Trump starts a trade war; US jobs report; More trouble at Deutsche

1. Trump's trade bet: Markets took a hit on Thursday after the Trump administration opened a second front in its global trade war. The US announced steep tariffs on steel and aluminum imports from three of America's biggest trading partners — Canada, Mexico and the European Union.

Where U.S. stocks are heading Dow Futures   Nasdaq Futures   S&P Futures +124.00   +22.50   +12.75 +0.51%   +0.32%   +0.47%

World Markets Japan   China   U.K. Nikkei 225   Shanghai Composite   FTSE 100 -30.47   -20.34   +58.10 22,171.35   3,075.14   7,736.30 -0.14%   -0.66%   +0.76%

Biggest Winners Nucor Corp +3.75%   TechnipFMC PLC +3.08%   Micron Technology Inc +2.01%   Deere & Co +1.87% Biggest Losers Ulta Beauty Inc -4.09%   Wynn Resorts Ltd -2.05%   MGM Resorts International -1.75%   CenturyLink Inc -1.21%

News: What you need to know about the markets     Trump starts a trade war; US jobs report; More trouble at Deutsche By Ivana Kottasová   1. Trump's trade bet: Markets took a hit on Thursday after the Trump administration opened a second front in its global trade war.   The US announced steep tariffs on steel and aluminum imports from three of America's biggest trading partners — Canada, Mexico and the European Union.   The move came just two days after the White House said it was moving forward with tariffs on $50 billion worth of Chinese goods as punishment for intellectual property theft.   The European Union, Canada and Mexico have said they will respond with punitive measures targeting American products worth billions of dollars. China has also threatened trade retaliation.   2. Jobs report: The US Labor Department will publish its May jobs report at 8:30 a.m. ET.   The economy has added jobs every month for seven and a half years, the longest streak on record. In 2018, employers created on average 200,000 jobs a month. Economists predict a gain of 188,000 in May.   Unemployment stands at 3.9%, the lowest since 2000. If it falls to 3.8%, it will tie the lowest level since 1969 — a milestone in the recovery from 10% unemployment in 2009.   Economists polled by Thomson Reuters predict the unemployment rate will hold at 3.9% after a steeper fall than expected last month.   3. More trouble for Deutsche Bank: S&P Global Ratings has slashed Deutsche Bank's credit rating, citing "significant execution risks" in its overhaul strategy.   The downgrade comes one day after news broke that the Federal Reserve had labeled the bank's US business "troubled."   The secret designation from the Fed took place about a year ago and forced Deutsche Bank to dial back its risk taking, The Wall Street Journal reported. In response, Deutsche said it is "very well capitalized and has significant liquidity reserves."   Shares in Deutsche fell sharply after the Journal's report was published on Thursday. But they rebounded on Friday, gaining 2.3% in morning trade.   Christian Sewing, who was named CEO in April, addressed the run of negative news in a message sent to employees.   "Many of you are sick and tired of bad news. That's exactly how I feel," he said. "But there's no reason for us to be discouraged."   4. Sigh of relief in Italy: Italy's main stock market was 2.8% higher on Friday, and government bonds rallied.   Investor fears of a major political crisis in eurozone's third biggest economy subsided with populist parties inching closer to forming a government headed by Giuseppe Conte, a law professor and political novice.   "While euroskeptics will still dominate ... markets were considering this a preferable outcome to the alternative of fresh elections," said Artjom Hatsaturjants, an analyst at Accendo Markets.   5. Global market overview: US stock futures were pointing higher.   European markets opened higher, while stocks in Asia closed mixed.   The Dow Jones industrial average shed 1% on Thursday, while the S&P 500 dropped 0.7% and the Nasdaq declined 0.3%. Still, the indexes notched their best month since January in May.   Before the Bell newsletter: Key market news. In your inbox. Subscribe now!   6. Companies and economics: Abercrombie & Fitch and Big Lots will release earnings before the open.   Australian authorities announced criminal charges against Citigroup, Deutsche Bank and Australian Bank ANZ over a placement of ANZ shares in 2015.   Markets Now newsletter: Get a global markets snapshot in your inbox every afternoon. Sign up now!

Coming this week:     Friday — May jobs report

Key Market Stats Latest Today's Change Oil $66.87 -0.17 / -0.25% Gold $1,303.90 -0.80 / -0.06% 10-yr 2.82% 0.00 / 0.00% Euro $1.17 +0.00 / +0.11%

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Pardon me, Mr. President! No really, please?

