Markets down…Trump to head for summit…China trade gap with US widens
TOKYO (AP) – Global shares were lower Friday, as investors awaited the Group of Seven summit, continuing into the weekend, and European Central Bank and Federal Reserve meetings next week. Futures point to a lower opening on Wall Street. Benchmark U.S. crude oil dipped to just above $65.505 a barrel. The dollar fell against the yen and gained against the euro.
QUEBEC CITY (AP) – Solidifying his solo status on the world stage, President Donald Trump is lashing out at longtime allies over their critiques of his trade policies and plans an early exit from the annual Group of Seven meeting of industrialized nations. Trump will descend Friday on the annual gathering, held this year at a Quebec resort, but will leave Saturday morning before the event is over, heading out to Singapore for his highly-anticipated summit with North Korean leader Kim Jong Un.
BEIJING (AP) – China’s politically sensitive trade surplus with the United States widened in May from a year earlier, while its total global surplus shrank as imports accelerated. Imports rose 26 percent from a year ago to $187.9 billion, up from April’s 21.5 percent growth, customs data showed Friday. Exports rose 12.6 percent to $212.9 billion, little changed from the previous month’s 12.9 percent. China’s trade gap with the United States widened by 12 percent to $24.6 billion. The country’s global surplus narrowed by 39 percent to $24.9 billion.
BEIJING (AP) – Chinese tech giant ZTE Corp.’s chairman promised no further compliance violations and apologized to customers in a letter Friday for disruptions caused by its violation of U.S. export controls. The South China Morning Post reports that Chairman Yin Yimin’s letter also apologized to ZTE’s 80,000 employees. Their jobs were in jeopardy after ZTE lost access to U.S. technology and suspended most of its operations.
TOKYO (AP) – Revised data shows that Japan’s economy declined in the first quarter on weak consumer spending. The Cabinet Office said the gross domestic product or GDP – the total value of a nation’s goods and services – shrank at an annualized rate of 0.6 percent in the January-March period. The data were unchanged from preliminary data released in May that reflected weak domestic demand, including consumer spending and residential investment.