Wall Street set to fall … Oil fizzles … China’s tariff list
HONG KONG (AP) – World stock markets slid today after China announced details of its plans to retaliate against the proposed U.S. tariff hikes, in a escalation of trade tensions between the world’s two biggest economies. Wall Street is poised for a big sell-off, with Dow futures tumbling 1.8 percent to 23,557.00. Broader S&P 500 futures slumped 1.5 percent to 2,575.00.
NEW YORK (AP) – Oil’s rally fizzled. A barrel of U.S. crude lost $1.23 to $62.26 in electronic trading on the New York Mercantile Exchange. The contract gained 50 cents to settle at $63.51 on Tuesday. Brent crude fell $1.31 to $66.81 a barrel in London. The dollar slipped to 106.14 yen from 106.62 yen in late trading Tuesday.
BEIJING (AP) – China has issued a $50 billion list of U.S. goods including soybeans and aircraft for possible tariff hikes in an escalating trade dispute with Washington. The country’s tax agency gave no date for the 25 percent increase. Beijing says that will depend on what President Donald Trump does about U.S. plans to raise duties on a similar amount of Chinese goods.
FRANKFURT, Germany (AP) – Unemployment in the 19 countries that use the euro has fallen to its lowest level in a decade as the region’s economy benefits from waning worries over the currency union’s debt problems. EU statistics agency Eurostat says the rate fell to 8.5 percent in February from 8.6 percent the month before.
WELLINGTON, New Zealand (AP) – New Zealand has issued a compulsory recall for 50,000 cars with faulty Takata air bags after saying a voluntary recall wasn’t making enough progress. The move comes after Australia issued a compulsory recall for 2.7 million cars with defective air bags in February. Takata air bags have been blamed for at least 23 deaths around the world.