Yahoo Finance Morning Brief: China retaliates, imposes tariffs on US goods
Monday, April 2, 2018
What to watch today
In the week ahead, investors look to start April and the second quarter off with a more positive outlook. The March jobs report on Friday will punctuate the typically crowded early-month economic data schedule while the earnings flow will be light. A speech from Federal Reserve Chair Jerome Powell on Friday afternoon regarding the U.S. economic outlook will also feature on the economic calendar. The big event from public markets this week will be the Tuesday debut of Spotify (SPOT), which will float shares in a direct listing on the New York Stock Exchange.*
Monday comes with the Markit manufacturing PMI and ISM manufacturing reports for March. Both are expected to reflect continued growth.
*NOTE: An earlier version of this post said Spotify would list on the Nasdaq. This has been corrected.
Top news
China raises tariffs on US pork, fruit in trade dispute: China raised import duties on a $3 billion list of U.S. pork, fruit and other products Monday in an escalating tariff dispute with President Donald Trump that companies worry might depress global commerce. The Finance Ministry said it was responding to a U.S. tariff hike on steel and aluminum that took effect March 23. But a bigger clash looms over Trump’s approval of possible higher duties on nearly $50 billion of Chinese goods in a separate argument over technology policy. [AP]
Data breach hits Saks Fifth Avenue, Lord & Taylor stores: A data breach at department store chains Saks Fifth Avenue, Saks Off Fifth and Lord & Taylor has compromised the personal information of customers who shopped at the stores. The chains’ parent company, Canada-based Hudson’s Bay Co., announced the breach of its store payment systems on Sunday. The company said it was investigating and taking steps to contain the attack. [AP]
Trump says DACA deal for young immigrants is off: President Donald Trump said on Sunday that there will be no deal to legalize the status of young adult immigrants called Dreamers and he said the U.S.-Mexico border is becoming more dangerous. After tweeting a “Happy Easter” message on Twitter, he said: “Border Patrol Agents are not allowed to properly do their job at the Border because of ridiculous liberal (Democrat) laws like Catch & Release. Getting more dangerous.” [Reuters]
Trump warns he’ll dump Nafta if Mexico doesn’t stop drug flows: President Donald Trump threatened to pull out of the North American Free Trade Agreement if Mexico doesn’t stop people and drugs from flowing into the U.S. from Central America. “They must stop the big drug and people flows, or I will stop their cash cow, NAFTA. Need Wall!” Trump said Sunday on Twitter, minutes before arriving at church for an Easter Sunday service with his wife, Melania. [Bloomberg]
For more of the latest news, go to Yahoo Finance
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