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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: 261167

Reported Deaths: 5713
CountyCasesDeaths
DeSoto17561191
Hinds16687329
Harrison14050202
Rankin11102217
Jackson10729188
Lee9014143
Madison8495168
Jones6607114
Forrest6135122
Lauderdale6067192
Lowndes5490120
Lafayette511794
Lamar499865
Washington4904125
Bolivar4087109
Oktibbeha403581
Panola380981
Pontotoc374757
Monroe3651106
Warren3649103
Union353263
Marshall352069
Neshoba3464154
Pearl River3422105
Leflore3090109
Lincoln304287
Sunflower290373
Hancock288461
Tate279062
Alcorn270754
Pike268180
Itawamba266662
Scott256048
Yazoo253756
Prentiss251153
Copiah247649
Tippah247550
Coahoma245954
Simpson241471
Leake236167
Grenada222471
Marion220273
Covington219072
Adams212370
Wayne208432
Winston205870
George203539
Newton197346
Attala196461
Tishomingo193861
Chickasaw188444
Jasper177838
Holmes171368
Clay164237
Tallahatchie155635
Stone149525
Clarke144762
Calhoun139922
Smith127725
Yalobusha121134
Walthall114037
Greene112929
Noxubee112225
Montgomery111236
Carroll106422
Lawrence105617
Perry104031
Amite100826
Webster95424
Tunica88221
Claiborne87825
Jefferson Davis87727
Benton84823
Humphreys84224
Kemper80020
Quitman7049
Franklin69617
Choctaw62513
Wilkinson59625
Jefferson56520
Sharkey44817
Issaquena1606
Unassigned00

Alabama Coronavirus Cases

Cases: 436087

Reported Deaths: 6486
CountyCasesDeaths
Jefferson63969994
Mobile31211565
Madison27851208
Tuscaloosa21233271
Montgomery19698326
Shelby19093130
Baldwin16981188
Lee13036105
Morgan12526134
Etowah11987179
Calhoun11441206
Marshall10357123
Houston8886158
Limestone827876
Cullman8203108
Elmore8120104
DeKalb7828103
Lauderdale7798103
St. Clair7763125
Talladega6394111
Walker6002177
Jackson594644
Colbert545276
Blount543986
Autauga532761
Coffee456762
Dale406883
Franklin372448
Russell349212
Chilton342873
Covington336068
Escambia330144
Dallas312096
Tallapoosa3120107
Chambers301170
Clarke293336
Pike261131
Marion251558
Lawrence250752
Winston232742
Bibb221248
Geneva208746
Marengo206529
Pickens199031
Hale182742
Barbour179337
Fayette177029
Butler172459
Cherokee164330
Henry158224
Monroe151320
Randolph144336
Washington140127
Clay129146
Crenshaw122944
Macon120937
Cleburne120724
Lamar119721
Lowndes113736
Wilcox106622
Bullock102228
Perry99118
Conecuh96821
Sumter90026
Greene76823
Coosa63215
Choctaw51724
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