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US-China trade war ramps up; Stocks steady; Alibaba earnings

1. US-China trade war intensifies: The Trump Administration's latest round of tariffs on Ch...

Posted: Aug 23, 2018 1:04 PM
Updated: Aug 23, 2018 1:04 PM

1. US-China trade war intensifies: The Trump Administration's latest round of tariffs on Chinese goods have kicked in, drawing immediate retaliation from Beijing.

The new exchange of fire between the two economic superpowers comes as officials from both countries hold talks in Washington over the dispute.

The United States imposed 25% tariffs on another $16 billion of Chinese goods just after midnight ET Thursday -- midday in Beijing. The tax affects 279 Chinese products, including chemical products and motorcycles.

China responded immediately with 25% tariffs on an equal amount of American goods, such as chemical products and diesel fuel.

Both China and the United States have now imposed tariffs on $50 billion of each other's goods in the clash, which the Trump administration launched in an effort to punish China for what it says are unfair trade practices.

The US Federal Reserve warned this week that a "major escalation" of trade disputes could speed American inflation and cause businesses to pull back on investment.

2. Global market overview: US stock futures were steady. Commodity prices dipped, led by metals.

European stock markets inched higher in early trading. Asian markets ended mixed.

The Dow Jones industrial average dripped 0.3% on Wednesday, while the S&P 500 was flat and the Nasdaq rose 0.4%.

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3. Ryanair stock takes off: Shares in Ryanair rose 6.5% after the airline said it reached a labor agreement with the Irish pilot union, Forsa.

The company recognized unions in late 2017 and began negotiating on issues including wages and working conditions. If the Irish pilots vote in favor of the deal, it would be the first time the discount airline has signed a collective labor agreement with any of its pilots.

Investors hope the deal signals the end a string of damaging summer strikes. Other pilot unions in countries including Germany and Spain are also negotiating with Ryanair.

4. Earnings and economics: Alibaba, Hormel Foods and The Children's Place will release earnings before the US open.

Gap, HP and Intuit are set to release earnings after the close.

Shares in Australian airline Qantas dipped 3% as investors reacted to earnings that showed the company is getting squeezed by higher fuel costs.

The annual Jackson Hole Economic Symposium — a major event for central bankers — kicks off on Thursday. Federal Reserve Chairman Jerome Powell is speaking at the event on Friday.

The US Census Bureau will publish June data on new home sales at 10 a.m. ET.

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5. Coming this week:

Thursday Alibaba, HP, Ross Stores and Gap earnings
Friday Foot Locker earnings

Minnesota Coronavirus Cases

Data is updated nightly.

Confirmed Cases: 60898

Reported Deaths: 1698
CountyConfirmedDeaths
Hennepin19271835
Ramsey7572265
Dakota4414106
Anoka3683114
Stearns289320
Washington212845
Nobles17646
Olmsted173223
Scott155919
Mower11012
Rice10328
Blue Earth9185
Wright8845
Carver8613
Clay78440
Sherburne7238
Kandiyohi6961
St. Louis55319
Todd4262
Lyon4253
Freeborn3591
Steele3482
Nicollet33713
Benton3203
Watonwan3080
Winona26116
Beltrami2400
Crow Wing23514
Le Sueur2201
Martin2075
Chisago2011
Goodhue1969
Otter Tail1943
McLeod1810
Cottonwood1780
Becker1571
Pipestone1579
Polk1534
Waseca1480
Itasca14712
Douglas1441
Carlton1370
Unassigned13441
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Isanti1250
Murray1221
Chippewa1041
Morrison921
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Faribault870
Jackson860
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Rock850
Sibley832
Koochiching773
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Cass722
Mille Lacs713
Renville645
Fillmore630
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Grant553
Swift531
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Pope480
Houston420
Aitkin401
Norman400
Kanabec361
Redwood360
Wilkin343
Hubbard330
Marshall290
Mahnomen271
Wadena270
Red Lake240
Big Stone220
Lake210
Stevens180
Clearwater140
Traverse110
Lac qui Parle70
Cook50
Kittson30
Lake of the Woods20

Iowa Coronavirus Cases

Data is updated nightly.

Confirmed Cases: 48781

Reported Deaths: 929
CountyConfirmedDeaths
Polk10309207
Woodbury371952
Black Hawk312766
Linn237588
Johnson209619
Dallas188535
Buena Vista179412
Scott171814
Dubuque167631
Marshall144426
Pottawattamie132526
Story116614
Wapello90033
Muscatine84748
Webster8017
Crawford7283
Sioux6343
Cerro Gordo62517
Warren5641
Tama55129
Jasper47826
Wright4721
Plymouth4629
Clinton3973
Dickinson3814
Louisa37814
Washington29810
Boone2583
Hamilton2461
Franklin24110
Bremer2267
Clarke2013
Carroll1921
Emmet1924
Clay1901
Shelby1841
Hardin1810
Des Moines1792
Marion1730
Poweshiek1598
Benton1561
Jackson1561
Allamakee1554
Floyd1552
Mahaska13917
Cedar1331
Guthrie1325
Jones1302
Buchanan1271
Henry1254
Hancock1222
Butler1212
Madison1212
Pocahontas1152
Lee1143
Lyon1132
Delaware1121
Humboldt1111
Cherokee1081
Harrison1071
Clayton1043
Taylor980
Iowa971
Winneshiek971
Page940
Kossuth910
Monona910
Mills890
Sac850
Jefferson840
Palo Alto840
Winnebago840
Calhoun832
Osceola830
Fayette820
Grundy791
Mitchell780
Union771
Cass741
Monroe737
Lucas684
Worth660
Montgomery594
Davis572
Chickasaw540
Appanoose493
Howard490
Fremont420
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Van Buren371
Keokuk351
Adair300
Ida290
Audubon281
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Wayne191
Adams160
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