Tariff fallout; China's oil trade; Remington bankruptcy

1. Trade war fears: Wall Street is bracing for more fallout from President Donald Trump's tariff ann...

Posted: Mar 26, 2018 2:23 PM
Updated: Mar 26, 2018 2:23 PM

1. Trade war fears: Wall Street is bracing for more fallout from President Donald Trump's tariff announcements.

US Treasury Secretary Steve Mnuchin calmed nerves a little on Sunday, telling Fox News that he was "cautiously hopeful" the United States and China could reach an agreement that would avert the tariffs.

"As President Trump said, we're not afraid of a trade war, but that's not our objective," he said.

Trump said Thursday that he would impose tariffs on about $50 billion worth of Chinese imports after accusing the world's second biggest economy of stealing US intellectual property.

On Friday, Trump's global tariffs on steel and aluminum, which also include China, went into effect. China has announced its own tariffs on $3 billion worth of US imports.

2. Shanghai oil trading: The Shanghai International Energy Exchange launched crude oil futures trading on Monday. It's the first time oil futures will be traded in Asia, with prices settled in Chinese yuan.

Data from Wood Mackenzie show China surpassed the United States to become the world's largest importer of crude in 2017. Its import requirements are expected to grow by more than any other country over the next five years.

"China would want to play a more active role in influencing the price of crude oil," said Sushant Gupta, Wood Mackenzie's research director.

3. Global market overview: US stock futures were pointing up.

Markets in Europe and Asia were mostly higher following heavy losses at the end of last week.

The Dow Jones industrial average closed 1.8% lower on Friday, dropping to its lowest point since November. The S&P 500 shed 2.1% and the Nasdaq declined 2.4%.

US crude futures were 0.8% lower on Monday.

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4. Earnings and economics: Uber is selling its business in Southeast Asia to local rival Grab, the companies said in a statement Monday. Uber had already admitted defeat in China and Russia.

British retailer JD Sports Fashion has announced a deal to buy Finish Line for $558 million. Shares in JD Sports Fashion were trading 3.5% higher in London.

Remington Outdoor Brands, one of the oldest and best-known gun makers in the world, filed for bankruptcy on Sunday. The move allows Remington to stay in business while restructuring its massive debt.

The French statistics agency said the country's economy grew by 0.7% in the fourth quarter. GDP growth for 2107 was 2%.

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

5. Coming this week:
Tuesday - Lululemon earnings; US consumer confidence
Wednesday - Blackberry, Gamestop and Walgreens Boots Alliance earnings; US fourth-quarter GDP final look
Thursday - Constellation Brands earnings; UK fourth-quarter GDP final look; US personal spending and consumer sentiment
Friday - US markets closed for Good Friday

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Illinois Coronavirus Cases

(Widget updates once daily at 7 p.m. CT)

Cases: 1675793

Reported Deaths: 27960
CountyCasesDeaths
Cook63468311202
DuPage1081271376
Will912621126
Lake800101085
Kane68370871
Winnebago41041560
Madison40087596
St. Clair36272596
McHenry34708329
Champaign26998197
Peoria26928368
Sangamon25754285
McLean23012218
Tazewell20647330
Rock Island18854361
Kankakee17910248
Kendall16203113
Macon15305250
LaSalle15030287
Vermilion14371199
Adams13156152
DeKalb12152133
Williamson12054174
Whiteside8297183
Jackson808694
Boone794383
Coles7888124
Ogle756887
Grundy738086
Franklin7330115
Knox7286169
Clinton7124102
Macoupin6951105
Marion6918143
Henry663777
Effingham660299
Jefferson6550143
Livingston597698
Stephenson584592
Woodford576892
Randolph5553100
Christian533682
Fulton526976
Monroe5246103
Morgan5076100
Logan495074
Montgomery491681
Lee478660
Bureau442691
Saline433869
Perry433275
Fayette430664
Iroquois421577
McDonough373761
Shelby347748
Jersey335653
Lawrence332533
Crawford332430
Douglas327337
Union306548
Wayne304063
White279833
Richland279557
Hancock274135
Cass266230
Clark265740
Pike264558
Clay258754
Edgar258049
Bond256925
Warren244066
Ford243959
Carroll236438
Moultrie234533
Johnson228131
Wabash217319
Jo Daviess216029
Massac215550
Mason214252
Washington212228
De Witt205530
Greene205340
Mercer204336
Piatt201614
Cumberland190026
Menard172213
Jasper161221
Marshall141321
Hamilton134022
Schuyler107710
Brown106510
Edwards104018
Pulaski103911
Stark81628
Gallatin7878
Alexander71912
Scott7136
Henderson70314
Calhoun6922
Hardin60116
Putnam5654
Pope5526
Unassigned1702433
Out of IL160

Indiana Coronavirus Cases

(Widget updates once daily at 8 p.m. ET)

Cases: 1003647

Reported Deaths: 16423
CountyCasesDeaths
Marion1351072116
Lake661851159
Allen57674800
Hamilton46217464
St. Joseph44210611
Elkhart35807508
Vanderburgh32162480
Tippecanoe27859258
Johnson25007444
Hendricks23795357
Porter22856365
Madison18694408
Clark18505252
Vigo17393303
Monroe15218199
LaPorte15101250
Delaware15024261
Howard14681289
Kosciusko12260147
Hancock11682175
Bartholomew11548180
Warrick11270189
Floyd11059214
Wayne10946253
Grant10019219
Morgan9438176
Boone8891116
Dubois8249131
Dearborn819893
Henry8174152
Noble8003106
Marshall7891135
Cass7519121
Lawrence7433171
Shelby7171119
Jackson695889
Gibson6567115
Harrison646691
Huntington636899
Knox6360106
DeKalb628699
Montgomery6229109
Miami591498
Putnam577678
Clinton572171
Whitley563455
Steuben558976
Wabash5309103
Jasper527879
Jefferson509297
Ripley498686
Adams479775
Daviess4653114
Scott438473
Greene423596
Wells422588
Clay421360
White417364
Decatur4152102
Fayette405787
Jennings385961
Posey375844
Washington356150
LaGrange356078
Randolph343499
Spencer338743
Fountain333860
Sullivan327852
Starke315570
Owen313970
Fulton309167
Orange292663
Jay283445
Franklin265143
Perry264852
Rush260832
Carroll260633
Vermillion257254
Parke230426
Pike228443
Tipton227259
Blackford191841
Pulaski183157
Crawford159023
Newton156848
Benton150217
Brown145747
Martin138019
Switzerland134811
Warren120816
Union107016
Ohio84213
Unassigned0540