Stocks gain…EU business optimism grows…China tries to offset tariff impact
SINGAPORE (AP) – Global markets rose on Monday as dovish comments from U.S. Federal Reserve Chairman Jerome Powell assured investors that the country’s economic growth was on track amid simmering trade tensions with China. Futures point to opening gains on Wall Street. Benchmark U.S. crude oil slipped but remains just above $68.50 a barrel. The dollar eased back against the yen anhd gained against the euro.
FRANKFURT, Germany (AP) – The trade cease-fire between the European Union and U.S. President Donald Trump boosted optimism among German business executives heavily dependent on trade for their profits. The closely watched Ifo economic index rose to 103.8 points from 101.7 in July. The result was better than the 101.8 expected by market analysts. Germany, Europe’s largest economy, gets much of its growth from exports.
BEIJING (AP) – From medical products to smartphone chips to soybeans, Beijing is responding to President Donald Trump’s tariff hikes by pushing companies to trade more with other countries. But there are few substitutes for the United States as an export market and source of technology for industries including telecom equipment makers Chinese leaders are eager to develop.
GUANGZHOU, China (AP) – Nissan’s first electric sedan designed for China began production Monday at the start of a wave of dozens of planned lower-cost electrics being created by global automakers for their biggest market. Manufacturers including General Motors and Volkswagen are poised this year to launch a flood of electric sedans, minivans and SUVs in China designed for local tastes and smaller budgets. Nissan, Tesla, GM and others sell imported electrics or electrified versions of models made by Chinese partners, but the market is dominated by low-cost local rivals including BYD Auto.
BERLIN (AP) – A German newspaper reports judges are considering jailing senior Bavarian officials for failing to take action against air pollution in Munich, home to automaker BMW. The newspaper reported Monday that the south German state’s administrative court believes jailing officials may be the most effective way of forcing the Bavarian government to enforce emissions cutting measures. Munich topped the ranks of 65 German cities that exceeded levels of harmful particles last year.