US-China trade war ramps up; Stocks steady; Alibaba earnings

1. US-China trade war intensifies: The Trump Administration's latest round of tariffs on Ch...

Posted: Aug 23, 2018 1:04 PM
Updated: Aug 23, 2018 1:04 PM

1. US-China trade war intensifies: The Trump Administration's latest round of tariffs on Chinese goods have kicked in, drawing immediate retaliation from Beijing.

The new exchange of fire between the two economic superpowers comes as officials from both countries hold talks in Washington over the dispute.

The United States imposed 25% tariffs on another $16 billion of Chinese goods just after midnight ET Thursday -- midday in Beijing. The tax affects 279 Chinese products, including chemical products and motorcycles.

China responded immediately with 25% tariffs on an equal amount of American goods, such as chemical products and diesel fuel.

Both China and the United States have now imposed tariffs on $50 billion of each other's goods in the clash, which the Trump administration launched in an effort to punish China for what it says are unfair trade practices.

The US Federal Reserve warned this week that a "major escalation" of trade disputes could speed American inflation and cause businesses to pull back on investment.

2. Global market overview: US stock futures were steady. Commodity prices dipped, led by metals.

European stock markets inched higher in early trading. Asian markets ended mixed.

The Dow Jones industrial average dripped 0.3% on Wednesday, while the S&P 500 was flat and the Nasdaq rose 0.4%.

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3. Ryanair stock takes off: Shares in Ryanair rose 6.5% after the airline said it reached a labor agreement with the Irish pilot union, Forsa.

The company recognized unions in late 2017 and began negotiating on issues including wages and working conditions. If the Irish pilots vote in favor of the deal, it would be the first time the discount airline has signed a collective labor agreement with any of its pilots.

Investors hope the deal signals the end a string of damaging summer strikes. Other pilot unions in countries including Germany and Spain are also negotiating with Ryanair.

4. Earnings and economics: Alibaba, Hormel Foods and The Children's Place will release earnings before the US open.

Gap, HP and Intuit are set to release earnings after the close.

Shares in Australian airline Qantas dipped 3% as investors reacted to earnings that showed the company is getting squeezed by higher fuel costs.

The annual Jackson Hole Economic Symposium — a major event for central bankers — kicks off on Thursday. Federal Reserve Chairman Jerome Powell is speaking at the event on Friday.

The US Census Bureau will publish June data on new home sales at 10 a.m. ET.

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5. Coming this week:

Thursday Alibaba, HP, Ross Stores and Gap earnings
Friday Foot Locker earnings

Mississippi Coronavirus Cases

Data is updated nightly.

Cases: 148387

Reported Deaths: 3769
CountyCasesDeaths
DeSoto9874101
Hinds9821198
Harrison6982110
Jackson6218119
Rankin5417102
Lee498495
Madison4711106
Forrest375086
Jones352488
Lauderdale3412145
Lafayette319749
Washington3153107
Lamar286349
Oktibbeha243562
Bolivar240884
Lowndes232864
Neshoba2189118
Panola218849
Marshall211950
Leflore203490
Pontotoc199128
Monroe196077
Sunflower191055
Lincoln187865
Warren174157
Tate166951
Union165325
Pike160958
Copiah160440
Yazoo152939
Scott151829
Itawamba151134
Coahoma149543
Pearl River149467
Alcorn148228
Simpson146353
Prentiss143730
Adams139250
Grenada138845
Leake133243
Holmes127861
Tippah123730
George123524
Covington120938
Winston120024
Hancock117639
Wayne116923
Marion114846
Attala111234
Tishomingo108742
Chickasaw106932
Newton104229
Tallahatchie96727
Clay89927
Clarke89153
Jasper81722
Walthall76028
Stone75214
Calhoun73713
Montgomery72825
Carroll71415
Lawrence70714
Yalobusha70527
Smith70316
Noxubee70017
Perry65826
Tunica60219
Greene59722
Claiborne57916
Jefferson Davis56017
Humphreys53119
Amite52714
Benton49017
Quitman4846
Webster42314
Kemper42118
Wilkinson38722
Jefferson34711
Franklin3345
Choctaw3157
Sharkey30817
Issaquena1144
Unassigned00

Alabama Coronavirus Cases

Cases: 241957

Reported Deaths: 3572
CountyCasesDeaths
Jefferson31809500
Mobile19651361
Madison12964148
Tuscaloosa12946154
Montgomery12263236
Shelby1016177
Baldwin857698
Lee771866
Morgan648050
Calhoun6215119
Etowah618266
Marshall618255
Houston522438
DeKalb480436
Cullman433442
Limestone418645
St. Clair413655
Elmore403764
Lauderdale396754
Walker3620111
Talladega347954
Jackson311723
Colbert306042
Blount287940
Autauga270442
Franklin250233
Coffee242015
Dale231754
Dallas225232
Russell22123
Chilton220638
Covington218034
Escambia197931
Chambers176450
Tallapoosa175491
Pike158114
Clarke157619
Marion137136
Winston131123
Lawrence126336
Pickens121618
Geneva12108
Marengo120224
Barbour117010
Bibb117017
Butler115341
Randolph101921
Cherokee101024
Hale96031
Clay91024
Washington90719
Fayette89316
Henry8526
Lowndes79429
Monroe78311
Cleburne76914
Macon73022
Crenshaw70930
Bullock69419
Conecuh68314
Perry6836
Lamar6678
Wilcox63118
Sumter57522
Greene42318
Choctaw42113
Coosa3414
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