U.S stock futures tumble following Trump’s tariffs hikes against China

U.S. stock markets futures sharply dropped in early trading Sunday, following comments by President Donald Trump on Friday that escalated trade-war tensions. Dow Jones Industrial Average futures YM00, -1.25% fell more than 300 points, or more than 1%, and S&P 500 futures ES00, -1.31% and Nasdaq Composite futures NQ00, -1.55% were down by more than 1% each. On Friday, Trump said he would raise tariffs on $250 billion of Chinese goods to 30% from 25% starting Oct. 1, and hike tariffs on another $300 billion in Chinese imports to 15% from 10%, in two stages, on Sept. 1 and Dec. 15. Trump said Sunday at the G-7 summit in France that he had some regrets about hiking the tariffs, which the White House later clarified as meaning he regrets he didn’t raise them higher.

ST Now, News As It Happens – Aug 26, 2019

Welcome to ST Now, News As It Happens. Recap of what happened earlier. Reach us at [email protected] or on Facebook and Twitter @STcom.

Two Kids Were Left Alone for Eight Days Following Mississippi ICE Raid

When immigration officials raided a series of food-processing plants in Mississippi on August 7 and arrested close to 700 suspected undocumented immigrants, it was clear that children were left behind without their parents. But, “If both parents were arrested, one parent was sent home within 24 hours,” a spokesman from U.S. Immigration and Customs Enforcement told ABC News.

Clearly, that did not happen in at least one case. Two children, ages 12 and 14, were left alone for eight days after both their parents were swept up in the raids. After authorities became aware of the situation, the children’s mother was released on August 15.

Pedro, the children’s uncle, told ABC News that when his sister was taken into custody that she told the agents she had children. But both parents were detained anyway, leaving their children home alone. After days passed, she then told an ICE officer, who asked for the names and dates of birth of the children, which finally led to her release, Pedro said.

The day of the raids presidential candidate Beto O’Rourke said, “These children will go to sleep tonight with no idea when, or if, they’ll see their parents again. This is being done in our name — and it’s on all of us to end it.”

With people scared after being arrested, and possibly afraid that their children might be deported without them, or worse, this story is likely not unique. It’s a heartless policy that should not be in place.

Aides say Trump not ordering U.S. companies to leave China — just suggesting

WASHINGTON — Aides to President Donald Trump said Sunday he has no plans to invoke emergency powers and force companies to relocate operations from China, two days after his Friday tweet that they were “hereby ordered” to look for alternative locations.

The president’s top economic adviser, Lawrence Kudlow, told CNN’s State of the Union on Sunday that Trump didn’t intend to issue an order. Trump’s comments Friday came after Beijing announced new levies on U.S. imports, and stocks tumbled in response to the news.

“What he is suggesting to American businesses,” Kudlow said, is that “you ought to think about moving your operations and your supply chains away from China and secondly, we’d like you to come back home.”

Treasury Secretary Steven Mnuchin also weighed in, telling Fox News Sunday that the president didn’t have plans to invoke emergency powers to force U.S. companies out of China. “I think what he was saying is he’s ordering companies to start looking,” Mnuchin said. “He wants to make sure to the extent that we are in an extended trade war, that companies don’t have these issues and move out of China.”

An expanded version of this report appears on WSJ.com.

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Retired Canadian found slain at his Mexico residence

Mexican officials say a Canadian retiree who once served as an honorary consul in Mexico has been found slain at his residence in the Caribbean resort of Cancun.

The attorney general’s office for Quintana Roo state said Sunday that 62-year-old Daniel Lavoie had been killed “with violence.”

The attorney general’s office declined to discuss a possible motive.

Lavoie’s Facebook page showed he enjoyed nature and photography.

Saudi-Led coalition downs two Houthi drones: statement

CAIRO (Reuters) – Saudi-led coalition forces intercepted and downed two Houthi drones launched toward the kingdom from Yemen, state TV and state news agency quoted coalition spokesman Turki al-Maliki as saying early on Monday.

There were no immediate details about any casualties or damage.

Saudi-led coalition forms a committee with UAE to stabilize Yemen ceasefire

CAIRO (Reuters) – The Saudi-led coalition said a joint committee was formed between Saudi Arabia and the United Arab Emirates to stabilize a ceasefire in the Yemeni provinces of Shabwah and Abyan, state TV and state news agency said on Monday.

They quoted coalition spokesman Turki al-Maliki as saying early on Monday that the committee would start working as early as Monday.

Building giant Boral forecasts a lower 2020 net profit

Building and construction material giant Boral is forecasting a 5-15 per cent fall in net profit in the new financial year, partly due to a slowdown in residential construction activity.

Boral, which released its 2019 full year results on Monday, said the lower residential activity would not be completely offset by increasing volumes linked to infrastructure projects.

Credit:Photo: Ben Rushton

In early trade on the Australian market, shares in Boral were down 14.9 per cent to $4.22.

Boral also announced an agreement with the family owned German business Gebr Knauf to form a bigger 50:50 plasterboard joint venture in Asia, including in China and South East Asia. Boral said the deal delivered greater scale, improved geographic reach and "attractive growth opportunities".

The deal will also see Boral return to 100 per cent ownership of the business USG Boral Australia and NZ. Boral's total net investment is $US441 million ($652.5 million).

More to come