Stocks lower…Wall street disconnect…Treasury sanctions 2 Singapore firms
TOKYO (AP) – Global shares turned mostly lower Friday, despite the overnight jump on Wall Street. Worries over corporate earnings, trade and the outlook for growth weighed on sentiment. Futures point to a lower Wall Street opening. Benchmark U.S. crude oil fell below $67 a barrel but remained above $66.50. The dollar fell against the yen and the euro.
WASHINGTON (AP) – The nerve-wracking anxiety that’s gripped the U.S. stock market seems oddly unmoored from economic reality. Despite the turbulence on Wall Street, economic growth is strong, unemployment ultra-low and consumers exceptionally confident. On Friday, the government is expected to report that the economy grew at a healthy 3.3 percent annual pace from July through September. In the previous quarter, the annual rate was a brisk 4.2 percent, the best in nearly four years. Unemployment, at 3.7 percent, has reached its lowest point since 1969.
SINGAPORE (AP) – An executive of one of two Singapore companies named by the U.S. Treasury Department this week for violating sanctions against North Korea said Friday that he was unaware of any such dealings. The Treasury Department said in a statement Thursday that the companies, commodities trading house Wee Tiong (S) Pte. Ltd. and ship management services company WT Marine Pte. Ltd., engaged in laundering money for North Korea. The companies share the same director and address and have similar board members.
BEIJING (AP) – Prime Minister Shinzo Abe held a second meeting with his Chinese counterpart Li Keqiang on Friday during the first formal visit to Beijing by a Japanese leader in nearly seven years that heralds warming ties following years of acrimony. Speaking to reporters afterward, Li said 500 business agreements worth $18 billion had been signed between Chinese and Japanese companies during the visit, displaying the “bright future” for cooperation between the sides.
DETROIT (AP) – General Motors says it will ask the federal government for one national gas mileage standard, including a requirement that a percentage of auto companies’ sales be zero-emissions vehicles. GM, the nation’s largest automaker, will spell out the request Friday in written comments on a Trump administration proposal to roll back Obama-era fuel economy and emissions standards.