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Morning Brief: Turkey doubles tariffs on some US imports, lira rallies

Wednesday, August 15, 2018

What to watch today

On Wednesday, a busy week for the retail sector will bring investors the week’s biggest economic highlight with the July report on retail sales set to show a 0.1% increase over the prior month, according to estimates from Bloomberg. This is expected to mark a deceleration in retail sales from June’s 0.5% increase, though excluding auto sales expectations are for a 0.3% increase in sales during July. Also on the economic calendar will be the NAHB’s homebuilder sentiment reading for August, the Federal Reserve’s July report on industrial production, and the New York Fed’s Empire State manufacturing reading for the month of August.

And on the earnings side, Macy’s (M) will report results as will S&P 500 members NetApp (NTAP) and Cisco (CSCO). Macy’s shares have more than doubled over the last year as the retail sector — beaten down through 2015 and 2016 — has staged a big comeback over that period.

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Top news

(AP Photo/Lefteris Pitarakis, File)

Turkey doubles tariffs on some US imports: Turkey doubled tariffs on some U.S. imports including cars, alcohol and tobacco on Wednesday in retaliation for U.S. moves, but the lira rallied a further 6% after a fresh move by banking authorities to underpin the currency. [Reuters]

How much Warren Buffett has made from his massive investment in AppleWarren Buffett’s Berkshire Hathaway (BRK-ABRK-B) bet big on Apple and is winning big, too. During the second quarter ended June 30, Berkshire Hathaway added nearly 12.4 million shares of Apple (AAPL), bringing its already massive stake in the iPhone maket to nearly 251.96 million shares, a position valued at over $52.8 billion when using Tuesday’s market close of $209.75. [Yahoo Finance]

Tinder founders’ lawsuit includes #MeToo allegation against ex-CEO: A lawsuit against Match Group filed on Tuesday includes an allegation of sexual misconduct against former CEO and Chairman Greg Blatt, though it does not name him as a defendant. The allegation was mentioned on page six of a lengthy complaint filed by Tinder’s founders and early employees along with a handful of the dating app’s current executives against parent companies Match Group (MTCH) and IAC/InterActiveCorp (IAC), alleging a “scheme” to cheat them “out of billions of dollars by violating their contractual rights as option holders.” [Yahoo Finance]

Kroger partners with Alibaba in China grocery ventureKroger Co. (KR) has partnered with Alibaba Group Holding Ltd (BABA) to sell nuts, supplements and other products in China, venturing outside the United States for the first time in what is fast becoming a fierce global battle to dominate online grocery sales. [Reuters]

Walmart teams up with Ellen DeGeneres for fashion line: Walmart (WMT), the world’s largest retailer, is looking to boost its apparel sales by teaming up with TV host and comedian Ellen DeGeneres to launch a new women’s fashion line. Called EV1, a play on the word “everyone,” the new line is inspired by “inclusiveness,” offering a range of size options. [Yahoo Finance]

For more of the latest news, go to Yahoo Finance

Former White House staffer Omarosa Manigault Newman speaks during an interview with The Associated Press, Tuesday, Aug. 14, 2018, in New York. Manigault Newman declared she “will not be silenced” by President Donald Trump, remaining defiant as her public feud with her former boss shifted from a war of words to a possible legal battle. (AP Photo/Mary Altaffer)

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The Morning Brief provides a quick rundown on what to watch in the markets, top news stories, and the best of Yahoo Finance Originals.