Here is what you need to know.
- China’s state media calls the trade war with the US a ‘people’s war.’ “The trade war in the US is the creation of one person and one administration, but it affects that country’s entire population in China, the entire country and all its people are being threatened,” the nationalistic Global Times wrote in a Chinese-language editorial carried by Xinhua News Agency. “For us, this is a real ‘people’s war.'”
- Trump says he is planning to meet with Xi Jinping.“We’re going to be meeting, as you know, at the G20 in Japan and that will be, I think, probably a very fruitful meeting,” President Donald Trump said at the White House on Monday, according to Reuters.
- Here are the US goods that would get hit hardest by China’s new tariffs. China on Monday announced plans to raise tariffs on $US60 billion worth of US goods on June 1. Here’s a list of the goods that would get hit the hardest.
- Bitcoin reclaims $US8,000. The cryptocurrency was trading up 2.5% near $US8,007 a coin on Tuesday morning.
- Uber’s stock-market woes continued Monday. Shares of the ride-hailing company tanked 10.9% to $US37.10 apiece on Monday, finishing 17.5% below their initial-public-offering price of $US45 a share.
- Walmart offers free one-day shipping. The next-day service, which applies to orders costing at least $US35, is expected to be rolled out in Phoenix and Las Vegas on Tuesday.
- The head of SoftBank’s Vision Fund makes bold predictions about how the world will look in 10 years. “The disruptors will be disrupted in the next five or 10 years,” Rajeev Misra, the CEO of SoftBank Investment Advisers, said at the Milken Institute Global Conference. “I believe that a lot of what we take for granted today – like the smartphone, which didn’t exist 12 years ago – will change dramatically.”
- US markets are pointing to a higher open. Hong Kong’s Hang Seng (-1.5%) led the losses in Asia, and Britain’s FTSE (+0.84%) is out front in Europe. The S&P 500 is set to open higher by 0.5% near 2,827.
- Earnings reporting picks back up. Ralph Lauren reports ahead of the opening bell, while Aurora Cannabis and Tilray release their quarterly results after markets close.
- US economic data is light. Import and export prices will be released at 8:30 a.m. ET. The US 10-year yield is little changed near 2.41%.
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