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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: 307519

Reported Deaths: 7096
CountyCasesDeaths
DeSoto20784248
Hinds19894408
Harrison17493302
Rankin13316275
Jackson13099243
Madison9896210
Lee9859169
Jones8293160
Forrest7523146
Lauderdale7189237
Lowndes6265144
Lamar610784
Lafayette6028117
Washington5280132
Bolivar4770129
Oktibbeha455297
Panola4442103
Pearl River4420139
Warren4281118
Marshall4273100
Pontotoc416472
Monroe4057132
Union403775
Neshoba3988176
Lincoln3871108
Hancock372185
Leflore3468124
Sunflower329389
Tate322781
Pike3181104
Scott310572
Yazoo304368
Alcorn297764
Itawamba296876
Copiah293065
Coahoma289677
Simpson287484
Tippah284868
Prentiss275659
Marion265979
Wayne261341
Leake261173
Grenada254982
Covington254580
Adams245982
Newton244859
George237847
Winston225981
Tishomingo222067
Jasper219748
Attala213373
Chickasaw204857
Holmes186471
Clay182454
Stone179131
Clarke176876
Tallahatchie175540
Calhoun163230
Yalobusha158836
Smith158634
Walthall130543
Greene129433
Lawrence126323
Noxubee125933
Montgomery125542
Perry125138
Carroll120826
Amite120141
Webster113432
Jefferson Davis105432
Tunica102525
Claiborne101330
Benton97225
Kemper95226
Humphreys94332
Franklin81923
Quitman78916
Choctaw72817
Jefferson64828
Wilkinson64727
Sharkey49617
Issaquena1686
Unassigned00

Alabama Coronavirus Cases

Cases: 519071

Reported Deaths: 10712
CountyCasesDeaths
Jefferson754131487
Mobile37774798
Madison33868494
Tuscaloosa25283443
Montgomery23969565
Shelby23112238
Baldwin20638300
Lee15524165
Calhoun14286311
Morgan14140268
Etowah13664345
Marshall11957219
Houston10383278
Elmore9994200
Limestone9814147
Cullman9475188
St. Clair9429234
Lauderdale9218227
DeKalb8747181
Talladega8060171
Walker7092275
Jackson6755110
Autauga6727103
Blount6488135
Colbert6205130
Coffee5401112
Dale4768110
Russell428938
Franklin419982
Chilton4083109
Covington4053114
Tallapoosa3893146
Escambia388074
Dallas3527149
Chambers3500122
Clarke346360
Marion3066100
Pike305875
Lawrence295395
Winston272372
Bibb256458
Marengo248661
Geneva245875
Pickens232959
Barbour224955
Hale218775
Butler212366
Fayette208960
Henry187844
Cherokee182044
Randolph176941
Monroe171540
Washington164038
Macon154848
Clay149454
Crenshaw149357
Cleburne146041
Lamar139334
Lowndes136453
Wilcox124327
Bullock121340
Conecuh109028
Perry107926
Sumter102932
Coosa99328
Greene90734
Choctaw58724
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Clouds increase a bit more on Tuesday, though there will still be plenty of sunshine at times. Temperatures will remain very warm. An isolated sprinkle or shower is possible later in the day, though rain chances are much more likely into Wednesday as a cold front passes.
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