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Financial News

 

 

 

 

Stocks gain…Jobs report looks solid…Productive phone call

 

BANGKOK (AP) – Shares charged ahead Friday in Europe and Asia after President Donald Trump and his Chinese counterpart Xi Jinping spoke by phone and both Trump and the Chinese state media reported progress in resolving trade tensions between their two countries. Futures point to opening gains on Wall Street. The dollar gained against the yen and fell against the euro. Benchmark U.S. crude oil slipped to just above $63.50 per barrel.

 

WASHINGTON (AP) – The final U.S. jobs report before Tuesday’s midterm elections is expected to show that employers are still hiring at a healthy pace. Economists have forecast that the government will report Friday that the economy added a solid 190,000 jobs in October and that the unemployment rate remained at a 49-year low of 3.7 percent, according to a survey by data provider FactSet. It’s not known if that will tip many voters’ choices.

 

BEIJING (AP) – The foreign ministry says Chinese President Xi Jinping had an “extremely positive” phone conversation with U.S. President Donald Trump about trade and other issues. Ministry spokesman Lu Kang said the two leaders agreed to “strengthen economic exchanges.” He gave no indication whether they made progress on settling an escalating tariff war over Beijing’s technology policy. Trump said earlier on Twitter that he and Xi had a “very good” conversation.

 

BEIJING (AP) – President Xi Jinping has promised tax cuts and other help to China’s entrepreneurs in a renewed effort to revive growth in a cooling, state-dominated economy amid a mounting tariff battle with Washington. Xi’s comments, reported Friday by state media, follow a decline in Chinese economic growth to a post-global crisis low of 6.5 percent over a year ago in the three months ending in September. The fight with U.S. President Donald Trump has added to pressure on communist leaders to rev up economic activity.

 

TEHRAN, Iran (AP) – Iran is bracing for the restoration of U.S. sanctions on its vital oil industry next week, as it grapples with an economic crisis that has sparked sporadic protests over rising prices, corruption and unemployment. The oil sanctions, set to take effect on Monday, will target the country’s largest source of revenue in the most punishing action taken since the Trump administration withdrew from the 2015 nuclear agreement in May, and will also affect Iranian shipping and financial transactions.

 

 

AP-WF-11-02-18 1035GMT