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Global markets higher … Trump could get chilly reception at G7 … HUD rent hike proposal for low-income tenants causes concern

 

SEOUL, South Korea (AP) – Global stock markets are higher today as remarks by a European Central Bank board member eased worries about the new Italian government’s spending plans. In early trading France’s CAC 40 rose 0.6 percent, Germany’s DAX gained 0.3 percent and Britain’s FTSE 100 was unchanged. In Asia, Japan’s Nikkei jumped 0.9 percent, while the Shanghai Composite Index finished 0.2 percent lower. South Korea’s Kospi finished up 0.7 percent. Wall Street is expected to open higher, with the S&P future up 0.1 and the Dow future up 0.2 percent.

 

WASHINGTON (AP) – President Donald Trump heads to Canada on Friday for a meeting of the Group of Seven industrialized nations. The White House is expecting a chilly reception from Canada and West European countries who are frustrated over Trump’s withdrawal from the Paris climate accord and the Iran nuclear agreement. German Chancellor Angela Merkel said on Wednesday, “it is apparent that we have a serious problem with multilateral agreements here, and so there will be contentious discussions.”

 

CHARLESTON, S.C. (AP) – A proposal by Housing Secretary Ben Carson would raise rents for low-income tenants about 20 percent in the nation’s 100 largest metropolitan areas. That’s according to an analysis by the Center on Budget and Policy Priorities. Carson says the proposal would put recipients of housing assistance on a path toward stability, but advocates say it would lead to more homelessness. A roughly 20 percent increase is about six times greater than the growth in average hourly earnings. The proposal needs congressional approval.

 

CANBERRA, Australia (AP) – Australia’s Prime Minister Malcolm Turnbull says he would welcome Facebook chief executive Mark Zuckerberg’s testifying to an Australian parliamentary committee on the social media giant’s sharing of data with Chinese phone maker Huawei. Australian lawmakers have raised the prospect of Zuckerberg being invited to explain Facebook’s relationship with Huawei, which was flagged by U.S. intelligence officials as a national security threat.

 

LONDON (AP) – British Prime Minister Theresa May faces a showdown with senior ministers today, amid opposition to her proposal for avoiding a hard border in Northern Ireland after the U.K. leaves the European Union. Today’s meeting comes amid reports that Brexit Secretary David Davis is considering resignation because he fears May’s plan could force Britain to follow EU trade rules indefinitely.

 

 

AP-WF-06-07-18 1036GMT