Morning Brief: US plans to slap EU with steel and aluminum tariffs
Thursday, May 31, 2018
What to watch today
On Thursday, the economics schedule will be a bit lighter than Wednesday — which saw labor market and growth data disappoint — though we will get the latest reading on “core” PCE, the Fed’s preferred inflation reading, which is expected to rise 1.8% over the prior year in April.
We’ll also get manufacturing data from the midwest and the weekly report on initial jobless claims out Thursday morning.
And on the earnings front, notable companies expected to report Thursday include Costco (COST), Dollar General (DG), Dollar Tree (DLTR), Lululemon (LULU), Ulta Beauty (ULTA), VMWare (VMW), and American Eagle (AEO).
Top news
US to slap tariffs on steel, aluminum from EU: Washington will announce plans to slap tariffs on EU steel and aluminum imports as early as Thursday morning, sources said, while the U.S. commerce secretary said any escalation of their trade dispute would depend on the bloc’s reaction. The two sources briefed on the matter said the decision would land before a Friday expiration deadline for exemptions to the planned tariffs. [Reuters]
ExxonMobil breaks with tradition in wooing China’s oil market: ExxonMobil Corp.’s (XOM) global oil marketing team stormed into China this week hoping to elbow aside rivals and gain access to the nation’s “teapot” refining market, executives told Reuters. The push by Exxon, the world’s biggest oil and gas company by market value, to court the independent refiners, known as teapots, illustrates the clout they are exerting on the global oil market since winning crude import licenses from the government in 2015. [Reuters]
JPMorgan dethrones Citi to become biggest currency trader: JPMorgan Chase & Co. (JPM) won the title of world’s largest currency trader by market share, ending Citigroup Inc.’s (C) four-year run at the top, according to a Euromoney Institutional Investor Plc survey that featured a new methodology. JPMorgan took a 12.1% share, up from 10.3% last year. [Bloomberg]
Trump’s net worth slides to $2.8B, lowest since campaign: President Donald Trump’s net worth slipped to $2.8 billion, a decline of $100 million over the past year, as revenue at his namesake Fifth Avenue tower and golf courses fell. The drop, the second in two years, is based on figures compiled by the Bloomberg Billionaires Index from lenders, property records, annual reports, market data and a May 16 financial disclosure. [Bloomberg]
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