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Trade talks resume; Tesla in Shanghai; Apple's Samsung TV deal

1. US-China trade talks: US and Chinese officials are meeting in Beijing Monday for two day...

Posted: Jan 7, 2019 11:05 AM
Updated: Jan 7, 2019 11:05 AM

1. US-China trade talks: US and Chinese officials are meeting in Beijing Monday for two days of talks aimed at ending the trade war that has been roiling global financial markets.

It's the first face-to-face discussion between the two countries since Presidents Donald Trump and Xi Jinping met in Argentina late last year and agreed on a 90-day truce.

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Investors are hoping the two sides will be able to reach a deal by March, when Trump has threatened to impose another round of tariffs and raise existing duties on some imports to 25% from 10%.

The Chinese yuan was trading higher against the dollar early on Monday.

2. Tesla breaks ground in Shanghai: Tesla (TSLA) officially began building its Shanghai Gigafactory Monday, with CEO Elon Musk breaking ground on the electric carmaker's new plant.

The company is aiming to start production of its cheapest car, the Model 3, at the plant by the end of the year, Musk said in a series of tweets before the event.

The Shanghai government said the factory is the biggest foreign manufacturing project in Shanghai's history.

Tesla is planning to make 250,000 cars a year in the factory, eventually increasing its capacity to 500,000. That's about five times the number of vehicles the company currently produces in the United States.

3. Apple lets Samsung in: Apple (AAPL) is opening up its ecosystem to one of its biggest rivals by giving owners of Samsung TVs direct access to iTunes content.

Starting in the spring, Samsung will include an iTunes app in its Smart TVs, the South Korean company announced Sunday at CES, the annual consumer technology conference in Las Vegas.

The new app will allow people to watch movies and TV shows they've already bought on iTunes, or buy new ones.

4. Government shutdown continues: The partial US government shutdown has entered its third full week, with President Trump threatening to declare a national emergency to bypass Congress and build his border wall.

Talks at the weekend involving congressional staffers and led by Vice President Mike Pence failed to make meaningful progress toward ending the standoff, according to acting White House chief of staff Mick Mulvaney.

Trump is demanding more than $5 billion in wall funding before agreeing to reopen the government. Democrats have offered about $1.5 billion for border security, but no taxpayer dollars for a wall, which the president promised Mexico would pay for.

5. Global market overview: US stock futures were flat early on Monday.

European markets opened slightly higher Monday and stocks in Asia were also firmer.

US oil futures have jumped 2% early on Monday to trade at $49 per barrel as investors appeared less pessimistic about the outlook for the global economy thanks to the strong US jobs report Friday.

"Oil has become closely linked to the risk environment lately, with a global slowdown being an obvious downside risk for prices," said Craig Erlam, senior market analyst at Oanda, an online broker.

The jobs report and a promise by the Federal Reserve Chairman Jerome Powell to be "patient" and flexible while raising rates gave Wall Street a big boost on Friday. Investors were also encouraged by China's efforts to stimulate its economy and news of the US-China trade talks.

The Dow Jones industrial average closed up 3.3% while the S&P 500 was up 3.4%. The Nasdaq shot up 4.3%.

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6. Companies and economics: The Institute for Supply Management will report on the service industry's growth last month. Last week, ISM reported that the manufacturing industry shrank by the largest amount in 10 years.

The UK Society of Motor Manufacturers and Traders said Monday new car registrations in the country fell 6.8% in 2018. It was the second consecutive year of declines. "Falling consumer confidence, confusing fiscal and policy messages and shortages due to regulatory changes have combined to create a highly turbulent market," said Mike Hawes, the society's chief executive.

7. Coming this week:
Monday — US officials in China for trade talks
Tuesday — The floor opens at the Consumer Electronics Show
Wednesday — Constellation Brands (STZ), KB Home (KBH) and Bed Bath & Beyond (BBBY) earnings; Fed minutes
Thursday — Federal Reserve Chairman Jerome Powell speaks at the Economic Club in Washington, DC; Sears returns to bankruptcy court to potentially get a decision that could determine its future
Friday — CPI reports

Mississippi Coronavirus Cases

Data is updated nightly.

Cases: 308737

Reported Deaths: 7139
CountyCasesDeaths
DeSoto20901250
Hinds19953410
Harrison17551302
Rankin13358276
Jackson13141243
Madison9949211
Lee9886170
Jones8308161
Forrest7537147
Lauderdale7221237
Lowndes6286144
Lamar613284
Lafayette6063117
Washington5288133
Bolivar4775129
Oktibbeha457097
Panola4456103
Pearl River4433141
Warren4294118
Marshall4283101
Pontotoc417572
Monroe4061132
Union404675
Neshoba4001176
Lincoln3883109
Hancock373385
Leflore3470124
Sunflower330789
Tate325082
Pike3205105
Scott311272
Yazoo304769
Alcorn298865
Itawamba297477
Copiah293965
Coahoma290378
Simpson289486
Tippah285168
Prentiss276559
Marion266279
Leake261473
Wayne261441
Grenada256284
Covington254980
Adams246882
Newton245561
George238347
Winston226081
Tishomingo222467
Jasper219948
Attala213573
Chickasaw205257
Holmes186972
Clay183054
Stone179531
Clarke177576
Tallahatchie175940
Calhoun165231
Yalobusha159736
Smith159234
Walthall131043
Greene129633
Lawrence126623
Noxubee126533
Montgomery125742
Perry125238
Carroll120926
Amite120741
Webster113732
Jefferson Davis105432
Tunica103025
Claiborne101330
Benton97425
Kemper95628
Humphreys94432
Franklin82723
Quitman78916
Choctaw73717
Wilkinson64928
Jefferson64828
Sharkey49817
Issaquena1686
Unassigned00

Alabama Coronavirus Cases

Cases: 521201

Reported Deaths: 10736
CountyCasesDeaths
Jefferson753981490
Mobile39011799
Madison34002496
Tuscaloosa25329444
Montgomery23996567
Shelby23160239
Baldwin20674302
Lee15567165
Calhoun14330311
Morgan14152271
Etowah13677346
Marshall11988220
Houston10402278
Elmore10008200
Limestone9843147
Cullman9501189
St. Clair9449234
Lauderdale9254228
DeKalb8756181
Talladega8104171
Walker7126275
Jackson6751110
Autauga6748103
Blount6511134
Colbert6225130
Coffee5418113
Dale4771111
Russell429338
Franklin420582
Chilton4100109
Covington4059114
Tallapoosa3904146
Escambia389574
Dallas3522149
Chambers3513122
Clarke346760
Marion3072100
Pike306176
Lawrence295395
Winston273072
Bibb256059
Marengo248261
Geneva245975
Pickens233059
Barbour226255
Hale218675
Butler212867
Fayette209460
Henry188044
Cherokee182544
Randolph177041
Monroe172440
Washington164738
Macon155548
Clay150055
Crenshaw149457
Cleburne146341
Lamar139634
Lowndes136553
Wilcox124527
Bullock121540
Conecuh109428
Perry107626
Sumter103232
Coosa99428
Greene91334
Choctaw58724
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Columbus
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Expect mostly cloudy skies on your Friday with a few spotty showers moving through the area, especially into the late-afternoon and evening. Some will likely stick around into Saturday morning. Temperatures remain cooler than average.
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