Presidential pardons...tariffs...Secret Service...Rohingya...Samantha Bee

view in browser Friday 06.01.18 Rabbit, rabbit! Welcome to a new month. Here's what you need to know to Get Up to Speed and Out the Door. By AJ Willingham Presidential pardons    President Donald Trump is in the middle of what seems to be a pardon storm, wielding a political tool of mercy like a strategic sword. The latest target of his good graces? Dinesh D'Souza, a conservative author and filmmaker who pleaded guilty to violating federal campaign finance laws in 2014 after he was indicted on charges he illegally used straw donors to contribute to a Republican Senate candidate in 2012. Also on Thursday, Trump told reporters he was thinking of doing the same for Martha Stewart, who spent five months in prison more than a decade ago for lying and obstructing justice in connection with a 2001 stock deal, and Rod Blagojevich, the former Democratic governor of Illinois currently serving a 14-year sentence after being convicted on corruption charges in 2011. Tariffs When it comes to US trade war-teasing tariffs, it appears no one is safe -- not even our allies. Trump is imposing steep tariffs on steel and aluminum from three of America's biggest trading parters: Canada, Mexico and the European Union. The three immediately announced plans to retaliate with their own tariffs against American products. They're not the only ones who will be affected either. Depending on how much legwork American industries can do to supply domestic steel and aluminum, prices for items that use the metals (cars, appliances and construction equipment, to name a few) could go up.  Secret Service    The US Secret Service overpaid presidential campaigns an estimated $4 million for plane travel during the 2016 election, a government watchdog says in a new report obtained by CNN. According to the report, Secret Service officials realized eight months before Election Day that they were using the wrong formula to calculate the costs "but did not ensure the agency reverted to its longstanding policy." The Secret Service, which incurred millions of dollars in travel expenses to provide security during presidential campaigns, said it has asked the campaigns that were overpaid to provide the government refunds. The report did not detail how much each campaign was overpaid, nor did it accuse the campaigns of wrongdoing. Rohingya    Myanmar and the United Nations have reached a deal to work together to repatriate hundreds of thousands of Rohingya Muslims who have fled violence in the country in the past year. The Rohingya are often considered the most persecuted minority on the planet, and about 700,000 of them have fled across the border to refugee camps in Bangladesh. Some of these refugees have told stories of mass slaughter and rape, villages being burned, and families exterminated by Myanmar military forces. Under this new deal, two UN groups will be given access to the Rakhine state in western Myanmar for the first time since violence broke out in August. They will try to facilitate the "voluntary, safe, dignified and sustainable" return of Rohinyga refugees.  Samantha Bee   Just days after "Roseanne" was canceled following a racist tweet from Roseanne Barr, a liberal media personality has come under fire for a very different comment. Samantha Bee, who hosts a politically fueled comedy news show on TBS, called Ivanka Trump a "feckless c***" during a broadcast in which she criticized Trump for her supposed silence on her father's immigration policies. The White House called the comment "vile and vicious" and implored TBS to repudiate her. Bee apologized, saying she "crossed a line." (TBS and CNN are both owned by Turner, a subsidiary of Time Warner.) Jobs, jobs, jobs The May jobs report is coming your way later this morning, and we could see America's unemployment rate match its lowest point in half a century.  ADVERTISEMENT People are talking about these. Read up. Join in. Vermont will pay you $10,000 to move there and work remotely. Ten grand and you can work with no pants on? We'd move to hell for that. Too much bad news can make you sick.  If you want to unplug from the internet for a while, here's your justification.  Tom Cruise teases "Top Gun" sequel.  If bad news makes you sick, this is absolutely the perfect antidote.  It's true, teens are ditching Facebook. Maybe they're tired of scrolling through their aunt's three-paragraph-long flat earth conspiracy theory manifesto, and honestly, aren't we all? Dig in to a new "Parts Unknown" with Anthony Bourdain.  This week Anthony Bourdain heads to Hong Kong, but it's the director who really makes the episode special. Asia Argento is a leader of the #MeToo movement, and she takes you behind the scenes to see what it's like filming the show amid what she calls "organized chaos." The show is Trump, and it is sold-out performances everywhere.   Donald Trump, in an interview with Playboy magazine in 1990, making what turned out to be an enduring political prediction.  The Stanley Cup finals are currently underway. What two teams are vying for the title? (What?! I'm a sports fan. Sue me!)  a. The Pittsburgh Penguins and the Washington Capitals  b. The Washington Capitals and the Chicago Blackhawks  c. The Toledo Mud Hens and the New Orleans Baby Cakes  d. The Washington Capitals and the Vegas Golden Knights  Test your knowledge of the week's news with "Total Recall: The CNN News Quiz" to see if you're right.  Bliss out to 'Infinity Mirrors' If you're lucky, you may have seen Japanese artist Yayoi Kusama's "Infinity Mirrors" exhibit -- a gorgeous, trippy journey through rooms of reflections. If not, hey, you can just watch a video of it! (Click to view.)  Share Tweet ALL CNN NEWSLETTERS CNN Five Things shows up in your inbox every weekday at 6 a.m. ET. Like what you see? Don't like what you see? Let us know. We're all about self-improvement. Did a friend forward you this newsletter? Sign yourself up!   Copyright © 2018 Cable News Network, LP, LLLP. A Time Warner Company. All Rights Reserved., All rights reserved. You are receiving this email because you subscribed to CNN newsletters. update preferences or unsubscribe