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FACTBOX-U.S. winners and losers from trade tit-for-tat

Wed, 04th Apr 2018 21:12

(Deletes first half of Cisco statement from paragraph 13 aftercompany said the outdated portion was provided to Reuters inerror.) April 4 (Reuters) - China on Wednesday hit back at U.S.President Donald Trump's plan to impose tariffs on $50 billionof Chinese imports, proposing additional tariffs of 25 percenton 106 categories of U.S. goods, from soybeans to autos,chemicals and some kinds of aircraft. The trade tension brewing between the world's two largesteconomies hit global markets, with shares of industrialcompanies with exposure to Chinese markets, such as Boeing Coand Deere & Co, among the hardest hit. The following are some of the possible winners and losersamong U.S. companies and sectors: AUTO COMPANIES: * U.S. automaker General Motors Co urged the twocountries to engage in constructive dialogue over trade. Thecompany's stock fell as much as 3 percent before reversingcourse to close nearly 3 percent higher. * GM rival Ford Motor Co also lost as much as 3percent before rebounding to close 1.6 percent higher whileelectric carmaker Tesla Inc , which depends on Chinafor 17 percent of its revenue, fell as much as 5.8 percentbefore retracing losses to end up over 7.2 percent. Shares ofFiat Chrysler fell as much as 3.4 percent beforerecovering to end up nearly 2 percent. * Ford said it encouraged both governments to work togetherto resolve issues. BOEING & INDUSTRIALS: * Aircraft maker Boeing Co closed down 1 percent,weighing the most on the Dow Jones Industrial Average asdocuments from China's Ministry of Commerce and the U.S.manufacturer showed the move would affect some older Boeingnarrowbody models. It was not immediately clear how much thetariffs would impact its newer aircraft. * Boeing said it was assessing the situation while analystsfrom JP Morgan said the proposals from China looked to have beencalibrated carefully to avoid a major impact on the planemaker. * Fellow Dow component 3M Co lost as much as 2.4percent before rebounding to end 0.6 percent higher. * Farming equipment maker Deere lost nearly $10 pershare at its lowest. The company urged the two countries to worktoward a resolution to "limit uncertainty for farmers and avoidmeaningful disruptions to agricultural trade." The stock ended2.9 percent lower at $148.57. TECH MAJORS: * The S&P 500 technology sector , which has thebiggest revenue exposure to China among the benchmark's 11 majorsectors, dipped 0.5 percent before rebounding to end 1.3 percenthigher. * Chip stocks were among the worst-hit in the sector withIntel Corp and Nvidia Corp both falling beforeretracing losses to end narrowly higher. Broadcom Ltdended the day nearly flat at $236.99. China's position as anassembly hub for electronic devices makes it the biggestconsumer of semiconductors. * Cisco Systems Inc closed slightly higher at$41.20, but said it was "analyzing the impact of these tariffson Cisco and reviewing plans to minimize the impact on ourbusiness, our customers and our partners," company spokeswomanRobyn Blum told Reuters. WHISKEY * Brown-Forman Corp , the maker of Jack Daniel'swhiskey, slipped about 1 percent before recovering to close up1.3 percent to $54.71 after whiskey was singled out as the onlyspirit on which China planned to impose more tariffs. * The Distilled Spirits Council, a U.S. industry group,asked the United States and China to reach a resolution withoutsubjecting American whiskey to more tariffs, which it said wouldharm Chinese consumers, its hospitality sector and U.S. whiskeyexporters. The Council also said U.S. whiskey accounted fornearly 70 percent of the total U.S. spirits exported to China,by value, in 2017. COMMODITIES & CHEMICALS * DowDuPont Inc said its agriculture unit could beaffected by the escalating conflict, warning of price declinesfor soybeans, and a negative impact on U.S. farmers. Sharesclosed up about 0.6 percent at $63.69. * Grain traders Archer Daniels Midland Co and BungeLtd , which trade U.S. soybeans in China, were both off asmuch as 1.5 percent. Archer Daniels recovered to add 1.8 percentto $43.90, and Bunge gained 2 percent to close at $75.64. * The American Chemistry Council (ACC) - which counts Exxon , Chevron , Monsanto and others as itsmembers - urged the United States and China to come to anunderstanding. "Engaging in a trade war with one of ourcountry's most significant trading partners is not the answer,"said ACC Chief Executive Officer Cal Dooley. Exxon closed 0.2 percent lower at $74.87, and Monsanto alsofell 0.2 percent to $116.75. Chevron dipped 0.3 percent to$114.48. WINNERS * U.S. meat processor Tyson Foods Inc , meat exporterHormel Foods Corp rose on the prospect of a drop inprices of soybean - a key feedstock - following higher Chinesetariffs on U.S. exports. Tyson closed up 2.3 percent at $71.54,and Hormel ended the day at $35.87, a gain of 4.8 percent. (Reporting by Yashaswini Swamynathan in Bengaluru; Editing byBernard Orr, Shounak Dasgupta and G Crosse)
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UPDATE 1-Pakistan drops planned Shell LNG deal, to buy from Qatar-trade

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14 Jan 2016 15:36

Shell names top exec to head BG during complex integration

* Huibert Vigeveno to be named BG transition CEO * Will oversee integration, synergies and layoffs * Integration expected to take months By Ron Bousso LONDON, Jan 14 (Reuters) - Royal Dutch Shell's top executive planning the integration of BG Group will become transitional

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14 Jan 2016 14:16

Shell-BG deal wins more support, but concerns persist

* PIRC, Invesco, Allianz join voices in favour of deal * BG-Shell share spread remains near 7 pct * Deal widely expected to win shareholder support By Ron Bousso and Karolin Schaps LONDON, Jan 14 (Reuters) - Two weeks before shareholders are due to vote on Royal Dutch Shel

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14 Jan 2016 09:43

BROKER RATINGS SUMMARY: JPMorgan Cuts Merlin To Underweight

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14 Jan 2016 08:31

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13 Jan 2016 17:15

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13 Jan 2016 16:00

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11 Jan 2016 06:56

Standard Life Investments To Vote Against Royal Dutch Shell-BG Deal

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8 Jan 2016 18:22

UPDATE 2-Shell's BG bid dealt blow with first shareholder dissent

* Standard Life says to vote against $49 bln deal * But major shareholder advisory ISS endorses deal * Shell confident deal will win support in Jan. 27 vote (Recasts with Standard Life, updates shares) By Ron Bousso LONDON, Jan 8 (Reuters) - Royal Dutch Shell's bid to ac

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8 Jan 2016 17:31

Major Shell shareholder Standard Life to vote against BG deal

LONDON, Jan 8 (Reuters) - Standard Life Investments, a major shareholder in Royal Dutch Shell, said on Friday it will vote against the Anglo-Dutch's oil company's proposed $49 billion acquisition of BG Group. "We have concluded that the proposed terms of the acquisition of BG are value dest

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