Market pain; Italy turmoil; Trade war fears

1. Market turmoil: Global markets were mixed Wednesday following a selloff sparked by fears over Ita...

Posted: May 30, 2018 11:51 AM
Updated: May 30, 2018 11:51 AM

1. Market turmoil: Global markets were mixed Wednesday following a selloff sparked by fears over Italy's escalating political crisis and renewed US-China trade tensions.

Asian markets were hit badly by the uncertainty, with Japan's Nikkei closing down 1.5%. Hong Kong's Hang Seng shed 1.4%, while China's Shanghai Composite dropped 2.5%.

European markets opened mixed, with Italy's benchmark index advancing 1% following several days of heavy losses.

US stock futures were pointing higher.

The Dow slumped 1.6% on Tuesday, the S&P 500 dropped 1.2% and the Nasdaq shed 0.5%. Banks were the biggest losers, with Citigroup, Bank of America and JPMorgan Chase sliding 4%. Morgan Stanley declined 6%.

2. Italy in crisis: Italy will test the faith of investors on Wednesday when it tries to sell -6 billion ($7 billion) of government bonds.

Italy is heading for new elections after populist politicians failed to form a government, and the vote could turn into a de-facto referendum on the euro.

Investors are worried that political turmoil in Italy could cause pain beyond the country's borders. Yields on Spanish, Portuguese and Greek debt have surged.

Italian bonds prices have crashed in recent days, but were steadier early Wednesday. The auction will conclude at 5:00 a.m. ET.

3. Trade war back on: The White House announced Tuesday that it would impose 25% tariffs on $50 billion worth of goods from China, and place new limits on Chinese investments in US high-tech industries.

The world's two biggest economies held two rounds of trade talks this month. They agreed China would "significantly increase" purchases of US goods and services to reduce their trade imbalance, a top Trump administration demand, and pledged to continue talks.

In a statement, China's Commerce Ministry said the announcement is "obviously in violation" of the recent agreement.

Beijing has previously pledged to retaliate against the 25% tariffs.

4. The Volcker Rule decision time: The US Federal Reserve will meet to discuss possible changes to the Volcker Rule, a controversial part of Wall Street reform following the financial crisis.

The rule prevents banks like Goldman Sachs or JPMorgan from making risky wagers with their own money, and also from owning big stakes in hedge funds or private equity firms.

Wall Street has complained about the rule for years.

5. Martin Sorrell is back: Martin Sorrell says he has taken control of Derriston, a listed shell company in London.

The reverse takeover deal will see Derriston transformed into S4 Capital, a "multi-national communication services business," according to an announcement.

In April, Sorrell resigned from ad agency WPP after three decades as CEO amid an investigation into "personal misconduct."

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6. Companies and economics: Dick's Sporting Goods, DSW, Michael Kors and Sears Holdings will release earnings before the open. Guess? will follow after the close.

Salesforce shares jumped higher in extended trading after the company reported better than expected earnings.

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7. Coming this week:
Wednesday - Amazon, Exxon Mobil, Twitter, Walmart annual shareholder meetings; Fed discusses Volcker Rule
Thursday - Facebook annual shareholder meeting
Friday - May jobs report

Mississippi Coronavirus Cases

Data is updated nightly.

Cases: 161516

Reported Deaths: 3916
CountyCasesDeaths
DeSoto10863104
Hinds10705207
Harrison7624114
Jackson6774131
Rankin6303114
Lee557798
Madison5311112
Forrest405587
Jones388589
Lauderdale3754149
Lafayette347358
Washington3421108
Lamar310350
Lowndes265168
Oktibbeha262763
Bolivar254686
Panola243754
Neshoba2333124
Marshall229451
Leflore216492
Monroe216278
Pontotoc213631
Lincoln203267
Sunflower198156
Warren189559
Tate187251
Union179626
Copiah176141
Pike170860
Pearl River168170
Itawamba166637
Scott166030
Yazoo164441
Alcorn161529
Coahoma160044
Prentiss159034
Simpson156954
Grenada149545
Adams148852
Leake146244
George138326
Covington137642
Holmes136861
Tippah135230
Winston134326
Hancock132842
Wayne127424
Attala126836
Marion126548
Tishomingo116444
Newton114929
Chickasaw112632
Tallahatchie101227
Clay98527
Clarke96954
Jasper90023
Stone85115
Calhoun82413
Montgomery80726
Walthall80430
Carroll78115
Lawrence76814
Smith76516
Yalobusha75728
Noxubee74817
Perry70127
Greene66023
Tunica64019
Amite61815
Jefferson Davis60818
Claiborne59716
Humphreys56119
Benton51018
Quitman5107
Kemper50019
Webster49514
Wilkinson42522
Jefferson39012
Franklin3866
Choctaw3757
Sharkey33517
Issaquena1254
Unassigned00

Alabama Coronavirus Cases

Cases: 264199

Reported Deaths: 3831
CountyCasesDeaths
Jefferson35310515
Mobile20626372
Madison14521153
Tuscaloosa13897173
Montgomery12844246
Shelby1127878
Baldwin9501138
Lee807167
Morgan740555
Etowah704870
Marshall695358
Calhoun6939126
Houston559140
DeKalb521843
Cullman490650
St. Clair466557
Limestone462446
Lauderdale452257
Elmore440070
Walker3914112
Talladega386157
Jackson373523
Colbert347948
Blount323146
Autauga294542
Franklin265534
Coffee260023
Dale247355
Dallas236832
Chilton235445
Covington234834
Russell23433
Escambia208832
Tallapoosa192692
Chambers189154
Clarke165422
Pike165215
Marion150236
Winston146325
Lawrence139936
Pickens129720
Geneva12929
Marengo127824
Bibb127038
Barbour121729
Butler121142
Cherokee108224
Randolph108022
Fayette102216
Hale102132
Clay95527
Washington94222
Henry9097
Monroe85311
Lowndes82930
Cleburne80914
Macon77522
Crenshaw73830
Lamar7348
Conecuh73215
Bullock71120
Perry7037
Wilcox65918
Sumter60122
Greene45818
Choctaw43620
Coosa3854
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