World shares surge … China to regulate all fentanyl … Eurozone economy gets double dose of bad news
BANGKOK (AP) – Shares surged in Europe and Asia today after the release over the weekend of encouraging manufacturing data in China that suggests government stimulus may be gaining traction. Germany’s DAX gained 1.0 percent while the CAC40 in France jumped 0.9 percent. Britain’s FTSE 100 advanced 0.8 percent. Wall Street looks set to extend gains from last week, with the future contract for the Dow Jones Industrial Average up 0.7 percent to 26,103.00. That for the S&P 500 also gained 0.7 percent, to 2,856.90.
BEIJING (AP) – China says it will begin regulating all fentanyl-related drugs as a class of controlled substances. It’s a change U.S. officials have long advocated as a way to stem the flow of lethal opioids from China. The sweeping change in takes effect May 1 and could help end the game of regulatory whack-a-mole with chemists who can manufacture novel opioids faster than they can be banned.
LONDON (AP) – The eurozone economy has received a double dose of bad news. Consumer prices rose by only 1.4 percent in the year to March, down from 1.5 percent the previous month. And the survey from HIS Markit also shows that the eurozone purchasing managers’ index for the manufacturing sector – a broad gauge of economic activity – fell to 47.5 points in March from 49.3 the previous month. Anything below 50 indicates a contraction in activity.
LONDON (AP) – Further evidence has emerged that British manufacturers are building up their cushions against the possibility the country crashes out of the European Union without a deal. Financial information firm IHS Markit has found that Brexit stockpiling is giving a boost to production – at least temporarily. According to the firm, its purchasing managers index for the sector rose to a 13-month high in March to 55.1, up three points from the previous month. Anything above 50 indicates an expansion in output.
SANTA ANA, Calif. (AP) – Lawyer Michael Avenatti is scheduled to appear in court in Santa Ana, California Monday to answer to charges that he fraudulently obtained $4 million in bank loans and pocketed $1.6 million that belonged to a client. Avenatti already was facing unrelated extortion charges involving Nike after being arrested last week in New York. The 48 year old became famous for representing porn star Stormy Daniels in legal battles with President Donald Trump.