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 11:04 AM
Updated: Aug 23, 2018 11:04 AM

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

California Coronavirus Cases

Data is updated nightly.

Confirmed Cases: 252895

Reported Deaths: 6334
CountyConfirmedDeaths
Los Angeles1078263457
Riverside19450479
Orange16191363
San Diego15696387
San Bernardino13676269
Imperial7039114
Alameda6556140
Fresno585177
Kern513081
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San Joaquin447455
Sacramento400469
San Francisco377650
Contra Costa356481
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Santa Barbara326129
Ventura324047
Marin271921
Kings260032
Stanislaus253144
Monterey191515
Solano147625
Sonoma135911
Merced127211
Placer82811
San Luis Obispo7012
Yolo61325
Madera5785
Santa Cruz4553
Napa3764
San Benito2652
Sutter2433
Lassen2420
El Dorado2260
Butte2063
Shasta1484
Humboldt1444
Nevada1291
Glenn1220
Yuba1061
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Lake870
Mendocino850
Colusa700
Del Norte581
Calaveras530
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Tuolumne430
Inyo331
Amador310
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Mariposa271
Plumas110
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Today was hot and tomorrow will be as well. But slightly below average temperatures move in as we see a dip in the jet stream.
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