Stocks rise…Pending home sales fall…Durable goods orders jump
NEW YORK (AP) – Stocks are rising in early trading on Wall Street as Apple and Amazon both jump. Oil prices are bouncing back after they slipped yesterday. Banks are lagging the market following yesterday’s drop in bond yields, which reduces profits on loans made by financial institutions. Bed Bath & Beyond plunged after reporting earnings that fell far short of analysts’ estimates. The company also slashed its outlook for the year.
WASHINGTON (AP) – Pending home sales slipped in August as fewer Americans signed contracts to purchase a house, the fourth decline in the past five months. The National Association of Realtors says its pending home sales index fell 1.8 percent last month to 104.2. Contract signings slipped on a monthly basis in the four major geographic regions: Northeast, Midwest, South and West. Pending sales are a barometer of home purchases that are completed a month or two later.
WASHINGTON (AP) – Orders for long-lasting U.S. factory goods rose at a healthy pace last month, though the increase was mostly driven by a surge in aircraft demand. The Commerce Department says orders increased 4.5 percent in August, the most in six months. Excluding aircraft, cars, and other transportation equipment, however, orders increased just 0.1 percent. A category of orders that is a proxy for business investment fell 0.5 percent last month, but that follows two strong months.
GENEVA (AP) – The World Trade Organization has lowered its global trade growth forecast for this year by one-half percentage point, to a still-robust 3.9 percent. It says increased trade tensions between “large economies” and heightened uncertainty contributed to the downgrade, an apparent allusion to U.S. tensions with some key trading partners. For next year, the Geneva-based trade body predicts a further slowing of growth in volume terms, to 3.7 percent.
BEIJING (AP) – Beijing is telling the United States to stop slandering China, after President Donald Trump accused the Asian giant of trying to interfere in the upcoming American congressional elections. A foreign ministry spokesman said Beijing “urges the U.S. to stop making unwarranted accusations and slanders against China and stop the words and deeds that harm bilateral ties and the fundamental interest of the two peoples.” He says the Chinese government does not interfere in other countries’ internal affairs. Trump said China was interfering in the elections because it opposes his tough trade policies.