1. Global market overview: Market sentiment has recovered from the shock news that the United States would not hold a June 12 summit with North Korea to discuss its nuclear weapons program.

Stocks dropped Thursday, and then recovered to close little changed. The Dow Jones industrial average ended down by 0.3% and the S&P 500 was off by 0.2%. The Nasdaq was flat at the close.

US stock futures were inching higher on Friday, and European markets were mostly rising in early trading, with some key markets up by 0.5%.

Investors were a little more cautious in Asia, where some stock market indexes closed the day with narrow losses.

2. More drama at Samsonite: The world's biggest luggage maker Samsonite has fired back at an investment firm that accused it of questionable business practices, but its response failed to reassure shareholders.

The company's stock plummeted by about 12% in Hong Kong on Friday following a 10% drop the day before.

Samsonite came under fire Thursday from Blue Orca Capital, a new firm led by renowned short seller Soren Aandahl. Short sellers are investors who profit when the value of a company's shares drops.

Samsonite said the allegations were "one-sided and misleading, and accordingly, the conclusions drawn in the report are incorrect." It warned shareholders to treat the Blue Orca report with caution, as "it may be intended specifically to undermine confidence in the company and its management, and to harm its reputation."

It said it believed it had no information it needed to disclose to investors under Hong Kong securities rules.

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3. Rusal retreat: Russian oligarch Oleg Deripaska is taking another step to distance himself from his massive aluminum company that's reeling from crippling US sanctions.

Rusal, the world's second largest aluminum producer, said in a statement Friday that Deripaska, its founder, had stepped down from his role as a non-executive director on its board.

It said the decision was taken in order to "protect the interests of the company and its shareholders." His departure follows those of the company's CEO and seven other directors, which were announced Thursday.

Rusal, which produces 7% of the world's aluminum, has been under intense pressure following the imposition of US sanctions, which targeted a number of oligarchs and government officials, including Deripaska.

The sanctions were designed to punish Moscow for meddling in the 2016 US presidential election. The US Treasury Department said last month it would consider easing sanctions on Rusal if Deripaska divests.

4. New privacy rules in Europe: The highly anticipated privacy revolution has arrived in Europe.

The General Data Protection Regulation (GDPR) came into effect across the European Union on Friday, changing the way companies around the world collect and handle personal data.

The new law affects any organization that holds or uses data on people inside the European Union, regardless of where is it based. An Indian call center handling customer services for companies that sell products in Europe or a US website tracking browsing histories of Europeans will be impacted.

The last few days were marked by a huge scramble among businesses to get their data privacy policies in shape.

Those who fail to comply could now face fines of up to -20 million ($23 million) or 4% of their global annual sales, whichever is bigger.

Privacy advocates have already filed legal complaints against Facebook and its Whatsapp and Instagram subsidiaries, and Google, alleging they are breaking the new rules.

5. Earnings and economics: Buckle and Foot Locker are the key companies releasing earnings before the open Friday.

In economics, the University of Michigan is releasing its monthly consumer sentiment survey for May at 10 a.m. ET.

In the United Kingdom, the Office for National Statistics reiterated that the economy grew by just 0.1% in the first quarter of 2018 compared with the previous quarter. Some economists had been expecting the number to be revised higher because the preliminary report was based on partial data.

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6. Coming this week:
Friday - General Data Protection Regulation goes into effect in the European Union

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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