Global stocks gain … Hong Kong airport cancels flights over protests … SKorea to remove Japan from preferential treatment list
BEIJING (AP) – Global stocks gained today amid investor jitters the U.S.-China trade war might be worsening. Market benchmarks in Frankfurt and Paris rose in early trading while Shanghai and Hong Kong closed lower. London was unchanged and Tokyo was closed for a holiday. Wall Street’s benchmark S&P 500 dropped as much as 1.3% Friday after President Donald Trump said it would be “fine” if trade talks next month don’t happen.” Today on Wall Street, futures for the S&P 500 and the Dow are both off 0.2%.
HONG KONG (AP) -Hong Kong International Airport has canceled all remaining flights for the day after thousands of pro-democracy protesters crowded into the main terminal. One of the world’s busiest airports says the demonstration “seriously disrupted” airport operations and that all check-in services for departing flights have been suspended. The airport says only those flights that have already completed the check-in process will move ahead. Hong Kong has experienced more than two months of mass protests.
SEOUL, South Korea (AP) – South Korea is removing Japan from a list of nations receiving preferential treatment in trade in an apparent countermeasure to Tokyo’s recent decision to downgrade Seoul’s trade status. South Korean Trade Minister Sung Yun-mo said the government was removing Japan from the country’s 29-country “white list” because it has failed to uphold international principles while managing its export controls on sensitive materials.
FRANKFURT, Germany (AP) – Europe’s economy is being knocked off course by the trade conflict between the U.S. and China. The bill for damages from the U.S-China collision could be painfully high, starting this week if growth figures show Europe’s economic motor, Germany, is stalled or shrinking. If the trade wars escalate to include higher U.S. tariffs on cars made in Europe, the picture could look even worse.
NEW DELHI (AP) – Indian conglomerate Reliance Industries says it’s selling a 20% stake in its oil and chemicals business to Saudi oil giant Aramco, calling the deal among India’s largest foreign direct investments. The Press Trust of India News Agency says the deal is worth $15 billion. Reliance Industries also says Aramco will supply Reliance’s Jamnagar refineries with 700,000 barrels of oil a day on a long-term basis. The refining complex has a capacity to process 1.4 million barrels per day.