BEIJING (AP) – European markets opened higher today and Asian stocks were mixed as investors watched for a U.S. Federal Reserve decision on a possible interest rate cut after oil prices fell back. Benchmarks in London, Frankfurt and Shanghai advanced while Tokyo and Hong Kong slipped. In early trading, London’s FTSE 100 gained 0.1% and Frankfurt’s DAX added 0.2%. France’s CAC 40 was 0.1% higher. Wall Street is expected to open lower, with S&P and Dow futures both off 0.1%.
LONDON (AP) – The price of oil fell back further today after the Saudi government said half of production that was knocked out by an attack over the weekend had already had been restored. Benchmark U.S. crude was down 42 cents to $58.92 per barrel in electronic trading today. The contract fell $3.56 on Tuesday. Brent crude, the international benchmark, fell 27 cents to $64.28 per barrel in London, having dropped $4.47 the previous session.
WASHINGTON (AP) – The Federal Reserve is expected today to cut interest rates for a second time to help extend the economic expansion in the face of global weakness, President Donald Trump’s trade war with China and geopolitical risks such as the attacks on Saudi Arabia’s oil facilities. The modest rate cut the Fed announced in July – its first in more than a decade – left its benchmark rate in a range of 2% to 2.25%. It also raised expectations that it would follow with up to three additional quarter-point rate cuts this year.
WASHINGTON (AP) – California officials and environmental groups are criticizing the Trump administration’s expected decision to revoke the state’s authority to set auto mileage standards. An announcement is planned today from the Environmental Protection Agency. While officials and environmentalists say more fuel-efficient passenger vehicles emit less pollution and save fuel costs, the administration asserts that only the federal government has the power to regulate greenhouse gas emissions and fuel economy.
NEW DELHI (AP) – Cash-starved Air India is putting its crew on a diet, changing their inflight menu to special low-fat meals. A spokesman for the state-run airline says the objective is to provide healthy and cost-effective meals to crews on domestic and international flights. He declined comment on media reports that the cost per meal will be about one-third the current cost. The decision comes at a time when the Indian government is trying to divest from Air India, which has debts of nearly 580 billion rupees ($8 billion).