BREAKING NEWS Jackson County deputies searching for escaped inmate Full Story

China tensions; Volkswagen slows; GE cuts dividend

1. China tensions: China's yuan slumped to its weakest level in a decade on Tuesday. It's n...

Posted: Oct 30, 2018 12:08 PM
Updated: Oct 30, 2018 12:08 PM

1. China tensions: China's yuan slumped to its weakest level in a decade on Tuesday. It's now trading at around 6.97 to the dollar.

The currency has lost more than 9% this year as investors worry about slower economic growth in China and the country's escalating trade conflict with the United States.

Apple Inc

Banking, finance and investments

Business and industry sectors

Business, economy and trade

Companies

Company activities and management

Company earnings

Economic indicators

Economy and economic indicators

Financial markets and investing

Financial performance and reports

Financial results

General Motors

Labor and employment

Labor sector performance

Real estate

Real estate sector performance

Securities trading

Stock indexes

Stock markets

General Electric Co

Asia

China

Continents and regions

East Asia

Currencies

Money, banknotes and coins

North America

The Americas

United States

Government and public administration

Government bodies and offices

US federal government

White House

Volkswagen AG

Air pollution

Automotive industry

Emissions

Emissions cheating scandal

Energy and environment

Energy and utilities

Environment and natural resources

Pollution

Scandals

Automakers and manufacturing

BP Plc

The battle flared again Monday after the Trump administration banned Fujian Jinhua Integrated Circuit Company, a state-backed Chinese chipmaker, from buying American parts.

The weakening yuan could lead to yet more acrimony.

The exchange rate is creeping closer to 7 yuan to the dollar, which is seen as a key psychological threshold for traders and could be the trigger for renewed attacks by President Donald Trump. Trump has previously accused China of deliberately devaluing the currency.

2. Volkswagen slows: New European emissions tests that came into effect in September have dented sales and production at Volkswagen.

Sales in the third quarter declined 3.6% over the previous year and production dropped 8.2% as Volkswagen struggled with the changeover.

The reported 18.6% drop in operating profits was smaller than analysts had expected, however, and shares in the carmaker rallied nearly 3%. Analysts at UBS descried the results as "surprisingly solid, in spite of [the disruption]."

Shares in Volkswagen (VLKAF) are down 12% so far this year. The stock has been hit by the uncertainty around regulation of diesel and electric cars, trade tensions and fallout from its company's diesel emission scandal.

3. General Electric: General Electric (GE) is cutting its 119-year old dividend to just one cent beginning in 2019. It was most recently 12 cents per share.

The deeply troubled company said the move will save it $3.9 billion in cash each year.

GE also reported worse-than-expected results, including a $22 billion accounting writedown for its beleaguered power division.

It was the first earnings report under new CEO Larry Culp. The struggling multinational firm desperately needs new direction — it has shed half a trillion dollars from its market value over the past 18 years.

4. Global market overview: US stock futures were pointing higher.

European markets opened lower, following a mixed session in Asia.

The Dow swung wildly on Monday and closed down 1%. The S&P 500 dropped 0.7% and the Nasdaq shed 1.6%.

5. Companies and economics: Aetna (AET), Baker Hughes (BHGE), BP (BP), Coca-Cola (KO), Ecolab (ECL), Fiat Chrysler (FCAU), General Electric (GE), Honda Motor (HMC), MasterCard (MA), Pfizer (PFE), Sony (SNE) and Under Armour (UAA) will release earnings before the open.

Baidu.com (BIDU), Cheesecake Factory (CAKE), Denny's (DENN), eBay (EBAY), Electronic Arts (EA), Facebook (FB), Herbalife Nutrition (HLF), Hyatt Hotels (H), MGM Resorts (MGM), T-Mobile US (TMUS), Voya Financial (VOYA) and YUM China (YUMC) will follow after the close.

Apple (APPL) is expected to announce new iPads and Macs at an event in Brooklyn. The company will report fourth quarter earnings on Thursday.

BP (BP) reported bumper results that were fueled by higher oil prices. The company said that profit rose to $3.8 billion in the third quarter, more than double compared to the same period last year.

Lufthansa (DLAKY) cut its growth forecast and reported a 7.7% drop in earnings, attributing the performance to higher fuel costs, flight delays and cancellations.

Economic growth in the eurozone slowed to just 0.2% in the third quarter, half the 0.4% rate posted in the previous three months. Growth in the wider European Union dropped to 0.3% from 0.5% in the second quarter. The euro weakened slightly against the dollar following the data release.

