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Tariff reaction; Brexit speech; Earnings pain

1. Tariff reaction: Traders around the world are demonstrating their disapproval of President Trump'...

Posted: Mar 2, 2018 11:17 AM
Updated: Mar 2, 2018 11:17 AM

1. Tariff reaction: Traders around the world are demonstrating their disapproval of President Trump's plans for heavy tariffs on steel and aluminum imports.

Investors are worried Trump's protectionist stance could set off a wave of retaliatory moves that would hurt businesses from South Korea to Canada.

The United States is the world's biggest importer of steel and aluminum, so the introduction of import tariffs is expected to ripple throughout the global economy.

European markets declined in early trading, with some indexes down by more than 1%. Asian markets closed with losses.

Steelmakers were hard hit. In Europe, ThyssenKrupp was down 3%, Salzgitter dropped by nearly 5% and ArcelorMittal was off by nearly 4%. China's Baoshan Iron & Steel and Japan's Nippon Steel both dropped nearly 4%.

US stock futures were negative. The Dow Jones industrial average dropped 1.7% on Thursday, the S&P 500 fell by 1.3% and the Nasdaq declined 1.3%.

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2. Brexit focus: UK Prime Minister Theresa May will deliver what's billed as a major speech on Brexit.

According to excerpts from the speech, she will say that Britain and the EU should be able to forge a deeper and broader free trade agreement than anywhere else in the world.

May has said that she wants trade between the UK and Europe to be "as frictionless as possible" after Brexit.

But what will be possible outside the EU's internal market and customs union?

"There can be no frictionless trade outside of the customs union and the single market," Donald Tusk, president of the council of all 28 EU member states, said on Thursday. "Friction is an inevitable side effect of Brexit. By nature."

3. Stock market movers -- Gap, Nordstrom, American Outdoor Brands: Shares in Gap were up 9% premarket after the company reported better-than-expected earnings.

Shares in Nordstrom were down 4% premarket after the retailer published disappointing results on Thursday.

Shares in American Outdoor Brands were set to tank 12% after it posted rough quarterly earnings. The company, which owns the Smith & Wesson brand, reported a 33% drop in sales from the previous year, and profits that sank 65%.

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4. Coming this week:

Friday - Earnings from Foot Locker, JCPenney and JD.com, University of Michigan releases its final Consumer Sentiment Index for February

California Coronavirus Cases

Data is updated nightly.

Cases: 3095814

Reported Deaths: 35549
CountyCasesDeaths
Los Angeles104602114641
San Bernardino2587421561
Riverside2558082739
San Diego2197312222
Orange2178492546
Santa Clara959361158
Kern87240572
Fresno83591968
Sacramento816871128
Alameda69107842
Ventura63413462
San Joaquin58843788
Contra Costa53349460
Stanislaus43392773
Tulare42186515
Monterey36464255
San Mateo33207309
San Francisco29665274
Solano26191108
Santa Barbara25405243
Imperial25380486
Merced24570316
Sonoma24262242
Kings19588148
Placer17584186
San Luis Obispo16056140
Madera13585151
Santa Cruz12461113
Marin11732159
Yolo10852138
Shasta9750123
Butte9582128
El Dorado788649
Sutter782879
Napa773145
Lassen519916
San Benito504246
Yuba499627
Tehama433244
Tuolumne340340
Nevada323874
Mendocino319232
Amador303631
Lake264631
Humboldt245825
Glenn195520
Colusa17969
Calaveras163723
Siskiyou145713
Mono11244
Inyo98329
Del Norte8672
Plumas5895
Modoc3853
Mariposa3464
Trinity3044
Sierra820
Alpine730
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