Business News

Wall Street is waffling as it closes its wild, whipsaw week. More tests loom next week

NEW YORK (AP) — U.S. stocks are holding relatively steady at the tail end of a wild, whipsaw week for Wall Street. The S&P 500 was up 0.2% Friday, coming off its best day since 2022. The Dow Jones Industrial Average was flat, and the Nasdaq composite rose 0.1%. All three indexes are still on track for losses for the week, but not as bad as before. Expedia Group helped lead the market after a stronger-than-expected profit report, though it noted softening demand recently. Treasury yields eased in the market ahead of big reports next week that could cause further swings for global markets.

4 suspected Houthi attacks target a ship off Yemen, authorities say

DUBAI, United Arab Emirates (AP) — Authorities say four suspected attacks by Yemen’s Houthi rebels targeted a ship in the strategic Bab el-Mandeb Strait linking the Gulf of Aden to the Red Sea. The Houthis didn’t immediately claim the assaults on Thursday and Friday. But they follow a monthslong campaign by the rebels targeting shipping through the Red Sea corridor over the Israel-Hamas war. Their attacks have resumed after a two-week pause following the assassination of Hamas leader Ismail Haniyeh in Iran. Tehran is the Houthis’ main benefactor. There are renewed concerns over the war breaking out into a regional conflict.

Considering a mortgage refi? Lower rates are just one factor when refinancing a home loan

LOS ANGELES (AP) — Mortgage rates haven’t been this attractive in more than a year, good news for homeowners eager to refinance. Many homeowners have already jumped at the opportunity to lower their monthly payment, spurring a surge in mortgage refinancing applications. The rush to refinance makes sense, as even a slight drop in mortgage rates can translate into significant savings over the long run. Still, there are more variables to consider than the mortgage rate, including the costs to refinance, the time it will take to break even and whether to hold out for lower rates. Here are some key factors to consider.

China files WTO complaint against EU over tariffs on electric vehicles

BEIJING (AP) — The Chinese government has filed a complaint with the World Trade Organization over European Union tariffs on electric vehicles made in China. The Commerce Ministry said Friday that China had resorted to the WTO dispute settlement mechanism “to safeguard the development rights and interests of the electric vehicle industry and cooperation on the global green transformation.” The EU has imposed provisional tariffs of up to 37.6% on EVs made in China, saying they unfairly benefit from government subsidies. China has launched investigations into French cognac exports and European pork in what some analysts fear could develop into a trade war with the EU.

Analysts shocked as Mexico’s central bank clocks rise in inflation and cuts interest rates

MEXICO CITY (AP) — Analysts are expressing shock at a decision by Mexico’s central bank to cut interest rates on the same day that official figures showed a sharp rise in domestic inflation. Almost without exception, central banks raise interest rates to make money more expensive, in order to discourage price increases. But in a decision Thursday, the Bank of Mexico cut interest rates by 0.25% to 10.75%, even though inflation rose by over one percent to 5.57% in July. Inflation has been getting further away from the central bank’s objective of 3%. The bank justified the move, saying prices hikes occurred in more volatile sectors like energy and food.

Japan’s Toyota promises to do better with vehicle testing after major scandal

TOKYO (AP) — Toyota is promising to strengthen oversight of its vehicle certifications so the scandal that surfaced recently over improper tests will never recur. Japan’s top automaker outlined in detail Friday the measures it will take, including greater managerial involvement, assigning more staff to certification tasks and clarifying responsibilities of specific posts, such as the chief engineer. The report was presented to the Japanese government, which has reprimanded Toyota. The wide-ranging fraudulent testing include the use of inadequate or outdated data in crash tests, incorrect testing of airbag inflation and engine power checks. The wrongdoing is said not to affect vehicle safety.

Harris and Walz show their support for organized labor with appearance at Detroit union hall

WAYNE, Mich. (AP) — Vice President Kamala Harris and her running mate, Minnesota Gov. Tim Walz, are showing their support for organized labor by appearing at a Detroit-area union hall. Harris, the Democratic presidential nominee, and Walz spoke Thursday to several dozen United Auto Workers members. Harris and Walz are making joint campaign appearances this week in some of the most closely contested states that will decide the November election against Republican Donald Trump and his running mate, JD Vance. Michigan is one of those states and organized labor is a crucial base of support for Democrats.

Game on: ABC News says Harris, Trump have agreed to presidential debate on Sept. 10

ABC News says Vice President Kamala Harris and former President Donald Trump have agreed to a Sept. 10 debate. The network’s announcement came as Trump was holding a news conference Thursday, where he said he is pushing for two other debates with Harris in September, to be hold on Fox News and NBC. The Sept. 10 debate had initially been agreed to by Trump and President Joe Biden, before Biden dropped out of the race and endorsed Harris to succeed him. Trump had then backed out of the debate, but he said on Thursday that “it’s very important to have debates.”

A powerful explosion sets off a fireball on a container ship at a Chinese port

BEIJING (AP) — China’s state media and authorities say a powerful explosion set off a fireball on a container ship loaded with hazardous goods at a major port on China’s Pacific coast. Surveillance camera video posted online by state broadcaster CCTV on Friday showed a huge burst of white smoke followed by an orange and yellow fireball that dispersed debris and completely engulfed containers stacked at least three high. No injuries were reported from the explosion and an ensuing fire at the Ningbo-Zhoushan Port. It is located just south of Shanghai and is one of the largest ports in the world. CCTV said that a container on the docked ship is believed to have exploded.

China auto sales fall in July, while exports jump about 20% as automakers expand across the globe

BANGKOK (AP) — Auto sales in China faltered in July, falling 5% from a year earlier, although exports jumped about 20% from a year earlier as makers of electric vehicles expanded into global markets. The China Association of Automobile Manufacturers said sales of passenger cars totaled about 2 million units, with 1.6 million sold inside China. About half of the vehicles sold were so-called “new energy vehicles,” or electrics and plug-in hybrids. To try to boost demand, the government has expanded incentives to encourage drivers to trade in their older, gas and diesel-fueled cars and buy EVs. While overall car sales have remained lackluster, sales of EVs rose nearly 30% in July from the year before.