Stocks edge higher…Home sales rise…France considers tariffs on US goods
NEW YORK (AP) – Stocks are edging higher in morning trading on Wall Street. Technology and communication services stocks are leading the gainers, outweighing losses in banks and industrial companies. Bond prices rose, sending the yield on the 10-year Treasury down to 1.76% from 1.78% yesterday.
WASHINGTON (AP) – Mortgage rates near historic lows have spurred a rush of home-buying. The National Association of Realtors says home sales rose 1.3% in August to the highest level in 17 months. Sales have increased 2.6% from a year ago. Cheaper borrowing costs have increased affordability for buyers, but they have also led to higher prices as there is a shortage of properties for sale. The median sales price climbed 4.7% from a year ago to $278,200, outpacing average wage gains.
PARIS (AP) – France’s finance minister says Europe is ready to impose retaliatory tariffs next year on U.S. goods as part of a long-running dispute over subsidies to plane makers Airbus and Boeing. He told reporters today that Europe is bracing for possible U.S. sanctions over the dispute, and that “Americans should know that we are ready to react.” The World Trade Organization ruled in May that Europe illegally subsidized Airbus, hurting U.S. competitor Boeing. The European Union has brought a similar case at the WTO accusing the U.S. government of illegally subsidizing Boeing.
MUNICH (AP) – Huawei (WAH’-way) is launching a new flagship smartphone that will run on the Chinese tech giant’s own version of Google’s Android operating system because of U.S. export sanctions. The Chinese tech giant unveiled the Mate 30 series of phones at an event in Germany today. Huawei, the world’s second-biggest smartphone maker, is fighting to save its business after the Trump administration blocked access to U.S. components and technology in May on national security grounds.
NEW YORK (AP) – Home-sharing company Airbnb Inc. says it plans to go public in 2020. It’s a long-awaited move for the company, which was founded in 2008 in San Francisco. Airbnb is one of the largest home-sharing platforms. It has more than 7 million listings in 100,000 cities worldwide. Airbnb said earlier this week it made $1 billion in revenue in the second quarter of this year. It didn’t reveal its profits.