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Market pain; Italy turmoil; Trade war fears

1. Market turmoil: Global markets were mixed Wednesday following a selloff sparked by fears over Ita...

Posted: May 30, 2018 12:51 PM
Updated: May 30, 2018 12:51 PM

1. Market turmoil: Global markets were mixed Wednesday following a selloff sparked by fears over Italy's escalating political crisis and renewed US-China trade tensions.

Asian markets were hit badly by the uncertainty, with Japan's Nikkei closing down 1.5%. Hong Kong's Hang Seng shed 1.4%, while China's Shanghai Composite dropped 2.5%.

European markets opened mixed, with Italy's benchmark index advancing 1% following several days of heavy losses.

US stock futures were pointing higher.

The Dow slumped 1.6% on Tuesday, the S&P 500 dropped 1.2% and the Nasdaq shed 0.5%. Banks were the biggest losers, with Citigroup, Bank of America and JPMorgan Chase sliding 4%. Morgan Stanley declined 6%.

2. Italy in crisis: Italy will test the faith of investors on Wednesday when it tries to sell -6 billion ($7 billion) of government bonds.

Italy is heading for new elections after populist politicians failed to form a government, and the vote could turn into a de-facto referendum on the euro.

Investors are worried that political turmoil in Italy could cause pain beyond the country's borders. Yields on Spanish, Portuguese and Greek debt have surged.

Italian bonds prices have crashed in recent days, but were steadier early Wednesday. The auction will conclude at 5:00 a.m. ET.

3. Trade war back on: The White House announced Tuesday that it would impose 25% tariffs on $50 billion worth of goods from China, and place new limits on Chinese investments in US high-tech industries.

The world's two biggest economies held two rounds of trade talks this month. They agreed China would "significantly increase" purchases of US goods and services to reduce their trade imbalance, a top Trump administration demand, and pledged to continue talks.

In a statement, China's Commerce Ministry said the announcement is "obviously in violation" of the recent agreement.

Beijing has previously pledged to retaliate against the 25% tariffs.

4. The Volcker Rule decision time: The US Federal Reserve will meet to discuss possible changes to the Volcker Rule, a controversial part of Wall Street reform following the financial crisis.

The rule prevents banks like Goldman Sachs or JPMorgan from making risky wagers with their own money, and also from owning big stakes in hedge funds or private equity firms.

Wall Street has complained about the rule for years.

5. Martin Sorrell is back: Martin Sorrell says he has taken control of Derriston, a listed shell company in London.

The reverse takeover deal will see Derriston transformed into S4 Capital, a "multi-national communication services business," according to an announcement.

In April, Sorrell resigned from ad agency WPP after three decades as CEO amid an investigation into "personal misconduct."

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6. Companies and economics: Dick's Sporting Goods, DSW, Michael Kors and Sears Holdings will release earnings before the open. Guess? will follow after the close.

Salesforce shares jumped higher in extended trading after the company reported better than expected earnings.

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

7. Coming this week:
Wednesday - Amazon, Exxon Mobil, Twitter, Walmart annual shareholder meetings; Fed discusses Volcker Rule
Thursday - Facebook annual shareholder meeting
Friday - May jobs report

Indiana Coronavirus Cases

Data is updated nightly.

Cases: 1000163

Reported Deaths: 16309
CountyCasesDeaths
Marion1347632106
Lake660041156
Allen57441793
Hamilton46100461
St. Joseph44109607
Elkhart35696507
Vanderburgh32087477
Tippecanoe27796257
Johnson24902443
Hendricks23738354
Porter22802362
Madison18614404
Clark18424250
Vigo17347301
Monroe15180197
LaPorte15046250
Delaware14984259
Howard14626287
Kosciusko12217147
Hancock11630175
Bartholomew11505179
Warrick11255189
Floyd11013214
Wayne10897250
Grant9964218
Morgan9404176
Boone8863116
Dubois8227130
Dearborn817093
Henry8139151
Noble7984106
Marshall7838134
Cass7499119
Lawrence7403170
Shelby7138114
Jackson694088
Gibson6533113
Harrison644491
Huntington633999
Knox6273106
DeKalb626397
Montgomery6208109
Miami589797
Putnam575377
Clinton570271
Whitley560455
Steuben554675
Wabash5279101
Jasper524475
Jefferson506996
Ripley495685
Adams476073
Daviess4616113
Scott435869
Greene422096
Wells420987
Clay420260
White415962
Decatur4133101
Fayette404286
Jennings385160
Posey375343
LaGrange353978
Washington353249
Randolph341999
Spencer337342
Fountain332558
Sullivan326752
Starke313369
Owen312070
Fulton306567
Orange291762
Jay280445
Perry264752
Franklin264042
Carroll259132
Rush258832
Vermillion255454
Parke230026
Pike227943
Tipton226659
Blackford190540
Pulaski181855
Crawford158623
Newton156048
Benton150217
Brown144547
Martin137419
Switzerland134211
Warren120516
Union106815
Ohio84112
Unassigned0538

Ohio Coronavirus Cases

Data is updated nightly.

Cases: 1499485

Reported Deaths: 23327
CountyCasesDeaths
Franklin1626291662
Cuyahoga1447662412
Hamilton1044761409
Montgomery731681240
Summit610421094
Lucas55643904
Butler51076707
Stark459431053
Lorain35141568
Warren32476369
Mahoning30315672
Clermont27930321
Lake26669434
Delaware23960162
Licking23547283
Trumbull22550552
Fairfield22179241
Greene22098311
Medina21763305
Clark19630349
Richland18342280
Portage17696247
Wood17244220
Allen15730269
Miami15355296
Muskingum14551174
Columbiana13756263
Wayne13585263
Tuscarawas12479298
Marion11797175
Scioto11388154
Pickaway11286141
Erie10676180
Ross10462196
Lawrence9663137
Hancock9546149
Ashtabula9479197
Belmont9133197
Geauga8829157
Jefferson8481191
Huron8229139
Union810756
Washington8031137
Sandusky7724145
Athens769572
Knox7606138
Darke7553151
Seneca7208144
Ashland6817125
Auglaize667896
Shelby6410111
Brown628582
Crawford6184130
Defiance6087102
Mercer608293
Fulton592996
Highland590099
Madison587576
Clinton576190
Logan574692
Guernsey572467
Preble5660121
Putnam5250108
Williams520184
Perry512561
Champaign505071
Jackson498770
Ottawa479086
Coshocton471582
Morrow451256
Pike430762
Fayette422160
Adams411587
Gallia411265
Hardin411076
Van Wert364078
Henry357871
Holmes3567122
Hocking352578
Wyandot317961
Carroll297059
Paulding275945
Meigs259249
Monroe212953
Noble196546
Morgan190832
Harrison178242
Vinton162624
Unassigned05
Fort Wayne
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Angola
Clear
57° wxIcon
Hi: 72° Lo: 46°
Feels Like: 57°
Huntington
Partly Cloudy
60° wxIcon
Hi: 71° Lo: 44°
Feels Like: 60°
Decatur
Partly Cloudy
60° wxIcon
Hi: 72° Lo: 45°
Feels Like: 60°
Van Wert
Partly Cloudy
64° wxIcon
Hi: 73° Lo: 45°
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Cold front brings scattered rain showers midweek with much cooler air to follow.
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