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August 20, 2019
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August 20, 2019
Financial News

 

 

 

 

Stocks move broadly lower…Johnson demands new Brexit talks…Huawei founder expects no relief

 

NEW YORK (AP) – U.S. stocks have moved broadly lower in early trading, weighed down by a mixed batch of company earnings and another decline in bond yields. Banks drove much of the selling as investors reacted to the decline in yields. Technology companies, which like banks have tended to lead the market’s gains recently, also took heavy losses. Chipmakers were among the biggest decliners a day after climbing on news that the U.S. gave Chinese telecom giant an extension to buy more supplies from U.S. companies.

 

NEW YORK (AP) – Shares in Home Depot are higher after the home improvement retailer reported earnings that topped Wall Street’s forecasts. But two other big retailers didn’t fare as well. Investors sent Kohl’s and TJX lower after their latest quarterly report cards fell short of analysts’ expectations.

 

LONDON (AP) – British Prime Minister Boris Johnson has demanded that the European Union reopen Brexit negotiations, scrapping what he calls “anti-democratic” provisions for the Irish border that he says would threaten the peace process in Northern Ireland. Johnson, who has made similar statements in the past, formally delivered his demands to the EU late Monday in a letter to Donald Tusk, president of the European Council.

 

SHENZHEN, China (AP) – The founder of Chinese tech giant Huawei says he expects no relief from U.S. export curbs due to the political climate in Washington. But he’s expressing confidence the company will thrive because it is developing its own technology. Ren Zhengfei also said he doesn’t want relief from the U.S. sanctions if it requires China to make concessions in a tariff war, even if that means his daughter, who is under house arrest in Canada on U.S. criminal charges, faces a longer legal struggle.

 

BUENOS AIRES, Argentina (AP) – Argentina’s new treasury minister says he’ll do everything to guarantee the stability of the peso after the local currency’s recent crash. Hernan Lacunza also said that the government will meet commitments with the International Monetary Fund that Argentina took as a condition to get a record loan from the IMF. Argentina is struggling with an economic crisis.

 

 

AP-WF-08-20-19 1435GMT