Trump does a China deal; Laptop ban; Retail pain

1. Trump’s China trade deal: The 100-day action plan that President Trump and Chinese President Xi Jinping called for last month has produced its first tangible result. A new trade deal between the two countries will allow U.S. beef and natural gas exports to flow into China while opening up the U.S. market for cooked poultry and Chinese banks, the U.S. Commerce Secretary announced Thursday.
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Where U.S. stocks are heading
Dow Futures   Nasdaq Futures   S&P Futures
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News: What you need to know about the markets
 
 
Trump does a China deal; Laptop ban; Retail pain
By Ivana Kottasová
Friday, May 12th, 4:52am
 
1. Trump’s China trade deal: The 100-day action plan that President Trump and Chinese President Xi Jinping called for last month has produced its first tangible result.
 
A new trade deal between the two countries will allow U.S. beef and natural gas exports to flow into China while opening up the U.S. market for cooked poultry and Chinese banks, the U.S. Commerce Secretary announced Thursday.
 
2. Laptop ban: European airlines and regulators are preparing for the possibility that the Trump administration could ban laptops and other large devices from the cabins of flights from Europe to the U.S.
 
The ban could hit more than 350 flights a day.
 
Such a move would represent a massive expansion of a laptop ban imposed in March on airlines flying out of 10 airports in the Middle East and Africa. U.S. sources said Thursday that it was increasingly likely the ban would be expanded soon.
 
European airline stocks were little changed.
 
3. Global market overview: U.S. stock futures were lower early Friday.
 
European markets opened mostly higher, while markets in Asia finished the session mixed.
 
The Dow Jones industrial average closed 0.1% lower on Thursday, while the S&P 500 and the Nasdaq both shed 0.2%.
 
Before the Bell newsletter: Key market news. In your inbox. Subscribe now!
 
4. Stock market movers — AstraZeneca: Shares in AstraZeneca jumped almost 5% in London after the British pharmaceutical firm said a trial of its drug Imfinzi showed reduced risk of death in cancer patients.
 
5. Earnings & economics: JCPenney is reporting results before the bell. Shares in the struggling department store plunged Thursday after retail rivals posted disappointing sales. The stock has lost more than a third of its value this year.
 
ArcelorMittal will also report earnings before the bell.
 
U.S. retail sales figures are due out at 8:30 a.m. ET. Economists expect the report to show consumers spent more in April.
 
The U.S. Bureau of Labor Statistics will release inflation data for April at the same time.
 
The University of Michigan’s consumer sentiment report will follow at 10:00 a.m. ET.
 
Data released Friday show that Germany’s economy grew 0.6% over the previous quarter in the three months to March. The German economy is now outperforming the U.S. and other major economies in Europe.
 
G7 finance ministers will meet again Friday in Italy. With international trade and protectionism off the agenda for now, the ministers will focus on inequality and international tax rules.
 
Download CNN MoneyStream for up-to-the-minute market data and news
 
 
Coming this week:
 
 
Friday — U.S. inflation data; University of Michigan Confidence Survey; JCPenney earnings; Retail sales report; G7 summit day 2; German GDP data
 
 
 
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