Mixed shares…Powell speech…US-China deadlock
BANGKOK (AP) – World shares were mixed Friday after a listless session on Wall Street, where a slide in banks and industrial companies offset solid gains for the technology sector. A lack of progress in trade talks between the U.S. and China was weighing on sentiment. Futures point to opening gains on Wall Street. Benchmark U.S. crude oil rose to just under $68.50 per barrel. The dollar rose against the yen and weakened against the euro.
WASHINGTON (AP) – Federal Reserve Chairman Jerome Powell will not lack for urgent topics to address when he gives the keynote speech Friday to an annual gathering of global central bankers in Jackson Hole, Wyoming. Fed watchers will be listening for anything Powell has to say about financial turmoil in emerging markets, the economic threats posed by the growing trade war launched by President Donald Trump and Trump’s criticism of the Fed’s recent interest rate hikes.
WASHINGTON (AP) – U.S. and Chinese negotiators ended two days of meetings Thursday without breaking a deadlock over trade that has unnerved financial markets and disrupted global commerce. The dispute over China’s high-tech industrial policy escalated Thursday as the Trump administration and Beijing imposed taxes on an additional $16 billion of each other’s goods. The administration last month had slapped tariffs on an initial $34 billion in Chinese products, and Beijing responded in kind.
WASHINGTON (AP) – Complaints and lawsuits lodged against for-profit colleges are unfolding as Education Secretary Betsy DeVos engineers a seismic shift in the regulatory landscape that stands to benefit the multibillion-dollar industry. It’s an about-face from the Obama administration’s push to police for-profit schools more aggressively and to forgive student debt for those who were charged top dollar for degrees that turned out to be worthless. The changes, according to DeVos’ critics, will weaken protections for students who claimed they were defrauded by their schools.
LONDON (AP) – Britain’s Treasury chief has been accused of reinitiating “dodgy project fear” after he repeated warnings that there would be significant consequences for the economy if the U.K. leaves the European Union without an agreement on future relations. Philip Hammond’s Conservative Party colleagues launched scathing attacks Friday after he told a parliamentary committee that a “no deal” Brexit could reduce gross domestic product by 7.7 percent over 15 years and boost borrowing costs by 80 billion pounds ($103 billion) annually.