Global stock markets mixed … Trump says US is “very far” from recession …China appeals to Washington to “get along with us”
BEIJING (AP) – Global stock markets are mixed today as investors look ahead to a speech by the Federal Reserve chairman for signs of possible plans for more U.S. interest rate cuts. Market benchmarks in London and Frankfurt rose in early trading. Tokyo and Australia closed lower and Shanghai was little changed. Wall Street is expected to open higher today, with S&P futures up 0.6% and Dow futures up 0.5%.
WASHINGTON (AP) – President Donald Trump says he believes the U.S. is “very far from a recession.” But the Republican president also acknowledged Tuesday that he is considering a temporary cut in payroll taxes as well as indexing to inflation the federal taxes on profits made on investments, moves designed to stimulate faster economic growth. Trump says it’s “irrelevant” whether his trade war with China tips the U.S. into recession because it’s “about time” the U.S. takes on China.
BEIJING (AP) – China is appealing to Washington to “get along with us” after President Donald Trump said “somebody had to take China on” over trade complaints. A foreign ministry spokesman says that trade has been “mutually beneficial” and he’s expressing hope that Washington can “meet China halfway” in settling disagreements. Trump and Chinese President Xi Jinping agreed in June to resume negotiations aimed at ending a tariff war over trade and technology but neither has indicated willingness to compromise.
TEHRAN, Iran (AP) – Iran’s president has sent a bill to parliament that would cut four zeroes from value of the nation’s sanctions-battered currency, the rial (REE’-al). Semi-official news agencies are reporting that President Hassan Rouhani sent the bill with urgency to the parliament to consider. Iran’s rial has been hammered by the effects of increasing U.S. sanctions on the country since President Donald Trump’s decision to pull out of Tehran’s nuclear deal with world powers over a year ago.
NEW YORK (AP) – Walmart is suing Tesla, saying that several solar panels that Tesla installed on Walmart store rooftops went up in flames, causing millions of dollars in damage. The retailer says fires broke out at seven stores between 2012 and 2018. Merchandise was damaged, and one store in Ohio had to be closed for eight days. Tesla did not immediately respond to a request for comment.