Trade fears deepen; Apple's big show; Aviation headwinds

1. Trade fears deepen: Trade tensions between the United States and some of its biggest trading part...

Posted: Jun 4, 2018 1:12 PM
Updated: Jun 4, 2018 1:12 PM

1. Trade fears deepen: Trade tensions between the United States and some of its biggest trading partners continue to escalate.

China said President Donald Trump's plan to impose tariffs on $50 billion of Chinese exports threatens to wipe out recent progress made in trade talks between Beijing and Washington.

The latest round of negotiations between the world's two biggest economies ended on Sunday with China making it clear that it would not deliver on commitments to buy more American goods if its exports are sanctioned.

Meanwhile, Canada has called Trump's decision to impose aluminum and steel tariffs on America's closest allies -- Canada, Mexico and the European Union -- an insult.

"Please think hard about the message you're sending to your closest allies," Canadian foreign minister Chrystia Freeland told CNN on Sunday.

The European Union has slammed Trump for "pure protectionism" and readied tariffs on bourbon, motorcycles and dozens of other American products. Mexico has also announced it would place tariffs on American exports.

2. Apple's big show: Apple's Worldwide Developers Conference begins on Monday, featuring presentations from CEO Tim Cook and his top lieutenants.

They'll showcase Apple's latest software and the next version of macOS.

Investors watch WWDC closely to determine what kind of features Apple might include in the next iPhone - by far the company's biggest cash cow. Apple typically unveils its iPhones in the fall.

3. Aviation headwinds: Airlines are in focus as the International Air Transport Association, a global industry group, gathers in Sydney for its annual conference.

The meeting kicked off on a cautious note, as the organization slashed its forecast for industry profits in 2018 by 12% to $33.8 billion.

IATA said rising costs, primarily fuel and labor, but also the upturn in the interest rate cycle, are behind the lower forecast.

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

European markets posted gains, continuing the trend set in Asia.

Markets surged Friday after better than expected US jobs report. The Dow Jones industrial average added 0.9%, while the S&P 500 gained 1.1% and the Nasdaq surged 1.5%.

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5. Company news: Palo Alto Networks will release earnings before the open.

Microsoft could announce as soon as on Monday that it is buying GitHub, according to Bloomberg. Github hosts open-source software for developers.

Shares in Commonwealth Bank of Australia gained 1.4% after it agreed to pay 700 million Australian dollars ($534 million) for breaching anti-money laundering and counter-terrorism financing laws. If agreed by the Federal Court it will represent the largest ever civil penalty in Australian corporate history.

En+ Group announced that its president, Maxim Sokolov, has resigned. The company has been hard hit by US sanctions targeting Russian oligarch owner Oleg Deripaska.

Shares in Italy's UniCredit and French rival Societe Generale gained after the Financial Times reported that a merger could be in the works.

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6. Coming this week:
Monday - Apple's Worldwide Developers Conference
Tuesday - Business Roundtable CEO economic outlook
Wednesday - Commerce Department reports April's trade balance; Alphabet shareholder meeting
Thursday - JM Smucker earnings

Indiana Coronavirus Cases

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Hendricks1454100
Johnson1340118
Porter82638
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Monroe34028
Grant31826
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Putnam1738
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Union140
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Ohio Coronavirus Cases

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Confirmed Cases: 64214

Reported Deaths: 3036
CountyConfirmedDeaths
Franklin11724445
Cuyahoga8979393
Hamilton6781207
Lucas2952305
Marion274539
Montgomery244035
Summit2327209
Pickaway222241
Mahoning1928239
Butler182147
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Clark80010
Delaware69815
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Licking56812
Miami50631
Portage49259
Wood48851
Clermont4737
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Geauga42543
Wayne37253
Richland3715
Allen35641
Greene3439
Mercer29910
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Holmes2595
Darke25626
Huron2402
Madison2169
Ottawa17324
Sandusky16015
Washington14620
Ross1443
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Athens1391
Crawford1385
Putnam13715
Hardin12312
Morrow1201
Auglaize1094
Jefferson1092
Muskingum1001
Union931
Preble901
Monroe8917
Hancock861
Lawrence830
Guernsey823
Clinton811
Hocking809
Williams762
Shelby744
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Carroll673
Fulton670
Scioto670
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Brown611
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Highland501
Van Wert471
Perry441
Seneca412
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Jackson280
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Adams261
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Noble140
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Morgan110
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