Global shares mixed … Huawei reports double-digit gains despite issues … Opioid crisis costs US billions
TOKYO (AP) – Global shares were mixed today after a Wall Street rally driven by healthy earnings reports from U.S. companies. In early trading, France’s CAC 40 was down nearly 0.2%. Germany’s DAX was unchanged. Britain’s FTSE 100 fell 0.3%. In Asian trading, Japan’s Nikkei closed up 1.2%. Australia’s S&P/ASX 200 gained 1.3%. Hong Kong’s Hang Seng edged up 0.6%, while the Shanghai Composite index lost 0.4%. U.S. shares are expected to open lower, with Dow and S&P futures each down 0.3%.
LONDON (AP) – Official figures show that falling fuel and secondhand car prices helped keep consumer price inflation in Britain unchanged in September at 1.7%, its lowest rate since late 2016. The flat reading from the Office for National Statistics was unexpected – most economists predicted a modest pick-up to 1.8%. Inflation remains below the Bank of England’s target rate of 2%. With wages rising solidly, many economists expect inflation to rise back toward the target rate in the coming months.
BEIJING (AP) – Chinese tech giant Huawei is reporting a double-digit gain in sales despite U.S. sanctions that threaten to disrupt its smartphone and network equipment businesses. Huawei Technologies Ltd. says its sales rose 24.4% in the first nine months of 2019 to 610.8 billion yuan ($86 billion). That was faster than the 23.2% gain reported for the first half. The announcement followed U.S.-Chinese trade talks in Washington that ended Friday with no word of progress on resolving Huawei’s status.
AMSTERDAM (AP) – Signify, the Dutch company formerly known as Philips Lighting, says it is buying Cooper Lighting Solutions from Eaton Corp. for $1.4 billion (1.27 billion euros) in a move intended to strengthen its position in the North American market. Signify says the deal is expected to close in the first quarter of 2020 subject to regulatory approval. Cooper, headquartered in Peachtree City, Georgia, sells professional lighting systems. It had sales last year of $1.7 billion.
UNDATED (AP) – A new study finds that the opioid crisis cost the U.S. economy $631 billion over the past four years. The Society of Actuaries released its report Tuesday. It found the highest cost was in lost earnings for those who died in the crisis. Next was health care, a cost borne largely by Medicaid and Medicare. The report was released less than a week before the first federal trial on the opioid crisis is scheduled to begin.