Trade war fears; Italy roller coaster; Softer banking rules

1. Trade war fears: The Trump administration must soon decide whether to impose tariffs on steel and...

Posted: May 31, 2018 12:29 PM
Updated: May 31, 2018 12:29 PM

1. Trade war fears: The Trump administration must soon decide whether to impose tariffs on steel and aluminum products from the European Union, Canada and Mexico.

The decision on whether to extend tariff exemptions could be announced as soon as Thursday, according to media reports.

Moving ahead with the metal tariffs would escalate trade tensions, and potentially spark retaliatory measures. The European Union and Canada have both pledged to strike back.

The United States is juggling potential trade conflicts on several fronts. The Trump administration announced Tuesday it would impose tariffs on $50 billion worth of Chinese goods and restrict Chinese investment in the United States.

China said Wednesday it was ready to retaliate.

2. Roller coaster in Italy: Investors are trying to get their heads around the latest drama in Italian politics.

The main stock market in Milan has bounced back after days of heavy losses. Yields on government bonds have also dropped, indicating that investor fears have subsided.

However, investors remain worried about a populist government or new elections that could boost euroskeptic politicians.

The rest of Europe is worried about contagion.

"A debate is raging in Brussels over whether the European Union should 'do a Brexit' and let the Italian situation resolve itself, or intervene to try and influence the outcome of the potential early election," Eurasia Group analysts wrote in a research note.

3. Softer US banking rules: Regulators unveiled the first rewrite of the Volcker rule on Wednesday. The post-financial crisis regulation bars banks from making risky trades with their own money, including customer deposits.

Fed Chairman Jerome Powell said in a statement that the proposed change would strike at "some of the uncertainty and complexity that now make it difficult for firms to know how best to comply, and for supervisors to know that they are in compliance."

4. Global market overview: US stock futures were pointing higher.

Most major European and Asian markets posted gains.

The Dow Jones industrial average and the S&P 500 closed 1.3% higher on Wednesday, while the Nasdaq added 0.9%.

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5. Earnings and economics: Dollar General, Dollar Tree, Express, and Sears Holdings are set to release earnings before the open. Costco and lululemon athletica will follow after the close.

Facebook is scheduled to hold its 2018 stockholder meeting on Thursday. The company could face tough questions from investors following its privacy scandal.

The US Bureau of Economic Analysis will release personal income and spending reports for April at 8:30 a.m. ET.

The weekly report on US crude inventories will be published by the Energy Information Administration at 11:00 a.m.

Eurozone inflation data for May is out at 5:00 a.m. Canada's first quarter GDP figures will be published at 8:30 a.m.

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6. Coming this week:
Thursday - Facebook annual shareholder meeting
Friday - May jobs report

Indiana Coronavirus Cases

Data is updated nightly.

Confirmed Cases: 150664

Reported Deaths: 4008
CountyConfirmedDeaths
Marion24697784
Lake13220352
St. Joseph8877159
Elkhart8469132
Allen7880222
Hamilton5962113
Vanderburgh559360
Tippecanoe354714
Monroe320738
Hendricks3183130
Johnson2995128
Porter297848
Clark285461
Delaware282074
Vigo252637
Madison229593
Cass222021
LaPorte215557
Warrick188464
Kosciusko176823
Floyd174867
Howard158866
Bartholomew139758
Dubois135125
Marshall132526
Henry122628
Grant120939
Wayne119327
Boone118848
Hancock114145
Noble113533
Jackson108713
Morgan92240
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Daviess84033
Gibson83411
Clinton81616
Shelby79429
Lawrence78534
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Harrison74024
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Knox70310
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Whitley4316
Sullivan42812
Ripley4228
Wells4155
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Orange38725
Huntington3785
Spencer3706
Franklin36525
Jennings36013
Washington3592
Randolph3398
Fulton3362
Jefferson3305
Pike31913
Carroll31413
Perry29514
Jay2876
Fountain2863
Tipton26823
Parke2203
Newton21811
Vermillion2181
Rush2044
Owen2021
Martin1950
Blackford1923
Crawford1491
Pulaski1471
Brown1303
Ohio1227
Benton1070
Union1040
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Warren751
Unassigned0233

Ohio Coronavirus Cases

Data is updated nightly.

Confirmed Cases: 185639

Reported Deaths: 5083
CountyConfirmedDeaths
Franklin30978635
Cuyahoga19436675
Hamilton16234338
Montgomery10083186
Lucas8175370
Butler8028123
Summit6555261
Warren406360
Stark3696178
Mahoning3635283
Marion335149
Pickaway296946
Delaware281127
Lorain266689
Fairfield257856
Licking248865
Wood244681
Clark242454
Clermont234937
Trumbull2221134
Greene219640
Columbiana210187
Allen203873
Miami195656
Lake188357
Medina180242
Portage156167
Mercer147128
Ross133833
Wayne131568
Richland128624
Tuscarawas123622
Athens11742
Erie113853
Darke110151
Madison103514
Hancock103023
Auglaize95116
Putnam91527
Lawrence90725
Shelby86814
Muskingum8434
Geauga83650
Scioto8059
Belmont78427
Union7343
Ashtabula72148
Huron69910
Sandusky69422
Preble59517
Seneca58514
Holmes57010
Ottawa56830
Fulton5056
Jefferson4564
Henry45317
Defiance44413
Jackson4417
Clinton43613
Fayette4328
Crawford4308
Highland4024
Logan4023
Champaign3873
Ashland3735
Brown3683
Knox36215
Perry35411
Washington33323
Morrow3312
Hardin32113
Williams3194
Coshocton29812
Pike2880
Guernsey2878
Wyandot28413
Gallia27913
Van Wert2333
Meigs21012
Adams2036
Carroll1917
Paulding1901
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Harrison793
Morgan740
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