Markets gain…Trump still sniping G-7…UK manufacturing dives
BEIJING (AP) – Global markets were mostly higher Monday as Donald Trump prepared to meet North Korean leader Kim Jong Un following the American president’s outburst at Canada’s prime minister over trade. Futures point to opening gains on Wall Street. Benchmark U.S. crude fell to just above $65.50 per barrel. The dollar rose against the yen and fell against the euro.
WASHINGTON (AP) – President Donald Trump took more swipes at Canada and its prime minister over trade issues as he settled in for a summit with North Korea in Singapore, contending that “Fair Trade is now to be called Fool Trade if it is not reciprocal.” Trump roiled the weekend Group of Seven meeting in Canada by agreeing to a group statement on trade only to withdraw from it while flying to Asia. He complained that he had been blindsided by Canadian Prime Minister Justin Trudeau’s criticism of his tariff threats at a summit-ending news conference.
LONDON (AP) – Official figures show that manufacturing output in Britain fell in April at its fastest rate in five and a half years, a development that raises questions over an economic rebound in the second quarter. The Office for National Statistics said Monday that manufacturing output, which accounts for around 10 percent of the British economy, shrank 1.4 percent during the month. That was the largest fall since October 2012. As a result, overall industrial production, which also includes things like energy output, fell by 0.8 percent. That decline was unexpected.
BERLIN (AP) – German business groups are pressing for clarity from Britain on its plans for a post-Brexit relationship with the European Union, and urging London to allow companies’ employees “uncomplicated” access. Three major business organizations said in a joint statement Monday that progress is necessary at an EU summit later this month. They said they’re worried that even a “transition phase” after Britain leaves the EU next March isn’t assured.
SEOUL, South Korea (AP) – A South Korean cryptocurrency exchange said Monday hackers have stolen about one-third of the coins traded on its market, an announcement that sent bitcoin prices tumbling to a two-month low. Coinrail said hackers stole cryptocurrencies over the weekend including Pundi X, Aston and NPER. It did not give a value but Yonhap News agency cited unnamed industry sources saying coins worth about 40 billion won ($37 million) were lost. Bitcoin was trading at $6,780 on Monday, down from more than $7,500 before the weekend.