Stocks gain…Gasoline rising…Mobile phone deal
Shares were higher in Europe and Asia on today following the release of better-than-expected manufacturing data for China. Markets were closed in Japan and mainland China. Futures point to opening gains on Wall Street. Benchmark U.S. crude oil fell to just above $67.50 per barrel. The U.S. dollar rose against the yen and the euro.
LOS ANGELES (AP) – Get ready for a little bit more pain at the pump this summer. Crude oil prices are at the highest level in more than three years and expected to climb higher, pushing up gasoline prices along the way. The U.S. daily national average for regular gasoline is now $2.81 per gallon. That’s up from about $2.39 per gallon a year ago, according to Oil Price Information Service. AAA says that across the U.S., 13 percent of gas stations are charging $3 per gallon or more.
NEW YORK (AP) – To gain approval for their $26.5 billion merger agreement, T-Mobile and Sprint aim to convince antitrust regulators that there is plenty of competition for wireless service beyond Verizon and AT&T. The deal announced Sunday would combine the nation’s third- and fourth-largest wireless companies and bulk them up to a similar size to Verizon and AT&T, the industry giants. But the companies argued that the combination would allow them to better compete not only with those two rivals but also with Comcast and others as the wireless, broadband and video industries converge.
BERLIN (AP) – Diplomats and environmentalists are gathering in Bonn, Germany, to keep working on the rules governing the Paris climate accord. The talks starting today are part of preparations for December’s global climate summit in Katowice, Poland, when the so-called Paris rulebook must be formally approved. Among the unresolved issues are how to ensure transparent monitoring and the methods used take stock of what countries have achieved. While U.S. President Donald Trump has threatened to pull out of the 2015 Paris accord, the rest of the world remains committed to the deal.
LONDON (AP) – Sainsbury’s has agreed to buy Walmart’s U.K. unit, Asda, for 7.3 billion pounds ($10.1 billion) in cash and stock in a deal that would create Britain’s largest supermarket chain and marks a profound shift in the country’s grocery market. The deal combines Britain’s second- and third-largest supermarket chains, giving the combined company 31.4 percent of the market and putting it ahead of the current leader, Tesco, which has 27.6 percent, according to data from Kantar Worldpanel. The company aims to lower retail prices as much as 10 percent as a result of the deal.