6. Coming this week:

Tuesday — Electronics Arts (EA), Under Armour (UAA), Aetna (AET), , Coca-Cola (KO), Hyatt (H), Denny's (DENN), Fiat Chrysler (FCAU), Cheesecake Factory (CAKE), eBay (EBAY), Herbalife Nutirtion (HLF), GE (GE), T-Mobile (TMUS), Sony (SNE) earnings; Apple product event in Brooklyn
Wednesday — Allstate (ALL), Anthem (ANTM), Yum! Brands (YUM), Dine Brands (DIN), Express Scripts (ESRX), Clorox (CLX), General Motors (GM), Fitbit (FIT), Pandora Media (P), NXP Semiconductors (NXPI) earnings
Thursday — Apple (AAPL), AMC Networks (AMC), Progressive (PGR), CBS Corp. (CBS), Cigna (CI), Starbucks (SBUX), Shake Shack (SHAK), Kraft Heinz (KHC), GoPro (GPRO), Wayfair (W), IHeartMedia (IHRTQ), and Spotify (SPOT) earnings
Friday — Chevron (CVX), Exxon (XOM), Newell Brands (NWL), United States Steel Corp (X), MSG Networks (MSGN), and Seagate Technology (STX) earnings; Jobs report

Huntsville
Few Clouds
72° wxIcon
Hi: 82° Lo: 65°
Feels Like: 72°
Florence
Clear
74° wxIcon
Hi: 85° Lo: 66°
Feels Like: 74°
Fayetteville
Overcast
73° wxIcon
Hi: 83° Lo: 65°
Feels Like: 73°
Decatur
Clear
74° wxIcon
Hi: 82° Lo: 64°
Feels Like: 74°
Scottsboro
Broken Clouds
70° wxIcon
Hi: 82° Lo: 63°
Feels Like: 70°
WAAY Radar
WAAY WAAY-TV Cam
WAAY Temperatures

Alabama Coronavirus Cases

Confirmed Cases: 153016

Reported Deaths: 2633
CountyConfirmedDeaths
Jefferson22720374
Mobile14405314
Tuscaloosa10066137
Montgomery9820196
Madison907894
Shelby715361
Lee646165
Baldwin644369
Marshall431048
Calhoun416059
Etowah412249
Morgan400033
Houston365532
DeKalb325428
Elmore312852
St. Clair283842
Limestone273630
Walker269993
Talladega259135
Cullman231024
Lauderdale212540
Jackson205515
Autauga202130
Franklin201731
Colbert193330
Russell19053
Blount187325
Dallas186027
Chilton182632
Escambia171428
Coffee16829
Covington166629
Dale163851
Chambers133043
Pike131313
Tallapoosa129587
Clarke127317
Marion105029
Butler99840
Barbour9969
Marengo98222
Winston90613
Geneva8447
Lawrence81131
Pickens81117
Randolph80514
Bibb80114
Hale74830
Cherokee72314
Clay72212
Lowndes70228
Henry6386
Bullock63717
Monroe63610
Washington62312
Crenshaw59830
Perry5816
Wilcox55912
Fayette55713
Conecuh55613
Cleburne5327
Macon53020
Sumter46821
Lamar4595
Choctaw38712
Greene34016
Coosa1993
Out of AL00
Unassigned00

Tennessee Coronavirus Cases

Confirmed Cases: 235861

Reported Deaths: 2970
CountyConfirmedDeaths
Shelby34739553
Davidson30155328
Knox1208187
Hamilton11289104
Rutherford11165107
Williamson670751
Sumner5715107
Wilson445553
Putnam423054
Montgomery393351
Out of TN376135
Unassigned37554
Madison366579
Bradley344722
Sullivan332146
Sevier322421
Washington318244
Blount317032
Maury311236
Robertson251040
Hamblen236543
Tipton223522
Gibson207838
Dyer207126
Hardeman180432
Coffee178320
Trousdale17447
Obion166420
Bedford160620
Anderson159613
Fayette159622
Dickson159119
Greene157551
Wayne15697
Loudon156610
McMinn154232
Cumberland153624
Lawrence150518
Jefferson148320
Weakley145325
Carter143932
Monroe138227
Henderson137325
Warren136810
Lauderdale134517
Hardin133619
Macon126924
Franklin123416
Roane12247
Haywood120026
Overton115211
White112214
Hawkins111724
Johnson11157
Carroll110724
McNairy109626
Marshall10638
Rhea105916
Bledsoe9944
Cheatham98211
Lake9763
Smith95412
Cocke95212
Giles91134
Campbell8997
Fentress8698
Lincoln8302
Crockett80221
Henry75310
Hickman74513
Chester71514
Marion7159
DeKalb68616
Decatur64511
Grainger5464
Grundy52510
Union5142
Claiborne5066
Polk47613
Jackson4225
Humphreys4194
Morgan4167
Benton3969
Houston39215
Cannon3902
Clay37913
Unicoi3732
Lewis3582
Scott3444
Sequatchie3304
Stewart3128
Meigs2975
Perry2531
Pickett2505
Moore2492
Van Buren1951
Hancock1123

Community Events