Shares mostly up…Tariffs kick in…Uber IPO
TOKYO (AP) – Global shares were mostly higher on Friday in volatile trading, with mainland Chinese stocks bouncing more than 3% as regulators apparently stepped in to support the markets. Futures point to a lower opening on Wall Street. Benchmark U.S. crude oil rose above $62 a barrel. The dollar inched up against the yen and weakened against the euro.
BEIJING (AP) – President Donald Trump’s latest tariff hike on Chinese goods took effect Friday and Beijing said it would retaliate, escalating a battle over China’s technology ambitions and other trade tensions. The Trump administration raised duties on $200 billion of Chinese imports to 25% from 10%. China’s Commerce Ministry said it would impose “necessary countermeasures” but gave no details. Another round of trade talks is scheduled Friday.
SAN FRANCISCO (AP) – Uber’s next stop is the stock market, where it hopes to pick up more investors willing to bet on a ride-hailing market brimming with potential and conspicuously lacking in profits. The world’s largest ride-hailing service reached a major milestone Thursday when Uber priced its long-awaited initial public offering at $45 price per share to set the stage for its stock to begin trading Friday morning.
BERLIN (AP) – German exports rose unexpectedly in March, outpacing import growth and widening the trade surplus for Europe’s largest economy. The Federal Statistical Office reported Friday that exports rose 1.5% in March over February to 112.7 billion euros ($126.5 billion), where economists had been predicting a slight decrease. Imports rose 0.4% to 92.7 billion euros in figures adjusted for calendar and seasonal effects. That left the trade surplus at 20 billion euros, up from 18.7 billion euros the month before.
LONDON (AP) – The British economy expanded by a solid quarterly rate of 0.5% in the first three months of the year as firms geared up for the long-anticipated Brexit date. Much of the growth reported by the Office for National Statistics appears to have been due to firms stockpiling raw materials and products ahead of Britain’s scheduled departure from the EU on March 29, a deadline that’s since been delayed to Oct. 31. Overall growth, which was in line with most predictions, was up from 0.2% in the previous quarter.