G7 summit angst; ZTE deal; IMF in Argentina

1. G7 rattle markets: Global stocks have dipped ahead of a G7 summit in Canada that promises awkward...

Posted: Jun 8, 2018 11:03 AM
Updated: Jun 8, 2018 11:03 AM

1. G7 rattle markets: Global stocks have dipped ahead of a G7 summit in Canada that promises awkwardness -- and maybe even confrontation.

Diplomatic tensions and an escalating trade war mean that President Donald Trump can expect a chilly reception at the summit, which some have dubbed the G6+1.

"With new US tariffs now lodged against all but one of the remaining six members and Trump tweeting his still combative mood overnight, some leaders might be wondering if there might be more productive ways to spend their time this weekend," said Ken Odeluga, an analyst at City Index.

Investors were looking for safe havens on Friday. The Swiss franc was trading higher against the dollar and gold also posted gains.

US stock futures were pointing down. European and Asian markets were also lower.

The Dow Jones industrial average closed 0.4% higher on Thursday. The S&P 500 dropped 0.1% and the Nasdaq shed 0.7%.

2. What's next for ZTE? Questions continue to swirl following a deal between the United States and Chinese tech company ZTE.

The Trump administration had banned the state-controlled smartphone maker from buying US parts. ZTE agreed to pay $1 billion and change its corporate leadership to have the ban lifted.

ZTE also agreed to an US-appointed oversight team keeping tabs on the company from the inside. That arrangement took experts by surprise, and some questioned how it could work.

3. BT boss is out: UK media group BT has announced that CEO Gavin Patterson will step down later this year following weak earnings and shareholder skepticism over restructuring plans.

Patterson, who has led BT since 2013, announced plans last month to cut 13,000 jobs as part of a restructuring designed to simplify the group's management structure.

He also said the company would quit its 10-story headquarters in central London.

4. IMF bails out Argentina: The International Monetary Fund has agreed to grant Argentina a $50 billion line of credit to help the country out of a deep financial crisis.

The IMF said Thursday that its negotiators have reached three-year agreement with the Argentine government, which reached out to the fund for assistance about a month ago as its currency plunged.

The Argentine peso has dropped about 20% against the dollar since late April.

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5. Economics: The Bank of England has released a quarterly inflation expectation survey that shows Brits expect inflation over the coming year to be 2.9%.

Canadian unemployment data for May will be released at 8 a.m. ET. The Baker Hughes US oil rig count report will be published at 1 p.m. ET.

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6. Coming this week:
Friday - Baker Hughes US oil rig count 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
Rochester
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Austin
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