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Coke gets some coffee; Tencent tumbles; NAFTA deal?

1. Coca-Cola's coffee bet: Coke is splashing out $5 billion to buy a global coffee store ch...

Posted: Aug 31, 2018 1:18 PM
Updated: Aug 31, 2018 1:18 PM

1. Coca-Cola's coffee bet: Coke is splashing out $5 billion to buy a global coffee store chain. It has agreed to purchase Costa Coffee from UK drinks and hotels group Whitbread.

Costa has nearly 4,000 stores across 32 countries. It will give Coca-Cola "a strong coffee platform across parts of Europe, Asia Pacific, the Middle East and Africa, with the opportunity for additional expansion," Coca-Cola said in a statement.

Shares in Whitbread, which had been planning to spin off its coffee business to focus on hotels, soared 15% in early London trading. Coke shares were little changed in premarket trading.

2. Tencent's tumble: Shares in the world's top gaming company fell nearly 5% on Friday after China announced plans to limit the number of new online games and restrict the amount of time kids spend playing on electronic devices. The government hopes to reduce nearsightedness among young people.

A huge part of Tencent's business comes from China, where it was already facing regulatory hurdles. Its stock has plunged nearly 30% since January, wiping out more than $160 billion in market value.

Tencent has still not gained approval from Chinese authorities to make money from some of its most popular mobile games such as "PlayerUnknown's Battlegrounds." Regulators also blocked a game called "Monster Hunter: World" for which big sales were expected.

3. Trade winds: Investors are keeping a close eye on various fronts in the global trade war. President Donald Trump told Bloomberg News on Thursday that the United States and Canada were "close to a deal" on trade but he wasn't certain it would happen Friday.

"Canada's going to make a deal at some point. It may be by Friday or it may be within a period of time. I think we're close to a deal," Trump said.

Agreement with Canada should pave the way for a rewrite of NAFTA, after the United States and Mexico announced Monday they had reached a preliminary deal.

But investors are worried that a major escalation in the fight between the United States and China may be just around the corner. Citing multiple sources, Bloomberg reported Thursday that Trump was ready to impose tariffs on $200 billion of Chinese imports as soon as next week.

In Europe, UK officials resume Brexit talks with their EU counterparts on Friday. There are just seven months to go before the United Kingdom is due to leave the bloc, and businesses are still fretting about what comes next.

4. Global market overview: Talk of new tariffs on Chinese goods hurt stocks Thursday. The Dow Jones industrial average was down 0.5%, while the S&P 500 fell 0.4% and the Nasdaq lost 0.3%.

Those trade war jitters hurt sentiment in Asian markets on Friday, with Hong Kong's Hang Seng index closing nearly 1% lower. European markets were also retreating in early trading, while US stock futures were little changed.

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5. Argentina's agony: Emerging market turmoil added to the downbeat mood Thursday. Argentina's central bank jacked up its key interest rate by 15 points to 60% and said it would leave the rate at least that high until December as the country seeks a way to stop the collapse of the Argentine peso.

The Turkish lira, which has also plunged this year, steadied slightly on Friday after reports that the government had taken steps to encourage people to keep their savings in the currency.

6. Earnings and economics: India, the world's fastest growing major economy, is due to release GDP figures for the quarter ended June 30 at around 8a ET. Economists expect growth to have ticked down to 7.6% from 7.7% the previous quarter.

China's official purchasing managers' index edged up slightly in August, according to a survey published Friday, suggesting the country's huge manufacturing sector performed slightly better than expected despite the trade war.

Furniture retailer Big Lots plans to release earnings before the open Friday.

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7. Coming this week:

Friday — Eurozone unemployment data released for July

Mississippi Coronavirus Cases

Data is updated nightly.

Cases: 294994

Reported Deaths: 6681
CountyCasesDeaths
DeSoto19672230
Hinds18799386
Harrison16710278
Rankin12685264
Jackson12592226
Lee9687160
Madison9457199
Jones7962146
Forrest7208136
Lauderdale6833226
Lowndes6022137
Lamar588080
Lafayette5733113
Washington5218130
Bolivar4609123
Oktibbeha441393
Panola430394
Pearl River4167130
Warren4129114
Pontotoc408869
Marshall403192
Monroe3989126
Union395374
Neshoba3807168
Lincoln3541102
Hancock347374
Leflore3375118
Sunflower318386
Tate302474
Pike300195
Scott293870
Alcorn291861
Itawamba289975
Yazoo289262
Tippah278765
Copiah277857
Coahoma277568
Simpson274878
Prentiss269758
Wayne253841
Marion252678
Leake252471
Covington248879
Grenada247377
Adams234377
George231745
Newton229652
Winston221675
Jasper213445
Tishomingo212365
Attala206569
Chickasaw201151
Holmes182270
Clay179150
Stone172429
Tallahatchie170539
Clarke169371
Calhoun157828
Smith152731
Yalobusha144836
Greene127633
Walthall124140
Noxubee122829
Montgomery122438
Perry121634
Lawrence120321
Carroll118225
Amite111533
Webster110630
Jefferson Davis101731
Tunica99023
Claiborne98429
Benton93324
Humphreys92827
Kemper90223
Quitman77114
Franklin76119
Choctaw69516
Jefferson62527
Wilkinson62426
Sharkey48817
Issaquena1676
Unassigned00

Alabama Coronavirus Cases

Cases: 493769

Reported Deaths: 9931
CountyCasesDeaths
Jefferson710731374
Mobile36139727
Madison32425455
Tuscaloosa24184410
Montgomery22586500
Shelby21968215
Baldwin19758283
Lee14967153
Morgan13667251
Calhoun13300286
Etowah13184319
Marshall11262209
Houston10104261
Elmore9385185
Limestone9363134
Cullman8897181
St. Clair8827223
Lauderdale8607211
DeKalb8459175
Talladega7523163
Walker6524255
Jackson6495102
Autauga627091
Blount6102127
Colbert6004118
Coffee5249102
Dale4642107
Russell404930
Franklin399177
Covington3960106
Chilton3876100
Escambia377672
Tallapoosa3588142
Clarke343650
Chambers3413110
Dallas3403141
Pike293472
Lawrence283484
Marion281995
Winston246867
Bibb245060
Geneva239970
Marengo236455
Pickens224654
Barbour211651
Hale210568
Fayette200756
Butler196866
Henry182441
Cherokee177038
Monroe166139
Randolph163740
Washington156535
Crenshaw144854
Clay144454
Macon142043
Cleburne137839
Lamar132833
Lowndes131151
Wilcox121825
Bullock116936
Conecuh106724
Perry105627
Sumter98531
Coosa88923
Greene88232
Choctaw55123
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