Morning Brief: U.S.-China trade war hit U.S. economy by $7.8B

Yahoo Finance
Associate Contributor

Tuesday, March 19, 2019

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Investors will be paying close attention to FedEx (FDX) when it reports earnings after the bell. This report follows a stark warning from the company after its last report in December. Management slashed guidance citing continued deceleration in global trade due to the U.S.-China trade war.

Analysts polled by Bloomberg are expecting FedEx to report earnings of $3.12 per share on $17.66 billion in revenue.

In addition, The Federal Open Market Committee (FOMC) will be kicking off its two-day meeting. At the conclusion of the meeting on Wednesday, the FOMC will hold a press conference to announce its interest rate decision.

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U.S. President Donald Trump, second right, and China's President Xi Jinping, second left, attend their bilateral meeting at the G20 Summit in Buenos Aires, Argentina. (AP Photo/Pablo Martinez Monsivais, File)

U.S.-China trade war hit U.S. economy by $7.8B: The U.S.-China trade war has roiled markets and hit the U.S. economy by $7.8 billion, according to a new study by the National Bureau of Economic Research (NBER). The paper, which was co-written by researchers at prestigious US universities UCLA, Berkeley, Columbia, and Yale, said that “after accounting for higher tariff revenue and gains to domestic producers from higher prices, the aggregate welfare loss was $7.8bn (0.04% of GDP).” [Yahoo Finance UK]

Starbucks is making a big change to its Rewards program: Coffee giant Starbucks (SBUX) will upgrade its popular Rewards program next month allowing customers more choices to redeem "stars" (its version of points) for beverages and food and for members to access those perks sooner. [Yahoo Finance]

Ford to boost U.S. large SUV production again: Ford Motor Co. (F) said it will boost U.S. production of its largest sport utility vehicles in a move to grab profits in a market where consumers favor larger, more comfortable vehicles. [Reuters]

Tilray to shift investment to U.S. and Europe: Tilray Inc. (TLRY) saw its revenue climb more than 200% year-over-year in its fourth quarter to $20.9 million, topping analysts expectations. The Nanaimo-B.C.-based cannabis producer said its plan now is to shift investment dollars to the United States and Europe, where there is more long-term opportunity than Canada. [Yahoo Finance Canada]

Warner Bros CEO Kevin Tsujihara resigns as AT&T probes 'mistakes': Kevin Tsujihara has resigned as the head of Warner Bros as one of Hollywood's most powerful studios investigates a report that he improperly helped an actress obtain roles at the studio. He is the latest in a line of executives to lose their jobs in the media business following accusations of improper conduct or sexual harassment. [Reuters]


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