Here are five things you must know for Monday, June 18:
1. -- Stocks Sink on Trade War Fears
U.S. stock futures declined on Monday, June 18, and global stocks retreated as investors reacted to last week's escalation in the ongoing trade war between Washington and Beijing that targeted $50 billion in Chinese-made goods with fresh tariffs from the White House.
Asian shares tumbled following China's vow to hit the U.S. with levies of "the same scale and strength" and void any previous deals agreed to with the Trump administration. Japan's Nikkei 225 index fell 0.75% and stocks in Shanghai declined 0.73%.
The U.S. economic calendar on Monday includes the Housing Market Index for June at 10 a.m. ET.
TheStreet's founder Jim Cramer discusses trade wars.
2. -- Google to Invest $550 Million in JD.com
Google said it would invest $550 million in China-based internet giant JD.com
that will allow Alphabet to deepen its reach inside the world's second-largest economy and help JD expand into Southeast Asia and Europe by promoting more of its products on Google's shopping platform.
The companies said the agreement initially won't involve any major new Google initiatives in China, where the company's main services are blocked over its refusal to censor search results in line with local laws, Reuters reported.
American depositary receipts of JD.com were rising 7.6% in premarket trading on Monday. Alphabet fell 0.4%.
3. -- Tesla's Musk: 'Radical Improvements' Still Needed to Hit Targets
Here's a portion of the email, sent Friday, June 15:
"It's getting very exciting! All parts of the Model 3 production system are now above 500 and some are almost at 700 cars already. Congratulations to all on making so much progress!
"That said, radical improvements are still needed in paint shop output, GA3, bringing up the new GA4, End of Line and Module Zone 4 at Giga. We also need to achieve sustained, 700+ per week on the body line," Musk said in his email.
According to CNBC, GA3, GA4, and EoL are references to general assembly lines and end of line areas within the company's plant in Fremont, California.
Musk really wants to burn the shorts, says TheStreet's Executive Editor Brian Sozzi.
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4. -- Audi CEO Arrested in Diesel Emissions Probe
Volkswagen AG (VLKAY) said the CEO of its Audi brand was taken into police custody amid an ongoing probe into Germany's diesel emissions-cheating scandal.
The arrest of Rupert Stadler followed the expansion of a probe by prosecutors in Munich looking into accusations of fraud and false advertising at VW's luxury brand. It also comes quickly on the heels of a move by prosecutors in the German city of Braunschweig to levy a fine of €1 billion ($1.18 billion) against Volkswagen for its role in the emissions-cheating scandal that has plagued the nation's auto sector.
"We confirm that Mr. Stadler was arrested this morning," a VW spokesman was quoted as saying by Reuters. "The hearing to determine whether he will be remanded is ongoing."
5. -- Brooks Koepka Wins Second-Straight U.S. Open
Brooks Koepka won the U.S. Open for the second year in a row, closing on Sunday with a 2-under 68 to become the first repeat champion in 29 years.
He finished at 1-over 281, outlasting golf's biggest names including world No. 1 Dustin Johnson.
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