Global markets tumble … Lagarde says US/China should de-escalate trade dispute … Cadmium still a problem in some jewelry
SINGAPORE (AP) – European markets sank in early trading today ahead of U.S. inflation data that may lift bond yields and possibly push interest rates higher. In Asia, losses on Wall Street overnight snowballed, triggering a slump in technology stocks. China’s benchmark hit a four-year low and Tokyo’s Nikkei 225 fell by an unusually wide margin of almost 4 percent. U.S. indexes are set to extend their losses with Dow futures 1 percent lower and S&P 500 futures down 0.9 percent.
NUSA DUA, Indonesia (AP) – IMF Managing Director Christine Lagarde says the U.S. and China should de-escalate their trade dispute and work to fix trade rules instead of breaking them. Lagarde spoke today to reporters at the annual meeting of the International Monetary Fund and the World Bank in Bali, Indonesia. She said that so far there has been no “contagion” of major damage from penalty tariffs imposed by the two countries on each other’s exports, but that they do risk hurting “innocent bystanders.”
FRANKFURT, Germany (AP) – German automaker BMW says it is taking a majority stake in its China joint venture and investing 3 billion euros ($3.5 billion) in production there as it prepares to meet increased demand for electric vehicles. Munich-based BMW says it will pay 3.6 billion euros ($4.2 billion) to raise its stake in BMW Brilliance Automotive Ltd. to 75 percent from 50 percent. The deal is subject to approval by regulatory authorities and shareholders of Chinese partner Brilliance China Automotive Holdings Ltd.
LOS ANGELES (AP) – Jewelry with the toxic metal cadmium is showing up on the shelves of national retailers including Ross, Nordstrom Rack and Papaya, according to newly released test results. Analysis done for the nonprofit Center for Environmental Health revealed some jewelry sold with women’s dresses and shirts was nearly pure cadmium, which can cause cancer and reproductive harm after prolonged exposure. No laws address cadmium in adult jewelry.
CANBERRA, Australia (AP) – The Papua New Guinea government has taken delivery of a fleet of 40 luxury Maserati cars to drive world leaders around during a summit next month, but has also assured the poor South Pacific island nation’s taxpayers that they won’t pay for the extravagance. U.S. Vice President Mike Pence and Chinese President Xi Jinping are among the dignitaries expected to attend the annual Asia-Pacific Economic Cooperation summit in the capital, Port Moresby, on Nov. 17 and 18.