Shares higher…Trade warning…Amazon passes Microsoft
BANGKOK (AP) – Shares rose in early European trading after a mixed day Tuesday in Asia in the absence of official updates on China-U.S. trade talks in Beijing. Futures trading points to opening gains on Wall Street. Oil prices continued their recent rally. Benchmark U.S. crude oil inched ahead and was above $48.50 per barrel. The dollar rose against the yen and the euro.
BEIJING (AP) – An official Chinese newspaper warned Washington not to demand too much from Beijing as talks on ending their tariff war wound up a second day Tuesday with no word on possible progress. The Global Times said China is strong and has its own needs and that Washington “cannot push China too far” to avoid a situation that “spins out of control.” Negotiators began talks Monday on a fight over Beijing’s technology ambitions that companies worry might contribute to a cooling in global economic growth.
SAN FRANCISCO (AP) – Amazon has eclipsed Microsoft as the most valuable publicly traded company in the U.S. as a see-sawing stock market continues to reshuffle corporate America’s pecking order. The shift occurred Monday after Amazon’s shares rose 3 percent and lifted the e-commerce leader’s market value to $797 billion. Meanwhile, Microsoft’s stock edged up by less than 1 percent leaving the computer software maker’s value at $784 billion.
BRUSSELS (AP) – A British government minister working on the process of taking the country out of the European Union says the government will not seek to extend the two-year period in which its departure must happen. Britain leaves the EU on March 29, when the EU treaty’s Article 50 governing the procedure times out, but the U.K. parliament still has not endorsed Prime Minister Theresa May’s Brexit deal.
BERLIN (AP) – Government figures show that industrial production in Germany dropped for the third consecutive month in November, a development that’s likely to fuel concerns that Europe’s biggest economy may have entered a technical recession in last year’s fourth quarter. The Economy Ministry said Tuesday that production was down 1.9 percent compared with the previous month. Germany’s economy shrank in the third quarter largely because of one-time factors related to new car emissions standards.