Asian stocks down, European markets higher…Trump freezes Venezuela government assets…Medical pot on sale in Louisiana
BEIJING (AP) – Asian stocks fell today while European markets opened higher after China let its currency sink further and halted purchases of U.S. farm goods, fueling fears about global damage from its trade war with President Donald Trump. Benchmarks in London and Frankfurt advanced in early trading while markets in Shanghai, Tokyo and Hong Kong closed lower. Wall Street is expected to open higher today with Dow and S&P futures both up 0.8%.
WASHINGTON (AP) – The Trump administration has frozen all Venezuelan government assets in a dramatic escalation of tensions with President Nicolas Maduro. The ban blocks American companies and individuals from doing business with Maduro’s government and its top supporters, and it took effect immediately Monday. The ban is the first of its kind in the Western Hemisphere in more than three decades.
BEIJING (AP) – China’s currency has fallen further as Beijing lashed out at Washington, fueling fears about the global damage from their trade war. The yuan (yoo-AHN’) declined to 7.0562 to the dollar a day after breaking the politically sensitive level of seven to the dollar. The Chinese central bank rejected the Trump administration’s declaration that it improperly manipulates the exchange rate. A ruling party newspaper accused of Washington ‘destroying the international order.’
BERLIN (AP) – German factory orders, a leading indicator of the health of Europe’s biggest economy, increased unexpectedly strongly in June thanks to demand from outside the eurozone. The Economy Ministry says orders were up 2.5% compared with the previous month, when they were down 2%. Economists had expected a modest 0.4% increase. The figure for May was revised upward from the initial reading of a 2.2% drop. Second-quarter economic growth figures are due on Aug. 14.
BATON ROUGE, La. (AP) – Starting today in Louisiana, registered dispensaries can receive shipments of medical marijuana. Louisiana is the first state in the Deep South to do so, four years after state lawmakers agreed to give patients access to therapeutic cannabis. There are nine medical marijuana pharmacies in the state. Louisiana joins more than 30 other states that allow medical marijuana in some form.