Stocks rally…China tax cutting…German economy slows
SINGAPORE (AP) – Global shares were mostly higher Tuesday as British lawmakers prepared to vote on a Brexit deal that has drawn strong opposition at home. Markets were also boosted by senior economic officials saying Beijing will cut taxes and keep monetary policy flexible. Futures point to opening gains on Wall Street. Benchmark U.S. crude oil rose to just below $51 per barrel. The dollar strengthened against the yen and the euro.
BEIJING (AP) – China plans to slash taxes, step up spending and provide ample financing to private and small enterprises to help counter the country’s worst slowdown since the global financial crisis and the impact of a bruising trade war with the U.S. A deputy central bank governor told reporters at a briefing Tuesday that the People’s Bank of China is confident it can keep the value of China’s currency, the yuan, steady while maintaining a stable but flexible monetary policy.
FRANKFURT, Germany (AP) – Germany’s economic growth eased to 1.5 percent last year amid signs of a slowdown in Europe and the wider global economy. The growth figure announced by the government statistics agency was down from 2.2 percent in 2017. German output fell in the third quarter by 0.2 percent, but the dip was attributed to temporary factors such as bottlenecks registering cars under new emissions testing rules. It was still the ninth straight year of annual economic growth in Germany.
SHENZHEN, China (AP) – The founder of network gear and smart phone supplier Huawei Technologies says the tech giant would reject requests from the Chinese government to disclose confidential information about its customers. Meeting with foreign reporters at Huawei’s headquarters, Ren Zhengfei sought Tuesday to allay Western concerns the company is a security risk. Those fears have hampered Huawei’s access to global markets for next-generation telecom technology.
SACRAMENTO, Calif. (AP) – The bankruptcy announcement by the nation’s largest utility means California Gov. Gavin Newsom and state lawmakers now must try to keep ratepayer costs down, ensure wildfire victims get the money they’re owed and rethink the state’s energy picture in the face of climate change. Pacific Gas & Electric Co. announced the filing as it faces at least $30 billion in potential damages from lawsuits over catastrophic California wildfires in 2017 and 2018. The filing would not make the lawsuits disappear, but would result in all wildfire claims going before a bankruptcy judge, not a jury.