China tariffs; Zuckerberg apology; Nike earnings

1. China tariffs: President Donald Trump is expected to announce tariffs on Chinese goods coming int...

Posted: Mar 22, 2018 11:04 AM
Updated: Mar 22, 2018 11:04 AM

1. China tariffs: President Donald Trump is expected to announce tariffs on Chinese goods coming into the United States.

The new tariffs are expected to apply to about $60 billion worth of Chinese exports to the United States. That's a little more than 10% of all Chinese goods sent to the United States in 2017.

Beijing has renewed its warning that it could retaliate if Trump follows through with his plans.

"China will certainly take all necessary measures to resolutely defend its legitimate rights and interests," the Ministry of Commerce said Thursday.

Trump has already announced new tariffs on global imports of steel and aluminum. His administration is now considering which countries should be exempt from these tariffs.

2. Zuckerberg apology: Facebook CEO Mark Zuckerberg has broken his silence over Cambridge Analytica in an interview with CNN. He apologized, and pledged to fix what he called a "breach of trust" between the social network and its users.

Facebook is facing legal action from investors and users over revelations that it allowed outsiders, including the controversial political data firm Cambridge Analytica, to access its user data.

Zuckerberg also told CNN that he was happy to testify before Congress.

Shares in Facebook were about 1% lower premarket.

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3. AT&T trial in spotlight: The Department of Justice's lawsuit to block AT&T from buying Time Warner will begin in earnest on Thursday with opening statements.

It marks the first time in 40 years the Justice Department has sued to block a merger between companies in different lines of business. The case is expected to have a big sway over the future of the media landscape and implications for other large takeover deals.

The trial is expected to last between six to eight weeks. Time Warner is the parent company of CNN.

4. Global stock market overview: European markets dipped in early trading and many Asian markets ended the day with losses.

US stock futures were also lower.

The Dow Jones industrial average, S&P 500 and Nasdaq posted small losses on Wednesday.

5. Movers and shakers: Two of the biggest market movers are tech firms: Twitter and Tencent.

Shares in Twitter declined about 2% premarket after the company's chief information security officer, Michael Coates, announced he was leaving the company.

Shares in the Chinese social media giant Tencent dropped 5% in Hong Kong as investors reacted to its annual results.

6. Earnings and economics: Carnival, Accenture, ConAgra and Darden Restaurants are set to release earnings before the open. Nike will follow after the close.

The Bank of England will issue an interest rate decision and host a news conference.

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7. Coming this week:

Thursday - Nike earnings

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