China hits US sorghum; Tesla's pause; Goldman Sachs earnings

1. China steps up trade fight: China has slapped a huge charge on American imports ...

Posted: Apr 17, 2018 1:21 PM
Updated: Apr 17, 2018 1:21 PM

1. China steps up trade fight: China has slapped a huge charge on American imports of sorghum, accusing the United States of dumping the crop on its markets.

From Wednesday, Chinese customs officers will charge importers a fee of about 179% on US shipments of the crop after an investigation found they were being unfairly subsidized and damaging Chinese producers.

Sorghum is used to feed livestock and make a liquor that's very popular with Chinese drinkers. China is the largest buyer of American sorghum products. It imported about $960 million worth last year, according to Chinese data.

Broader trade tensions remain high: The United States cracked down on one of China's biggest tech companies, ZTE, on Monday. It banned the smartphone maker from buying components from American firms.

2. Testing times for Tesla: Tesla announced Monday it had temporarily suspended production of its Model 3.

Tesla said that it's pressing pause in order "to improve automation" and deal with bottlenecks. The company declined to say how long the stoppage would last.

Tesla's stock has been battered by worries that it's behind on production of the Model 3. The sedan is an attempt by the company to shift from producing small numbers of luxury vehicles to making cars on a much larger scale.

3. Blockbuster bank earnings: Goldman Sachs is set to report its earnings before the opening bell on Tuesday. Investors are hoping it will follow the trend set by its rivals and top analysts' forecasts.

It's been a strong earning season for the banks so far. Bank of America reported its highest profits in history on Monday, taking out the previous record set in 2011. JPMorgan Chase, the largest US bank, posted a 35% jump in earnings on Friday. Citigroup and Wells Fargo also beat forecasts.

The strong earnings are at least partly because of President Donald Trump's tax cuts. The banks also benefited from recent market volatility as clients rushed to execute buy and sell trading orders. And the strong economy in the United States and abroad is adding to the momentum.

4. China powers ahead: China's economy grew 6.8% in the first quarter of 2018, according to government data published Tuesday.

China's government said last month that it's aiming for economic growth of around 6.5% for the full year, lower than the 6.9% that it reported for 2017.

There will be more news on the global economy when the International Monetary Fund publishes its latest World Economic Outlook at 9 a.m. ET.

5. Global market overview: US stock futures were pointing up early on Tuesday.

European markets were mostly higher, while markets in Asia ended the session mixed.

The Dow Jones industrial average closed 0.9% higher on Monday, while the S&P 500 added 0.8% and the Nasdaq gained 0.7%.

Walgreen and other pharmacy stocks jumped on Monday on reports that Amazon is backing away from selling prescription drugs.

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6. Earnings and economics: Johnson & Johnson and UnitedHealth are set to report their earnings before the opening bell on Tuesday. IBM and United Continental, the owner of United Airlines, will follow after the close.

Netflix jumped 6% in premarket trading after the company reported stronger than expected subscriber numbers.

The latest US housing markets statistics will be released by the Census Bureau at 8:30 a.m. ET.

Unemployment in the United Kingdom dropped to 4.2% in the three months to February, the lowest since 1975.

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7. Coming this week:

Tuesday - Goldman Sachs, United earnings
Wednesday - Morgan Stanley, American Express earnings
Thursday -
BNY Mellon earnings
Friday - State Street, Procter & Gamble, GE earnings

Minnesota Coronavirus Cases

Data is updated nightly.

Confirmed Cases: 58640

Reported Deaths: 1677
CountyConfirmedDeaths
Hennepin18641828
Ramsey7233261
Dakota4188104
Anoka3515114
Stearns286420
Washington200944
Nobles17536
Olmsted168823
Scott147918
Mower10942
Rice10138
Blue Earth8745
Wright8475
Carver8162
Clay76840
Sherburne7037
Kandiyohi6871
St. Louis48619
Todd4222
Lyon4213
Freeborn3581
Steele3381
Nicollet32913
Benton3153
Watonwan3010
Winona25416
Crow Wing22514
Beltrami2150
Le Sueur2101
Martin2045
Chisago1891
Goodhue1878
Otter Tail1853
Cottonwood1750
Becker1501
McLeod1480
Pipestone1479
Polk1453
Waseca1380
Douglas1360
Itasca13512
Carlton1320
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Dodge1250
Murray1221
Isanti1160
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Meeker852
Morrison851
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Rock770
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Pennington731
Jackson720
Cass712
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Renville625
Fillmore610
Lincoln540
Grant523
Swift521
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Pope460
Roseau460
Houston410
Norman370
Kanabec321
Redwood320
Wilkin323
Hubbard300
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Marshall290
Mahnomen261
Wadena240
Red Lake230
Big Stone220
Lake200
Stevens170
Clearwater150
Traverse100
Lac qui Parle60
Kittson30
Cook20
Lake of the Woods10

Iowa Coronavirus Cases

Data is updated nightly.

Confirmed Cases: 47424

Reported Deaths: 910
CountyConfirmedDeaths
Polk10032206
Woodbury369151
Black Hawk308463
Linn227987
Johnson202116
Dallas184635
Buena Vista179112
Scott165514
Dubuque162331
Marshall142525
Pottawattamie128426
Story114114
Wapello87233
Muscatine84048
Webster7727
Crawford7263
Sioux6143
Cerro Gordo59617
Warren5471
Tama54529
Jasper46626
Wright4551
Plymouth4528
Louisa38014
Dickinson3774
Clinton3623
Washington29310
Boone2442
Hamilton2441
Franklin2339
Bremer2037
Clarke1953
Emmet1882
Carroll1851
Shelby1771
Clay1761
Hardin1730
Marion1620
Allamakee1544
Poweshiek1538
Des Moines1522
Jackson1481
Benton1461
Floyd1432
Mahaska13917
Guthrie1315
Cedar1281
Jones1272
Buchanan1231
Hancock1212
Butler1192
Henry1193
Pocahontas1151
Madison1142
Lyon1092
Lee1073
Cherokee1031
Clayton1023
Harrison1020
Humboldt1001
Delaware991
Taylor960
Iowa941
Monona910
Winneshiek911
Mills850
Page850
Calhoun832
Kossuth830
Sac820
Fayette810
Jefferson800
Palo Alto800
Osceola790
Mitchell780
Winnebago770
Grundy761
Union751
Monroe697
Worth650
Lucas574
Chickasaw540
Montgomery534
Davis521
Cass501
Howard490
Appanoose473
Greene390
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