Global shares mostly lower … China accuses Washington of ‘arrogance’ … US, China revive trade talks with low hopes
TOKYO (AP) – Global shares are mostly lower today as investors watch for developments in the trade conflict between the U.S. and China, with talks set to continue this week. In early trading, France’s CAC 40 fell 0.3%. Germany’s DAX lost nearly 0.2%. Britain’s FTSE 100 added nearly 0.6%. In Asia, Japan’s Nikkei finished 0.2% lower. South Korea’s Kospi lost 1.8%. The Shanghai Composite dipped 0.1%. U.S. shares are set to drift lower with Dow and S&P futures each down less than 0.1%.
BEIJING (AP) – China is accusing Washington of “arrogance and selfishness” after President Donald Trump added to trade strains with Beijing by pressing for the World Trade Organization to stop allowing some countries more lenient treatment as developing economies. A foreign ministry spokeswoman says China needs to retain that status to “achieve real trade fairness.” Trump said in a memo Friday he wants the WTO to prevent stronger economies from claiming developing country status.
BEIJING (AP) – Two months after U.S.-Chinese talks aimed at ending a tariff war broke down, both sides are trying to temper hopes for a breakthrough when negotiations resume Tuesday. Rhetoric on both sides has hardened despite the agreement by Presidents Donald Trump and Xi Jinping in June to revive efforts to end the costly fight over China’s technology ambitions and trade surplus. U.S. Treasury Secretary Steven Mnuchin and Trade Representative Robert Lighthizer are to meet Tuesday and Wednesday in Shanghai with a delegation led by China’s economy czar.
TOKYO (AP) – Antagonisms between South Korea and Japan are already at the boiling point. They’re bound to deepen with Tokyo’s plan to expand controls over exports of sensitive materials by dropping its neighbor from a list of 27 countries granted preferential trade status. The decision, expected soon, will ripple across the high-tech sector, further shaking up supply chains already rattled by trade tensions between the U.S. and China.
LONDON (AP) – Britain’s largest business group is warning that neither the U.K. nor the European Union is prepared for the country to leave the 28-nation bloc without a deal. The Confederation of British Industry released a report outlining 200 recommendations for both sides to accelerate Brexit preparations. It concludes that “the EU lags behind the U.K. in seeking to prevent the worst effects of a no-deal scenario.” The CBI says the British government should resume Brexit meetings with business leaders and set aside more time to pass laws related to a no-deal exit.