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Turkey hits back; Tencent earnings; Sears offer

1. Trade escalation: Turkey has announced heavy new ...

Posted: Aug 15, 2018 12:14 PM
Updated: Aug 15, 2018 12:14 PM

1. Trade escalation: Turkey has announced heavy new retaliatory tariffs on some American products, including cars, alcohol and tobacco.

The country has doubled its retaliatory tariffs on American cars to 120% and on alcoholic drinks to 140%, according to a notice published Wednesday. Other affected products include fruit, coal, paper and rice.

Relations between Washington and Ankara have rapidly soured in recent weeks over Turkey's detention of an American pastor. The Trump administration announced plans on Friday to double US tariffs on imports of steel and aluminum from Turkey.

The political spat with Washington has added to pressure on Turkey's currency, the lira, which has plunged against the dollar this year. It recovered some ground on Wednesday, but is still down over 35% in 2018.

Watch CNNMoney's 'Markets Now' today at 12:45 p.m. ET

2. That sinking feeling: US stock futures were lower.

European markets were little changed. Most Asian markets ended with losses. The Shanghai Composite dropped 2.1%.

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3. Tracking tech and retail: Chinese tech conglomerate Tencent, which owns the popular chat app WeChat, will publish its results on Wednesday.

It reported massive earnings last quarter, but analysts don't expect a repeat performance. They're worried about slowing growth and overall weakness in the tech sector.

Shares in Tencent dropped more than 3% in Hong Kong on Tuesday after Chinese regulators banned a game called Monster Hunt World, for which big sales were expected. The company said in a notice to players that some game content does not fully comply with government regulations.

Cisco reports after the close, and investors expect a comeback.

Macy's will release earnings before the open. Competitors JCPenney, Nordstrom and Walmart will follow on Thursday.

4. Stocks to watch — Sears, Alphabet, RBS: Sears is in focus after Eddie Lampert, the CEO and majority shareholder of the struggling retailer, said he's willing to pay his company $400 million to buy its Kenmore appliance brand.

Sears Holdings, which owns both the Sears and Kmart chains, has been looking to sell Kenmore for years in an effort to raise additional money.

Lampert said he's prepared to close on the deal in as little as 60 days.

Google's parent company Alphabet has been making waves in the health insurance sector. Alphabet announced Tuesday it's pouring $375 million into Oscar Health, a small insurer that thinks it can use big data to revolutionize the industry.

The investment by Google's parent company follows its participation in a $165 million infusion earlier this year. Shares in Alphabet were steady premarket.

The US Justice Department said Tuesday that Royal Bank of Scotland will pay $4.9 billion to settle charges that it misled investors ahead of the 2008 financial crisis. This is the largest penalty the Justice Department has imposed on a bank for crisis-era misconduct.

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5. Coming this week:

Wednesday — Macy's, Cisco earnings
Thursday — JCPenney, Nordstrom, Walmart and Nvidia earnings
Friday — Deere earnings, consumer sentiment

Mississippi Coronavirus Cases

Data is updated nightly.

Cases: 259117

Reported Deaths: 5668
CountyCasesDeaths
DeSoto17436187
Hinds16524328
Harrison13876199
Rankin11000217
Jackson10652187
Lee8981141
Madison8413168
Jones6552112
Forrest6101121
Lauderdale6034189
Lowndes5463119
Lafayette507393
Lamar496465
Washington4877124
Bolivar4068109
Oktibbeha401681
Panola378380
Pontotoc372155
Monroe3628105
Warren3619101
Union350563
Marshall349569
Neshoba3433152
Pearl River3380104
Leflore3079108
Lincoln300687
Sunflower289272
Hancock285360
Tate276762
Alcorn268854
Pike266580
Itawamba266261
Scott253448
Yazoo250156
Prentiss249552
Tippah245850
Copiah244549
Coahoma243654
Simpson240069
Leake234367
Grenada221171
Marion218473
Covington216972
Adams210170
Wayne206432
Winston205267
George202739
Attala195761
Newton195745
Tishomingo192461
Chickasaw186144
Jasper176038
Holmes169868
Clay162735
Tallahatchie154935
Stone148424
Clarke143562
Calhoun138021
Smith125825
Yalobusha120234
Walthall113437
Greene112129
Noxubee111425
Montgomery110936
Carroll105922
Lawrence104317
Perry103231
Amite99926
Webster94324
Tunica87621
Jefferson Davis87327
Claiborne86825
Benton84023
Humphreys83624
Kemper79120
Quitman7029
Franklin68716
Choctaw62313
Wilkinson58825
Jefferson55920
Sharkey44217
Issaquena1606
Unassigned00

Alabama Coronavirus Cases

Cases: 432536

Reported Deaths: 6379
CountyCasesDeaths
Jefferson63523957
Mobile30967562
Madison27627201
Tuscaloosa21122268
Montgomery19495326
Shelby18941126
Baldwin16798188
Lee12901102
Morgan12447129
Etowah11911178
Calhoun11365205
Marshall10322119
Houston8813156
Limestone823176
Cullman8159106
Elmore8056104
DeKalb7796102
Lauderdale773399
St. Clair7705122
Talladega6347109
Walker5993174
Jackson590341
Colbert543274
Blount541186
Autauga527061
Coffee454160
Dale405482
Franklin371948
Russell345712
Chilton340972
Covington334168
Escambia328344
Dallas310196
Chambers297370
Clarke290536
Tallapoosa2665107
Pike258830
Marion250155
Lawrence249150
Winston231442
Bibb219848
Geneva206946
Marengo205229
Pickens198631
Hale180842
Barbour177836
Fayette174528
Butler171358
Cherokee162530
Henry157523
Monroe150718
Randolph143236
Washington139527
Clay128546
Crenshaw121644
Cleburne119724
Lamar119621
Macon119637
Lowndes112536
Wilcox105822
Bullock101428
Perry99118
Conecuh96320
Sumter89726
Greene76723
Coosa62215
Choctaw51624
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