Stocks fall…Mortgage rates dip…China’s currency sinks vs dollar…NY investigates MoviePass
NEW YORK (AP) – Stocks are falling morning trading on Wall Street as interest rates resume their upward climb and several industrial companies post disappointing third-quarter results. Interest rates started rising a day ago after the Federal Reserve released minutes showing that a minority of its leaders think interest rates will need to keep rising to a level that slightly restricts economic growth. Aircraft maker Textron and tool maker Snap-On both slumped after their quarterly reports, and other big manufacturers also traded lower. Technology companies and drug makers are also lower.
WASHINGTON (AP) – Long-term mortgage rates have dipped slightly this week, taking a pause after weeks of steady increases stoked by rising interest rates. Mortgage buyer Freddie Mac says the rate on 30-year, fixed-rate mortgages declined to an average 4.85 percent from 4.90 percent last week. Last week’s average was the highest level for the benchmark rate since spring 2011. A year ago, it stood at 3.88 percent. The average rate on 15-year, fixed-rate loans eased to 4.26 percent this week from 4.29 percent last week.
BEIJING (AP) – China’s politically sensitive yuan has sunk to a 22-month low against the dollar after the U.S. Treasury declined to label Beijing a currency manipulator amid a mounting tariff battle. The yuan briefly fell to 6.9411 per dollar, the closest it has come to breaking the symbolic level of seven to the greenback since December 2016. It later recovered slightly. A Treasury report yesterday avoided labeling China a currency manipulator but said its policies would be closely monitored.
BEIJING (AP) – China says it regrets Washington’s decision to leave the United Nations treaty that regulates international postage amid a worsening trade dispute between the world’s top two economies. A Foreign Ministry spokesman says the move should not be linked to China. President Donald Trump says the 144-year-old Universal Post Union puts U.S. businesses at a disadvantage and is used by shippers of the narcotic fentanyl to the U.S. from China.
NEW YORK (AP) – The company that runs the beleaguered MoviePass discount service for theater tickets is being investigated by the New York state attorney general on allegations that it misled investors. The company has struggled financially and is facing class action lawsuits filed on behalf of investors claiming the company failed to disclose aspects of a business model that were unsustainable. Parent company Helios and Matheson of New York says it is aware of the investigation, but that it believes, “our public disclosures have been complete, timely and truthful and we have not misled investors.”