Oil slides; Google bets on China; Internet tax decision

1. Oil slides continues: US crude futures continued to drop on Monday, falling 1.6% to trade at $64 ...

Posted: Jun 18, 2018 11:19 AM
Updated: Jun 18, 2018 11:19 AM

1. Oil slides continues: US crude futures continued to drop on Monday, falling 1.6% to trade at $64 per barrel.

Investors are nervous ahead of a key meeting in Vienna later this week between OPEC and other major oil producers. The key question is whether supply caps that have been in place since the beginning of 2017 will be eased.

That would add more oil into the market, potentially squeezing prices. The outcome is far from certain, however, with some key OPEC members said to be resistant to supply increases.

Supply disruptions caused by US sanctions on Iran and political instability in Venezuela could also play a major role in market dynamics.

2. Google bets on China: Google has announced that it will buy a $550 million stake in JD.com, the Chinese e-commerce firm and Alibaba rival.

The companies will join forces to sell goods online across Southeast Asia, the United States and Europe.

Google's most popular products -- its search engine, Gmail and YouTube -- remain banned in China. But the company has recently increased investment in China and across Asia.

3. Brexit pain: The British Chambers of Commerce has slashed its growth forecast for the United Kingdom. It now expects economic growth of just 1.3% in 2018, the slowest pace since 2009.

BCC blamed the downgrade on the uncertainties around Brexit, interest rate hikes, trade war risks and rising oil prices.

"A decade on from the start of the financial crisis, the United Kingdom now faces another extended period of weak growth amidst a backdrop of both domestic and global uncertainty," said Adam Marshall, the group's director general.

Investors will get another update on the British economy on Thursday, when the Bank of England unveils its latest monetary policy decision.

4. Internet tax decision: The US Supreme Court could announce a decision as early as Monday in South Dakota vs. Wayfair, a case that could force customers to pay sales tax on more online purchases.

Under current rules, many online retailers don't collect sales tax unless they have a physical presence in the state where the buyer lives.

Last year, states could have collected as much as $13.4 billion in additional online sales taxes, according to the Government Accountability Office.

5. Global market overview: US stock futures were pointing lower.

Major global markets in Europe and Asia also dipped. Markets in Hong Kong and mainland China were closed for a holiday.

The Dow Jones industrial average closed 0.3% lower on Friday, while the S&P 500 declined 0.1% and the Nasdaq shed 0.2%.

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6. Coming this week:
Monday - Possible decision in South Dakota vs. Wayfair case
Tuesday - FedEx earnings
Wednesday - American Outdoor Brands earnings; Senate Finance Committee tariff hearing
Thursday - Darden, Kroger earnings; bank stress test results, Bank of England meeting
Friday - OPEC meeting

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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