Global markets up…Survey: US business hiring falls to a 7-year low…IMF: Volatile politics and oil prices hinder Mideast growth
BEIJING (AP) – Global stock markets rose today as investors looked ahead to a crowded week of corporate earnings, a possible U.S. interest rate cut and other potentially market-moving events. Frankfurt, Shanghai and Tokyo advanced while London opened lower as fears about U.S.-Chinese trade tension and Brexit receded. Wall Street is expected to open higher, with Dow and S&P futures each up 0.2%.
WASHINGTON (AP) – A survey has found a measure of hiring by U.S. companies has fallen to a seven-year low and fewer employers are raising pay. One-fifth of the economists surveyed by the National Association for Business Economics say their companies have hired workers in the past three months. That’s down from one-third in July. Job totals were unchanged at 69% of companies, up from 57% in July. A broad measure of job gains in the survey fell to its lowest level since October 2012.
DUBAI, United Arab Emirates (AP) – The International Monetary Fund says political uncertainty and volatile oil prices are hindering economic growth in the Middle East this year. The IMF’s regional outlook report projects growth to rise just 0.5% in 2019, compared to 1.6% in 2018. Increased activity in the oil and gas sectors is expected to generate a rebound to 2.7% growth in 2020, though this figure too falls shorter than previous projections.
WASHINGTON (AP) – News reports say luxury conglomerate LVMH Moet Hennessy Louis Vuitton has made an offer to purchase U.S. jeweler Tiffany & Co. The Wall Street Journal reports that LVMH has offered $120 a share, or $14.5 billion, for Tiffany. The offer comes as Tiffany, like other luxury brands, has struggled with stagnating sales as China’s slowing economy has weighed on spending by Chinese tourists, who make up a substantial portion of luxury spending.
NEW YORK (AP) – New Yorkers are flocking to greet a new arrival to the city – Wegmans grocery store. The popular regional chain officially opened its first New York City outpost on Sunday. It’s the 101st store for Wegmans, which was founded over a century ago in Rochester, New York. Wegmans has more than 40 stores in other parts of New York state, as well as store locations in New Jersey, Pennsylvania, Massachusetts, Virginia, Maryland and North Carolina.