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China cuts car tariffs; Zuckerberg in Brussels; Italy's new candidate

1. China cuts car tariffs: China announced Tuesday it will cut import tariffs on passenger cars from...

Posted: May 22, 2018 12:17 PM
Updated: May 22, 2018 12:17 PM

1. China cuts car tariffs: China announced Tuesday it will cut import tariffs on passenger cars from 25% to 15%, its latest step to further open its huge economy.

The move, which the Chinese Finance Ministry said will take effect in July, fulfills a pledge made by President Xi Jinping in April.

It may also help ease trade tensions between China and the United States. The two countries said over the weekend they had agreed to suspend plans to impose new tariffs on each other's imports. That news gave a lift to US stocks on Monday.

In another indication of improving relations, The Wall Street Journal and other outlets are reporting that Washington and Beijing are nearing a deal to lift a crippling ban on Chinese telecommunications company ZTE that prevents it from buying American parts. The Chinese Foreign Ministry declined to comment on the reports.

2. Zuckerberg in Brussels: Mark Zuckerberg is set to testify before the European Parliament at 12 p.m. ET on Tuesday.

Facebook is under close scrutiny in Europe following the Cambridge Analytica data scandal. Information about 2.7 million Europeans was exposed without their knowledge, according to the European Commission.

Zuckerberg will meet leaders of the European Parliament's main political groups and members of its justice committee. Under pressure, the Facebook CEO has agreed for the hearing to be streamed live online.

The meeting comes at a crucial time: Europe's sweeping new data protection law comes into effect on Friday.

3. Italy's leadership contender: Italian stock markets and the euro posted small gains early on Tuesday as the country moved closer towards forming a new government.

The populist Five Star Movement put forward Giuseppe Conte, a little-known law professor with no political experience, to become prime minister of a coalition government with a far-right party.

Italian government bonds have been hit hard by fears that the new government could embark on a spending spree. Borrowing costs skyrocketed because investors are worried about the country's ability to repay its debts.

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4. Global market overview: US stock futures were pointing higher early Tuesday. The Dow Jones Industrial Average gained 1.2% on Monday, while the S&P 500 was up 0.7% and the Nasdaq climbed 0.5%.

European markets opened mostly higher, following a mixed trading session in Asia. Markets in Hong Kong and South Korea were closed for public holidays.

US oil futures jumped 0.5% early Tuesday to trading around $72.70, the highest level since late 2014.

5. Earnings: Kohl's is set to report earnings before the opening bell on Tuesday. Urban Outfitters and Hewlett Packard will follow after the close.

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6. Coming this week:
Tuesday - Kohl's reports earnings
Wednesday - New home sales report; Lowe's, Tiffany and Target and L Brands report earnings
Thursday - Existing home sales report; Best Buy and Gap report earnings
Friday - EU General Data Protection Regulation goes into effect

Minnesota Coronavirus Cases

Data is updated nightly.

Cases: 489116

Reported Deaths: 6614
CountyCasesDeaths
Hennepin1014901592
Ramsey43327810
Dakota36619394
Anoka33496391
Washington22208262
Stearns18822202
St. Louis14887265
Scott13403107
Wright12609116
Olmsted1185990
Sherburne878574
Carver787641
Clay695588
Rice677691
Blue Earth601035
Kandiyohi581274
Crow Wing523582
Chisago501745
Otter Tail486071
Benton450990
Winona419749
Mower410831
Douglas394568
Goodhue389069
Nobles387247
Polk345063
McLeod341250
Beltrami338951
Morrison327747
Becker314842
Itasca314646
Lyon313845
Isanti309456
Steele303611
Carlton300449
Freeborn286424
Pine283216
Nicollet262441
Todd249730
Brown248237
Le Sueur238120
Mille Lacs229447
Cass221224
Waseca210417
Meeker208134
Martin190829
Wabasha18733
Roseau181017
Hubbard161041
Houston158214
Dodge15404
Renville152640
Redwood147127
Fillmore13969
Pennington138716
Chippewa136935
Cottonwood136020
Wadena131420
Faribault124917
Aitkin119133
Sibley118310
Watonwan11828
Rock116314
Kanabec108820
Pipestone101824
Yellow Medicine97717
Murray9548
Jackson94610
Swift87818
Pope8165
Marshall78615
Stevens7478
Lake74218
Clearwater72014
Lac qui Parle68716
Wilkin67711
Koochiching62111
Big Stone5173
Lincoln5122
Grant4928
Norman4798
Unassigned44768
Mahnomen4437
Kittson41021
Red Lake3615
Traverse3115
Lake of the Woods2221
Cook1190

Iowa Coronavirus Cases

Data is updated nightly.

Cases: 337676

Reported Deaths: 5494
CountyCasesDeaths
Polk52087560
Linn19512317
Scott17167212
Black Hawk14970293
Woodbury13847214
Johnson1317075
Dubuque12450196
Dallas1022593
Pottawattamie9897146
Story965045
Warren514976
Clinton502684
Cerro Gordo501383
Webster495788
Sioux480369
Marshall465273
Des Moines428461
Muscatine426393
Buena Vista413237
Wapello4059110
Jasper387767
Plymouth368978
Lee354653
Marion341571
Jones285155
Henry279837
Bremer270555
Carroll266948
Crawford253635
Boone244330
Benton241154
Washington239547
Mahaska215746
Jackson210339
Dickinson204240
Tama203065
Kossuth198655
Delaware186240
Clay184425
Winneshiek183628
Fayette179335
Page178119
Buchanan177829
Wright174531
Hamilton173942
Cedar172723
Hardin170239
Harrison167670
Clayton160254
Butler159331
Mills148520
Floyd148141
Poweshiek148030
Cherokee146236
Lyon145741
Allamakee144848
Madison143218
Iowa140723
Hancock138030
Grundy132430
Winnebago130531
Calhoun129611
Cass129651
Jefferson128634
Appanoose123247
Louisa122644
Mitchell120740
Chickasaw119915
Union119331
Sac118818
Shelby117634
Emmet115340
Humboldt113725
Franklin109719
Guthrie109628
Palo Alto101721
Howard99722
Unassigned9720
Montgomery96936
Clarke95120
Keokuk92429
Monroe90028
Ida81832
Adair81630
Pocahontas80919
Davis76623
Monona76527
Greene73110
Lucas72221
Osceola68315
Worth6678
Taylor64112
Decatur5719
Fremont5619
Van Buren53718
Ringgold50620
Audubon4759
Wayne47221
Adams3194
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