US stocks broadly lower…Government report says US budget deficit set to hit $897B…British food retailers warn of higher prices
NEW YORK (AP) – Stocks are opening broadly lower on Wall Street as traders worry about the impact on U.S. companies of a slowdown in China’s economy. At 10:45 a.m. Eastern Time, the S&P 500 index fell 25 points, to 2,640. The Dow Jones Industrial Average lost 266 points, to 24,471. And the Nasdaq dropped 83 points, to 7,082. Bond prices rose. The yield on the 10-year Treasury note fell to 2.74 percent.
WASHINGTON (AP) – A new government report says that the U.S. budget deficit is set to hit $897 billion this year and the report predicts that economic growth will slow as the effects of President Donald Trump’s tax cut on business investment begin to drop off. The Congressional Budget Office Report predicts a $118 billion increase over last year’s $779 billion deficit. The CBO also predicts that the economy will grow by 2.3 percent this year, a slowdown from 3.1 percent last year.
LONDON (AP) – Food retailers in Britain are warning of higher prices as well as food shortages in a starkly worded letter to lawmakers urging them to avoid leaving the European Union without a deal. McDonald’s, Sainsbury’s and Waitrose are among those saying they’re “extremely concerned” about disruptions in the food supply chain, given that nearly one-third of the food Britons eat comes from the EU.
TOKYO (AP) – Nissan Motor Co. says it has received an inquiry from the U.S. Securities and Exchange Commission, suggesting investigations into dealings by its former chairman Carlos Ghosn (gohn) could expand beyond Japan. A statement from the Japanese automaker follows reports by both Japanese and foreign media that the U.S. financial markets watchdog was investigating Nissan’s pay to executives in the United States. Ghosn is accused in Japan of under-reporting his compensation and of breach of trust.
SEATTLE (AP) – Former Starbucks Chairman Howard Schultz is drawing criticism after telling “60 Minutes” on Sunday that he’s thinking about running for president as an independent. Democrat Julian Castro, who’s already announced he’s running, told CNN Sunday that he’s concerned that a Schultz independent campaign “would provide Donald Trump with his best hope of getting re-elected.” President Trump tweeted today that Schultz “doesn’t have the “guts” to run for President!”