Global markets mostly higher … OECD cuts forecast for world growth … Dressbarn closing all stores
BEIJING (AP) – Global stock markets were mostly higher today after anxiety over U.S. curbs on sales to Chinese tech giant Huawei dragged down Wall Street. Benchmarks in London, Frankfurt, Shanghai and Sydney advanced. Tokyo and Hong Kong declined. On Wall Street, futures for the S&P 500 and the Dow are each up 0.4%.
BEIJING (AP) – The Organization for Economic Cooperation and Development has cut its forecast for world growth this year and warns about the impact of the escalating trade tensions. The organization, which advises industrialized nations on policy, says it expects the global economy to grow 3.2% this year, down from its previous forecast of 3.3%. It singles out trade tensions as the “principal factor weighing on the world economy” and notes that trade is expected to grow just 2% this year, which would be the lowest in a decade.
WASHINGTON (AP) – Federal Reserve Chairman Jerome Powell says a sharp rise in corporate debt is being closely monitored but currently the Fed does not see the types of threats that triggered the 2008 financial crisis. Powell says views about riskier corporate debt – known as leveraged lending – range from “this is a rerun of the subprime mortgage crisis” to “nothing to worry about here.”
UNDATED (AP) – The airline industry’s U.S. trade group is predicting another record for summer travel. Airlines for America is forecasting that 257.4 million people will fly on U.S. carriers between June 1 and Aug. 31. That’s a 3.4% increase over last summer, and it works out to about 2.8 million travelers a day. The trade group says airlines are adding 111,000 seats per day, more than the predicted 93,000 increase in daily passengers.
NEW YORK (AP) – Dressbarn, the women’s clothing chain, is closing all 650 of its stores after struggling with falling sales. Its owner, Ascend Retail Group Inc., says it wants to focus on its more profitable brands. Ascend also owns Ann Taylor, Lane Bryant and other women’s clothing stores. The company did not say when Dressbarn will shut all its stores.