China tariffs; Second quarter kicks off; Bahrain oil find

1. China strikes back: Beijing says that tariffs on about $3 billion worth of US imports are going i...

Posted: Apr 2, 2018 3:10 PM
Updated: Apr 2, 2018 3:10 PM

1. China strikes back: Beijing says that tariffs on about $3 billion worth of US imports are going into effect Monday, hitting 128 products ranging from pork to steel pipes.

The sanctions include tariffs of 15% on 120 American products -- such as fruits, nuts, wine and steel pipes -- and 25% on eight other products, including pork and recycled aluminum.

First proposed 10 days ago, the penalties are a response to President Donald Trump's tariffs on imports of steel and aluminum from China and some other countries.

Experts fear that tit-for-tat retaliatory measures could turn into a trade war.

"Trade dispute will continue to dominate investors' decisions heading into the second quarter," said Hussein Sayed, Chief Market Strategist at FXTM.

2. Second quarter kickoff: US stock futures were pointing lower on the first trading day of the second quarter.

Investors are eager to turn the page on the first three months of the year, which were marked by increased volatility.

The Dow lost more than 2% in the first quarter -- snapping its longest quarterly win streak in 20 years, and marking the worst performance since 2015.

European markets were closed on Monday. Asian markets ended mixed.

Gold prices jumped 0.6% following the Chinese tariff announcement as investors looked for safe havens.

3. Thursday market recap: The Dow added 1.1% on the final day of trading before the holiday break, while the S&P 500 gained 1.4% and the Nasdaq closed 1.6% higher.

4. Bahrain's big find: Bahrain has discovered its biggest oil field since 1932, according to the kingdom's official news agency.

The agency said the new oil field is forecast to contain "highly significant quantities" of oil and gas. It said the find it "understood to dwarf Bahrain's current reserves," but did not give details on volume.

Bahrain is not a member of OPEC, but it has signed an agreement with the cartel and other major producers to curtail output. That deal, which runs until the end of 2018, is designed to rid markets of excess oil and support prices.

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5. Companies and economics: Alibaba said Sunday it is buying the part of online food delivery service Ele.me it doesn't already own, in a deal that values the startup at $9.5 billion.

The Institute for Supply Management will release its US manufacturing report for March at 10 a.m. ET.

An official government index that tracks manufacturing activity in China jumped in March. But a second index produced by Chinese media group Caixin, which places more weigh on smaller firms, declined.

"This suggests that while the recent easing of pollution controls has led to a rebound in heavy industry, broader economic activity may not have picked up much as a result," said Julian Evans-Pritchard, senior China economist at Capital Economics.

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6. Coming this week:
Monday - Manufacturing ISM report
Tuesday - Spotify IPO expected
Wednesday - ADP National Employment Report
Thursday - February trade deficit report
Friday - US jobs report

Indiana Coronavirus Cases

Data is updated nightly.

Cases: 608519

Reported Deaths: 9693
CountyCasesDeaths
Marion840461335
Lake45349684
Allen32803548
Hamilton29394315
St. Joseph27380381
Elkhart24404345
Vanderburgh19411249
Tippecanoe17970138
Johnson15069295
Porter14783169
Hendricks14401248
Madison10965221
Vigo10726181
Clark10677144
Monroe9383110
Delaware9116134
LaPorte9065163
Howard8236144
Kosciusko806983
Warrick672999
Hancock6697104
Bartholomew6484100
Floyd6428110
Wayne6136162
Grant5991115
Dubois555579
Boone551168
Morgan541295
Henry507864
Marshall503984
Cass483263
Dearborn479845
Noble473059
Jackson425047
Shelby417581
Lawrence391079
Clinton373043
Gibson370359
Harrison348144
DeKalb347164
Montgomery345754
Knox335639
Miami321444
Steuben313745
Whitley307326
Wabash303251
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Ripley298445
Putnam296850
Huntington291659
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Jefferson263338
Decatur247683
Fayette247148
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Clay222532
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Washington186423
Fountain184027
Starke175443
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Fulton164030
Orange159534
Carroll158015
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Parke13078
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Martin73713
Warren6817
Switzerland6615
Union6287
Ohio4907
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Ohio Coronavirus Cases

Data is updated nightly.

Cases: 859841

Reported Deaths: 10680
CountyCasesDeaths
Franklin101171707
Cuyahoga855711125
Hamilton64017448
Montgomery43107418
Summit34836761
Lucas31350625
Butler30973232
Stark25786435
Warren19671140
Lorain19017223
Mahoning17321338
Lake16080154
Clermont15926111
Delaware1438878
Licking13204137
Trumbull12809316
Fairfield1279381
Greene12055137
Medina11591168
Clark10942265
Wood10348158
Allen9897126
Portage9296109
Miami916873
Richland9139118
Marion7459113
Tuscarawas7381182
Columbiana7327124
Pickaway726150
Wayne7034171
Muskingum703141
Erie6152129
Hancock552390
Ross548998
Scioto539164
Geauga508455
Darke470292
Ashtabula453073
Lawrence452654
Union451828
Sandusky436662
Mercer433589
Seneca430166
Huron428741
Auglaize422264
Shelby421222
Jefferson419269
Belmont416840
Washington388740
Athens38009
Putnam374975
Madison355129
Knox352622
Ashland344938
Fulton338443
Defiance330086
Crawford322374
Preble320637
Brown312921
Logan307332
Ottawa293943
Clinton290143
Williams278667
Highland275118
Jackson263845
Guernsey254125
Champaign252028
Fayette236530
Morrow23234
Perry231318
Holmes225474
Henry218749
Hardin213033
Coshocton205622
Van Wert202245
Gallia196726
Wyandot196051
Pike176217
Adams176115
Hocking172024
Carroll155616
Paulding144321
Noble120540
Meigs108624
Monroe100732
Harrison89121
Morgan83130
Vinton70213
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