Global stocks mostly higher … SoftBank Group tumbles … BMW net profit increases 11.5%
BEIJING (AP) – Global stock markets were mostly higher today after investors were rattled by a possible snag in a U.S.-Chinese trade truce following reports Beijing wants Washington to lift punitive tariffs. In early trading Germany’s DAX rose 0.2% and France’s CAC 40 added 0.2%. London’s FTSE 100 was unchanged. In Asia, Tokyo’s Nikkei closed up 0.2%, Seoul’s Kospi added just under 0.1% and Hong Kong’s Hang Seng was flat. The Shanghai Composite Index declined 0.4%. On Wall Street, Dow and S&P futures are up just under 0.1%.
TOKYO (AP) – Japanese technology company SoftBank Group Corp. tumbled into losses in the last quarter as its earnings were hammered by money-losing investments, including a bailout for office-space sharing startup WeWork. The Tokyo-based company’s 700 billion yen ($6.4 billion) loss in the July-September quarter compares with a 526 billion yen profit the same period a year ago. SoftBank’s founder, Masayoshi Son has said he regrets the WeWork bailout.
FRANKFURT, Germany (AP) – Automaker BMW reports that net profit increased 11.5 percent from a year ago to 1.55 billion euros ($1.72 billion) in the third quarter, helped by a rejuvenated model line and the absence of last year’s market disruptions due to troubles with diesel cars. Revenues grew 7.9 percent to 26.67 billion euros and the company reaffirms its profit targets for the year.
BERLIN (AP) – Factory orders in Germany, Europe’s biggest economy, increased in September after two consecutive monthly declines. The Economy Ministry says orders were up 1.3% compared with the previous month. They were led higher by demand from countries outside the eurozone, which was up 3%, and domestic orders, which rose 1.6%. Orders from other countries in the 28-nation eurozone dropped 1.8%.
SEOUL, South Korea (AP) – A senior U.S. official says an unexpected meeting this week between the leaders of South Korea and Japan is an “encouraging sign” that the Asian U.S. allies are on track to improve their strained relationship. U.S. Assistant Secretary of State David Stilwell’s visit comes weeks before the expiration of a military intelligence-sharing agreement between South Korea and Japan that Seoul has threatened to end in retaliation for Tokyo’s moves to tighten controls on exports to its neighbor. Following an angry reaction from the Trump administration, Seoul said it could reconsider if Japan relists South Korea as a favored trade partner.