Stocks fall…Court nixes pipeline…E-cigarette limits
BEIJING (AP) – Global stock markets fell Friday after a post-election Wall Street rally faded and the U.S. Federal Reserve suggested it will keep raising interest rates. Futures point to a lower Wall Street opening. Benchmark U.S. crude oil fell below $60.50 a barrel. The dollar declined against the yen and strengthened against the euro.
GREAT FALLS, Mont. (AP) – A federal judge in Montana has blocked construction of the $8 billion Keystone XL Pipeline to allow more time to study the project’s potential environmental impact. Environmental groups had sued TransCanada and The U.S. Department of State in federal court in Great Falls. Morris says the government’s analysis didn’t fully study the cumulative effects of greenhouse gas emissions, the effects of current oil prices on the pipeline’s viability or include updated modeling of potential oil spills.
NEW YORK (AP) – The U.S. Food and Drug Administration plans to require strict limits on the sale of most flavored e-cigarettes, including age verification controls for online sales, in an effort to curtail their use among children and teenagers. FDA officials told The Wall Street Journal on Thursday the actions are expected to be announced as early as next week. The move is an attempt to curb what many are saying is an epidemic of underage vaping.
LONDON (AP) – Official figures show that a spike in consumer spending driven by warm weather and England’s surprise advance to the semifinals of the soccer World Cup helped the British economy post its best growth in nearly two years during the third quarter. However, the 0.6 percent quarterly rate may not be sustainable. It was mostly reliant on a sharp pick-up in consumption, particularly of food and drink, during July, then stagnated during August and September, suggesting it remains hobbled by concerns surrounding the Brexit process.
BEIJING (AP) – China’s auto sales sank for a fourth month in October as an unexpectedly painful slump in the global industry’s biggest market deepened. The China Association of Auto Manufacturers reports that purchases of SUVs, sedans and minivans contracted 13 percent from a year earlier to just over 2 million units. Auto demand had been forecast to weaken after Beijing clamped down on bank lending late last year to cool a debt boom. But the slump is sharper than expected.