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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 9:03 AM
Updated: Jun 8, 2018 9:03 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.

Markets Now newsletter: Get a global markets snapshot in your inbox every afternoon. Sign up now!

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

California Coronavirus Cases

Data is updated nightly.

Confirmed Cases: 117215

Reported Deaths: 4305
CountyConfirmedDeaths
Los Angeles572192448
Riverside8155342
San Diego7554269
Orange6574150
San Bernardino5501208
Alameda351597
Santa Clara2819143
San Francisco258743
Kern237639
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Kings11375
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Stanislaus75029
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Sonoma5664
Solano54622
Marin50115
Merced3017
San Luis Obispo2781
Placer2289
Santa Cruz2172
Yolo21324
Madera1143
Napa1133
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Sutter462
Del Norte460
Nevada421
Shasta394
Mono371
Mendocino300
Yuba301
Lake260
Inyo201
Glenn170
Mariposa161
Calaveras150
Amador100
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The Heat Advisory will stay in place through Thursday evening. Cooler temperatures and the potential for showers and thunderstorms are ahead for your weekend.
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