Global markets fall … China’s yuan drops … NEC gives its flying car a test
BEIJING (AP) – Global stock markets fell today after China allowed its yuan to sink to an 11-year low, fueling concern Beijing might use its currency as a weapon in a tariff war with President Donald Trump. Market benchmarks in London and Paris fell 2% in early trading while Tokyo closed down 1.6%. Hong Kong declined 2.9% and Frankfurt, Shanghai and Sydney also retreated. Wall Street is likely to open lower, with Dow and S&P futures each down 1.3%.
BEIJING (AP) – China’s yuan has fallen below the politically sensitive level of seven to the U.S. dollar, possibly adding to trade tensions with Washington. The tightly controlled currency weakened following President Donald Trump’s latest threat of tariff hikes on Chinese goods. The weakness of the Chinese currency is among a series of U.S. complaints that are fueling tensions with Washington.
LONDON (AP) – A survey shows that a sharp downturn in Germany’s manufacturing sector is weighing heavily on the 19-country eurozone economy. Financial data firm IHS Markit says that its monthly index of the manufacturing and services sector fell to 51.5 points in July from 52.2 the previous month. The fall takes the index close to the 50-point threshold that separates a fall in business activity from an increase.
ABIKO, Japan (AP) – It’s a flying car, and Japanese electronics maker NEC Corp. gave it a test run today. The large drone-like machine with four propellers hovered steadily for about a minute, reaching 10 feet high. It was contained in a gigantic cage, as a safety precaution. The Japanese government is behind flying cars, with the goal of having people zipping around in them by the 2030s.
DETROIT (AP) – The most powerful street-legal Ford Mustang ever built will go on sale this fall. A 5.2-liter supercharged V8 will crank out 760 horsepower in the 2020 Shelby GT500. The new version has a beefed-up suspension and brakes. It also has a seven-speed automatic transmission that Ford promises will shift smoothly on commutes and quickly on the track. The engine is hand-built at a Michigan factory and comes with unique pistons and other parts. It can crank out 625 foot-pounds of torque, a measure of rotational force.