Shares rebounding in Europe … US targets $300B of Chinese goods for new tariff hikes … Walmart ups the delivery game
BANGKOK (AP) – Shares rebounded in Europe today after logging moderate losses in Asia as China and the U.S. ratcheted up their tariffs battle. The FTSE 100 in Britain surged 0.8% while France’s CAC 40 advanced 1.1%. Germany’s DAX advanced 0.5%. In Asia, the Shanghai Composite index slipped 0.2% while Japan’s Nikkei 225 gave up 0.6%. But South Korea’s Kospi climbed 0.2%. On Wall Street, Dow futures are up 0.6% and S&P futures are up 0.7%.
BEIJING (AP) – The United States has issued a $300 billion target list of additional Chinese goods for tariff hikes, ratcheting up a trade fight that is shaking financial markets and adding to fear about global economic growth. The U.S. Trade Representative’s office says the list is a step toward carrying out President Donald Trump’s threat to extend punitive duties to all Chinese imports. The release follows Beijing’s announcement of tariff hikes on $60 billion of U.S. imports.
BERLIN (AP) – Automaker Volkswagen AG says it’s investing 1 billion euros ($1.12 billion) to set up a battery production plant in Germany. Chief executive Herbert Diess says the factory is part of the company’s effort to electrify its vehicles. He says the plant will be built in the northern city of Salzgitter, which has ready access to vast wind power plants in the region. Volkswagen is trying to move on from the diesel emissions scandal, which has so far cost the company 30 billion euros.
NEW YORK (AP) – Walmart is rolling out next-day delivery on its most popular items, raising the stakes in the retail shipping wars. The nation’s largest retailer says it’s been building its own network of more efficient e-commerce distribution centers to enable the faster delivery. The move comes just two weeks after online behemoth Amazon said it’s upgrading its free shipping option to Prime members who pay $119 a year to one-day delivery from two-day delivery.
LONDON (AP) – Google says it’s opening a privacy focused engineering center in Munich, Germany, in its latest move to beef up its data protection credentials. CEO Sundar Pichai says the Silicon Valley tech giant is expanding its operations in Munich and plans to double the number of privacy engineers there to more than 200 by the end of 2019. The company unveiled new privacy tools this month that people can use to gain more control over how they’re being tracked.