Global shares mostly higher…China’s premier appeals for free trade amid tariff battle…UK lawmakers call cryptocurrencies the “Wild West”
TOKYO (AP) – Global shares were mostly higher today despite jitters over the escalating trade dispute between the U.S. and China. In early trading, France’s CAC 40 edged up 0.3 percent, while Germany’s DAX gained 0.2 percent. Britain’s FTSE 100 was flat. Japan’s Nikkei finished 1.1 percent higher. South Korea’s Kospi was virtually unchanged, Hong Kong’s Hang Seng rose 1.2 percent and the Shanghai Composite gained 1.1 percent. U.S. shares are set to rise with Dow futures up 0.1 percent and S&P 500 futures flat.
BEIJING (AP) – China’s No. 2 leader is appealing for global support for free trade following tit-for-tat U.S. and Chinese tariff hikes in an escalating battle over Beijing’s technology policy. Premier Li Keqiang said today in a speech to a business conference that disputes must be worked out through consultation. China announced a tariff hike on $60 billion of American imports Tuesday in response to U.S. President Donald Trump’s increase on $200 billion of Chinese goods.
BILLINGS, Mont. (AP) – The Trump administration has rolled back a rule meant to curb climate-changing pollution caused by huge volumes of natural gas that escapes after being drilled from U.S. lands. The move by the U.S. Interior Department replaces a 2016 rule adopted under President Barack Obama that forced energy companies to capture methane, a key contributor to climate change. Within hours of Tuesday’s announcement, attorneys general for California and New Mexico filed a lawsuit in federal court seeking to reinstate the 2016 rule, which had been tied up with lawsuits since its adoption.
BRUSSELS (AP) – The European Union has ruled that Luxembourg did not give the U.S. fast food giant McDonald’s a special sweet tax deal and that the non-taxation of some of its profits did not amount to illegal state aid. The EU Commission ended a probe that started in 2015 by saying today that advantages granted to McDonald’s were the result of differences between Luxembourg and U.S. tax laws. EU Commissioner Margrethe Vestager says, “Luxembourg did not break EU state aid rules.”
LONDON (AP) – British lawmakers are urging regulation for cryptocurrencies such as bitcoin in a report that describes the current situation as the “Wild West.” In a report today on digital currencies, Parliament’s Treasury Committee called for regulations to protect consumers and prevent money laundering.