Stocks steady…WTO will review request from Beijing…Chinese auto sales fall
NEW YORK (AP) – Stocks are little changed as a trade complaint by China puts some pressure on industrial and basic materials companies, and insurance companies take losses as Hurricane Florence moves toward the East Coast. Technology companies are slightly higher.
GENEVA (AP) – The World Trade Organization says it will review China’s request to be allowed to impose sanctions on the U.S. for failing to abide by WTO rules. The dispute is linked to steps the U.S. took in 2013 over Chinese goods that it said were “dumped,” or sold for less than market value.
BEIJING (AP) – Chinese auto sales fell for a second month in August, adding to signs of economic malaise amid a worsening tariff battle with Washington. An industry group, the China Association of Automobile Manufacturers, said sales of SUVs, sedans and minivans in the biggest global auto market contracted by 4.6 percent from a year earlier to 1.8 million units. Total vehicle sales, including trucks and buses, sank 2.1 percent to 2 million units.
WASHINGTON (AP) – U.S. employers advertised the most jobs on record in July, and the proportion of workers quitting their jobs also hit a new all-time high. Americans are increasingly taking advantage of a tight labor market to find new, often higher-paying jobs. The Labor Department said today that the number of job openings rose 1.7 percent to 6.9 million, the most on record dating back to late 2000. The number of people quitting jumped 3 percent to 3.58 million, or about 2.4 percent of the workforce.
LONDON (AP) – The Bank of England’s Mark Carney has agreed to extend his period as governor until January 2020 in order to help oversee Britain’s exit from the European Union. The announcement from the government and the bank was widely expected after Carney told lawmakers last week that he was “willing” to extend his period at the helm beyond the June 2019 end-date.