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Trade war fears; Italy roller coaster; Softer banking rules

1. Trade war fears: The Trump administration must soon decide whether to impose tariffs on steel and...

Posted: May 31, 2018 11:29 AM
Updated: May 31, 2018 11:29 AM

1. Trade war fears: The Trump administration must soon decide whether to impose tariffs on steel and aluminum products from the European Union, Canada and Mexico.

The decision on whether to extend tariff exemptions could be announced as soon as Thursday, according to media reports.

Moving ahead with the metal tariffs would escalate trade tensions, and potentially spark retaliatory measures. The European Union and Canada have both pledged to strike back.

The United States is juggling potential trade conflicts on several fronts. The Trump administration announced Tuesday it would impose tariffs on $50 billion worth of Chinese goods and restrict Chinese investment in the United States.

China said Wednesday it was ready to retaliate.

2. Roller coaster in Italy: Investors are trying to get their heads around the latest drama in Italian politics.

The main stock market in Milan has bounced back after days of heavy losses. Yields on government bonds have also dropped, indicating that investor fears have subsided.

However, investors remain worried about a populist government or new elections that could boost euroskeptic politicians.

The rest of Europe is worried about contagion.

"A debate is raging in Brussels over whether the European Union should 'do a Brexit' and let the Italian situation resolve itself, or intervene to try and influence the outcome of the potential early election," Eurasia Group analysts wrote in a research note.

3. Softer US banking rules: Regulators unveiled the first rewrite of the Volcker rule on Wednesday. The post-financial crisis regulation bars banks from making risky trades with their own money, including customer deposits.

Fed Chairman Jerome Powell said in a statement that the proposed change would strike at "some of the uncertainty and complexity that now make it difficult for firms to know how best to comply, and for supervisors to know that they are in compliance."

4. Global market overview: US stock futures were pointing higher.

Most major European and Asian markets posted gains.

The Dow Jones industrial average and the S&P 500 closed 1.3% higher on Wednesday, while the Nasdaq added 0.9%.

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5. Earnings and economics: Dollar General, Dollar Tree, Express, and Sears Holdings are set to release earnings before the open. Costco and lululemon athletica will follow after the close.

Facebook is scheduled to hold its 2018 stockholder meeting on Thursday. The company could face tough questions from investors following its privacy scandal.

The US Bureau of Economic Analysis will release personal income and spending reports for April at 8:30 a.m. ET.

The weekly report on US crude inventories will be published by the Energy Information Administration at 11:00 a.m.

Eurozone inflation data for May is out at 5:00 a.m. Canada's first quarter GDP figures will be published at 8:30 a.m.

Markets Now newsletter: Get a global markets snapshot in your inbox every afternoon. Sign up now!

6. Coming this week:
Thursday - Facebook annual shareholder meeting
Friday - May jobs report

Mississippi Coronavirus Cases

Data is updated nightly.

Confirmed Cases: 37542

Reported Deaths: 1272
CountyConfirmedDeaths
Hinds310258
DeSoto205020
Madison156039
Jones125450
Harrison123116
Rankin117320
Forrest107143
Neshoba105077
Lauderdale97581
Scott83715
Jackson80919
Washington78214
Copiah69016
Leake65120
Lee64023
Grenada63412
Oktibbeha63228
Lamar6127
Warren61222
Holmes60842
Wayne57519
Yazoo5747
Leflore56956
Lowndes55317
Lincoln54136
Pike52821
Lafayette5274
Sunflower5269
Monroe47239
Panola4696
Covington4665
Simpson4613
Bolivar42818
Tate41813
Attala39024
Pontotoc3906
Adams38820
Newton37910
Marion35612
Claiborne31811
Pearl River31732
Marshall3074
Winston30513
Chickasaw30419
Jasper2956
Walthall2899
Noxubee2819
Clay26811
Smith26112
Union25811
Coahoma2376
Clarke23425
Lawrence2182
Yalobusha2089
Tallahatchie2064
Montgomery1903
Carroll18911
Kemper18414
Humphreys17810
Calhoun1765
Hancock15813
Itawamba1528
Tippah15111
Jefferson1353
Webster13511
George1313
Jefferson Davis1294
Prentiss1294
Tunica1273
Amite1183
Greene11810
Alcorn1132
Tishomingo1111
Quitman1041
Wilkinson1049
Perry954
Stone802
Choctaw764
Franklin582
Sharkey520
Benton490
Issaquena111
Unassigned00

Alabama Coronavirus Cases

Confirmed Cases: 56441

Reported Deaths: 1136
CountyConfirmedDeaths
Jefferson7186174
Mobile5206147
Montgomery4690114
Tuscaloosa277754
Madison27299
Marshall209012
Shelby182026
Lee171637
Morgan14296
Baldwin139611
Walker112635
DeKalb11187
Etowah110414
Elmore110124
Dallas102810
Franklin96016
Unassigned81428
Russell7340
Autauga73317
Chambers69332
Limestone6914
Cullman6896
Houston6587
Butler65631
St. Clair6463
Tallapoosa64669
Lauderdale6337
Colbert5826
Calhoun5776
Escambia5228
Lowndes49723
Pike4915
Jackson4722
Coffee4534
Covington43913
Talladega4337
Dale4142
Barbour4133
Bullock38010
Hale36723
Marengo36411
Chilton3563
Blount3441
Marion33214
Clarke3296
Wilcox3258
Winston3157
Sumter30413
Pickens2806
Randolph27910
Monroe2773
Perry2632
Conecuh2478
Bibb2322
Macon2279
Choctaw22112
Greene2019
Henry1613
Washington1588
Lawrence1510
Crenshaw1403
Cherokee1357
Geneva1060
Lamar951
Clay922
Fayette902
Coosa691
Cleburne531
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