Trade war fears; Italy roller coaster; Softer banking rules

1. Trade war fears: The Trump administration must soon decide whether to impose tariffs on steel and...

Posted: May 31, 2018 11:29 AM
Updated: May 31, 2018 11:29 AM

1. Trade war fears: The Trump administration must soon decide whether to impose tariffs on steel and aluminum products from the European Union, Canada and Mexico.

The decision on whether to extend tariff exemptions could be announced as soon as Thursday, according to media reports.

Moving ahead with the metal tariffs would escalate trade tensions, and potentially spark retaliatory measures. The European Union and Canada have both pledged to strike back.

The United States is juggling potential trade conflicts on several fronts. The Trump administration announced Tuesday it would impose tariffs on $50 billion worth of Chinese goods and restrict Chinese investment in the United States.

China said Wednesday it was ready to retaliate.

2. Roller coaster in Italy: Investors are trying to get their heads around the latest drama in Italian politics.

The main stock market in Milan has bounced back after days of heavy losses. Yields on government bonds have also dropped, indicating that investor fears have subsided.

However, investors remain worried about a populist government or new elections that could boost euroskeptic politicians.

The rest of Europe is worried about contagion.

"A debate is raging in Brussels over whether the European Union should 'do a Brexit' and let the Italian situation resolve itself, or intervene to try and influence the outcome of the potential early election," Eurasia Group analysts wrote in a research note.

3. Softer US banking rules: Regulators unveiled the first rewrite of the Volcker rule on Wednesday. The post-financial crisis regulation bars banks from making risky trades with their own money, including customer deposits.

Fed Chairman Jerome Powell said in a statement that the proposed change would strike at "some of the uncertainty and complexity that now make it difficult for firms to know how best to comply, and for supervisors to know that they are in compliance."

4. Global market overview: US stock futures were pointing higher.

Most major European and Asian markets posted gains.

The Dow Jones industrial average and the S&P 500 closed 1.3% higher on Wednesday, while the Nasdaq added 0.9%.

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5. Earnings and economics: Dollar General, Dollar Tree, Express, and Sears Holdings are set to release earnings before the open. Costco and lululemon athletica will follow after the close.

Facebook is scheduled to hold its 2018 stockholder meeting on Thursday. The company could face tough questions from investors following its privacy scandal.

The US Bureau of Economic Analysis will release personal income and spending reports for April at 8:30 a.m. ET.

The weekly report on US crude inventories will be published by the Energy Information Administration at 11:00 a.m.

Eurozone inflation data for May is out at 5:00 a.m. Canada's first quarter GDP figures will be published at 8:30 a.m.

Markets Now newsletter: Get a global markets snapshot in your inbox every afternoon. Sign up now!

6. Coming this week:
Thursday - Facebook annual shareholder meeting
Friday - May jobs report

Minnesota Coronavirus Cases

Data is updated nightly.

Cases: 445047

Reported Deaths: 5955
CountyCasesDeaths
Hennepin924911470
Ramsey39703735
Dakota32788331
Anoka30811360
Washington20004225
Stearns17775185
St. Louis13546240
Scott1189996
Wright11548102
Olmsted1035775
Sherburne815765
Carver691436
Clay648478
Rice600166
Kandiyohi552871
Blue Earth538033
Crow Wing479673
Otter Tail453464
Chisago449732
Benton416785
Winona386246
Douglas372466
Nobles366746
Mower362328
Goodhue343657
Polk327756
McLeod323144
Morrison310043
Beltrami308746
Lyon299835
Itasca282643
Becker281738
Isanti281141
Carlton278143
Steele27119
Pine265113
Freeborn241320
Todd230929
Nicollet223336
Brown213734
Mille Lacs212845
Le Sueur208515
Cass206123
Meeker198533
Waseca188816
Martin169126
Wabasha16883
Roseau165316
Hubbard148338
Redwood139227
Renville136539
Houston135313
Dodge13304
Chippewa130832
Cottonwood126518
Fillmore12215
Wadena119416
Rock109512
Sibley10797
Aitkin107133
Watonwan10618
Faribault104615
Pennington97715
Kanabec97218
Pipestone93823
Yellow Medicine93314
Murray8655
Jackson85010
Swift83018
Pope7355
Marshall70115
Stevens6978
Clearwater68514
Lac qui Parle65616
Lake62915
Wilkin6229
Koochiching59010
Lincoln4821
Big Stone4543
Unassigned43468
Grant4257
Norman4228
Mahnomen4087
Kittson37019
Red Lake3164
Traverse2473
Lake of the Woods1801
Cook1130

Iowa Coronavirus Cases

Data is updated nightly.

Cases: 303065

Reported Deaths: 4267
CountyCasesDeaths
Polk45335447
Linn17673274
Scott15356163
Black Hawk13648236
Woodbury12945175
Johnson1202149
Dubuque11300149
Pottawattamie8934112
Dallas881171
Story863434
Webster467471
Cerro Gordo462968
Sioux453356
Clinton448361
Warren437538
Marshall425561
Buena Vista391529
Muscatine386177
Des Moines380641
Plymouth348868
Wapello340898
Jasper319658
Lee313530
Marion301752
Jones269649
Henry263230
Carroll253034
Bremer242048
Crawford228122
Boone216217
Washington214231
Benton208544
Jackson190831
Mahaska190736
Tama185657
Dickinson184226
Delaware172236
Kossuth170543
Clay166019
Wright162724
Fayette159522
Buchanan158023
Hamilton157829
Winneshiek154819
Harrison154462
Hardin153929
Cedar151419
Clayton150748
Butler146424
Page143715
Cherokee138127
Floyd137936
Mills136016
Lyon133632
Poweshiek132324
Hancock128824
Allamakee126827
Iowa122822
Calhoun12209
Grundy120026
Jefferson119524
Madison11869
Winnebago118229
Mitchell115634
Louisa114130
Cass112541
Chickasaw110512
Emmet110231
Sac110215
Appanoose109638
Union108122
Humboldt104219
Guthrie102224
Shelby101326
Franklin101218
Unassigned9210
Palo Alto9019
Keokuk84325
Montgomery84022
Howard82519
Monroe80518
Clarke7817
Pocahontas77211
Ida73830
Greene6887
Davis68721
Adair68620
Lucas6468
Osceola6349
Monona63316
Worth5983
Taylor5919
Fremont5036
Van Buren49412
Decatur4784
Ringgold4269
Wayne41421
Audubon4108
Adams2953
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