1. Stock futures rally after report says China will ramp up U.S. farm product purchases
Stock futures rallied Friday morning after Bloomberg News reported that China plans to accelerate its purchases of U.S. agricultural products to comply with the phase one deal reached in January. Dow Jones Industrial Average futures were up more than 300 points, or 1.2%. S&P 500 futures gained 1.2%, and Nasdaq-100 futures were up 1%. Wall Street was also on pace for solid weekly gains.Â
2. EU kicks off stimulus negotiations
The 27 countries in the European Union started negotiations Friday over a 750 billion euro stimulus proposal aimed at mitigating the economic blow from the coronavirus. The EU's executive arm, the European Commission, expects the region's economy to contract by 7.4% in 2020. "Our ultimate goal is to reach a deal as soon as possible," said European Council President Charles Michel.
3. Coronavirus infections continue to rise, several states report record increases
The number of newly confirmed coronavirus cases continues to rise in the U.S., with California, Arizona and Florida among those reporting record infection spikes. The rising number of cases comes as states ease quarantine restrictions and businesses resume operations. Movie theater chain AMC, for example, said it would open all U.S. locations by July 24. To be sure, the uptick in new cases coincides with increased testing.
4. China charges detained Canadians, alleges espionage
Chinese authorities charged two detained Canadians, alleging espionage, as tensions between the two countries grow. Canada called the arrests, which took place in late 2018, "arbitrary." The two Canadian men were arrested after Canada arrested Meng Wanzhou, CFO of Huawei Technologies, in 2018.
5. Alibaba and JD.com sales record at China event
Alibaba and JD.com handled $136.51 billion in sales through their respective platforms on Thursday during one of China's biggest shopping events. Known as 618 because it falls June 18, the event was closely monitored for signs over the health of the Chinese consumer as the country tries to recover from the coronavirus pandemic.