Stocks see broad decline…Pound slumps…Factory activity shrinks
NEW YORK (AP) – Technology stocks have led a broad decline on Wall Street as traders turned pessimistic again about the prospects of the U.S. and China resolving their trade dispute. Chipmakers, which do a lot of business in China, fell more than the rest of the market.
LONDON (AP) – The British pound is slumping as investors fret over the latest confrontation over Britain’s departure from the European Union. Not counting the brief plunge in the autumn of 2016, in which the currency fell to $1.1789 for about two minutes before bouncing back, the pound on Tuesday touched its lowest point in 34 years.
DUBLIN, Ireland (AP) – Vice President Mike Pence has urged Ireland and the rest of the European Union to “negotiate in good faith” with Britain as the Oct. 31 Brexit deadline nears. Pence spoke in Dublin as Britain’s Parliament was taking steps designed to prevent Prime Minister Boris Johnson from leaving the EU without a deal in place.
WASHINGTON (AP) – Factory activity in the U.S. shrank in August for the first time since August 2016, a sign that the trade war with China is weighing down a crucial sector of the economy. The Institute for Supply Management, an association of purchasing managers, says that its manufacturing index slid to 49.1 last month, from 51.2 in July. Any reading below 50 signals a contraction.
NEW YORK (AP) – Walmart says it will discontinue the sale of handgun ammunition and also publicly request that customers refrain from openly carrying firearms in stores even where state laws allow it. The announcement comes just days after a mass shooting claimed seven lives in Odessa, Texas and follows two other back-to-back shootings last month, one of them at a Walmart store.