Stocks take a breather…Calif. launches ad on buying marijuana…Foxconn’s Gou steps down to enter politics
NEW YORK (AP) – Stocks are taking a breather, a day after the S&P rose to a record high. The major indexes are moving between small gains and losses in morning trading on Wall Street. The commodities and bond markets are also tame compared to yesterday, when oil jumped more than 5% and the yield on the 10-year Treasury note fell below 2% for the first time since 2016. The markets have been reacting to signs the Federal Reserve is willing to cut interest rates if the U.S. economy slumps, as well as heightened tensions between the U.S. and Iran.
LOS ANGELES (AP) – California is taking its fight against illegal marijuana sales to cellphones and social media. The state that’s home to the nation’s largest pot market is launching an ad campaign to discourage consumers from shopping in unlicensed shops. It’s called “Get (hash)weedwise.” Ads will urge shoppers to check on a state website to verify that a shop is licensed before they make a purchase. The ads make a simple argument: You don’t know what you’re getting if you buy illegal products.
TAIPEI, Taiwan (AP) – The chairman of Foxconn, the world’s largest contract assembler of consumer electronics, says he is stepping down amid speculation he could be planning a presidential run in Taiwan next year. Terry Gou’s resignation is the latest challenge for Foxconn, which has been caught up in the ongoing U.S.-China trade war.
GENEVA (AP) – The U.N.’s labor agency has adopted its first convention specifically aimed at reducing violence and harassment in the workplace, with the agency’s chief crediting a recent boost from the (hash)MeToo movement. The International Labor Organization overwhelmingly passed the resolution some four years in the making. However, delegates failed to include language about harassment and violence against LGBT people. Countries will now decide whether to ratify it.
BRUSSELS (AP) – European Union leaders are emphasizing that their divorce agreement with Britain cannot be renegotiated regardless of who becomes the next prime minister there. At a summit in Brussels, EU leaders are scheduled to discuss political developments in Britain, which is set to leave the bloc on Oct. 31. Some leaders say a new Brexit extension should only be granted to hold fresh elections or for a new Brexit referendum.