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.

Confirmed Cases: 26980

Reported Deaths: 1159
CountyConfirmedDeaths
Hennepin9099657
Ramsey3351149
Stearns205614
Nobles15775
Anoka152779
Dakota144664
Washington70035
Olmsted68911
Rice5243
Kandiyohi5141
Scott4712
Clay44930
Mower4462
Wright3492
Todd3441
Sherburne2492
Carver2402
Benton1853
Steele1700
Freeborn1590
Blue Earth1490
Martin1355
St. Louis11914
Lyon1012
Unassigned9611
Pine930
Nicollet8811
Cottonwood820
Winona8115
Crow Wing815
Watonwan790
Carlton750
Goodhue736
Otter Tail731
Chisago691
Polk632
Itasca5610
Dodge540
Chippewa521
Morrison480
Le Sueur471
Douglas460
Meeker460
Becker440
Jackson420
Murray410
McLeod410
Isanti360
Pennington300
Waseca290
Mille Lacs241
Rock230
Faribault220
Wabasha200
Swift191
Beltrami180
Sibley170
Brown172
Fillmore171
Norman150
Pipestone130
Kanabec121
Aitkin120
Marshall120
Cass112
Big Stone110
Wilkin113
Wadena100
Pope100
Koochiching90
Redwood70
Yellow Medicine70
Renville70
Mahnomen61
Lincoln60
Red Lake40
Traverse40
Grant40
Clearwater30
Houston30
Hubbard30
Lac qui Parle30
Roseau30
Stevens10
Lake10
Kittson10

Iowa Coronavirus Cases

Data is updated nightly.

Confirmed Cases: 21114

Reported Deaths: 593
CountyConfirmedDeaths
Polk4614140
Woodbury286137
Black Hawk178849
Buena Vista10672
Linn97879
Dallas95226
Marshall91418
Wapello63615
Johnson6198
Muscatine56741
Crawford5512
Tama41129
Scott38510
Dubuque35921
Louisa35011
Pottawattamie31910
Sioux3060
Jasper26917
Wright2210
Washington1968
Warren1671
Plymouth1522
Story1311
Allamakee1204
Mahaska9913
Poweshiek928
Hamilton760
Webster741
Henry732
Boone720
Bremer716
Clarke690
Des Moines681
Taylor660
Clinton651
Guthrie553
Cedar501
Benton431
Cherokee410
Monroe415
Jones370
Shelby370
Osceola360
Jefferson360
Marion350
Dickinson350
Buchanan341
Iowa340
Clayton343
Cerro Gordo331
Madison292
Lee290
Sac280
Davis280
Emmet270
Fayette270
Clay270
Monona260
Harrison260
Hardin240
Lyon240
Winneshiek240
Lucas222
Mills200
Grundy200
Franklin200
Humboldt201
Pocahontas200
Delaware191
Floyd191
Hancock180
Appanoose173
Butler161
Kossuth160
Carroll151
Ida150
Greene150
Keokuk140
Jackson140
Page140
Audubon131
Cass130
Chickasaw130
Howard120
Winnebago110
Calhoun100
Union100
Van Buren90
Adair90
Montgomery92
Adams70
Palo Alto70
Ringgold40
Fremont40
Mitchell40
Worth30
Unassigned20
Wayne10
Decatur10
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