Global stock markets rebound …UK opposition urges withdrawal of Brexit deal … Washington and Beijing resume talks
BEIJING (AP) – Global stock markets rebounded today after Britain’s Cabinet endorsed a plan to leave the European Union but the pound sagged after discord emerged with the resignation of the Brexit minister. In early trading, London’s FTSE 100 gained 0.5 percent and German’s DAX advanced 0.5 percent. France’s CAC 40 rose 0.5 percent. In Asia, the Shanghai Composite Index closed up 1.4 percent. Tokyo’s Nikkei 225 shed 0.2 percent. Dow and S&P futures are each up 0.5 percent.
LONDON (AP) – British opposition leader Jeremy Corbyn says Prime Minister Theresa May must withdraw her “half-baked” Brexit deal with the European Union or Parliament will reject it. May is fighting to keep the divorce agreement with the EU alive. But several ministers, including Brexit minister Dominic Raab, quit the British government, saying they cannot support May’s proposed Brexit deal with the EU.
BEIJING (AP) – Washington and Beijing have resumed talks over their spiraling trade dispute ahead of a meeting between Presidents Xi Jinping (shee jihn-peeng) and Donald Trump. China’s Commerce Ministry says the two sides are “maintaining close contact” following a Nov. 1 phone call between Xi and Trump. The two governments have raised tariffs on billions of dollars of each other’s goods in a dispute over Beijing’s technology policy.
SINGAPORE (AP) – Singapore’s prime minister says the rivalry between the U.S. and China for influence in Southeast Asia is proving awkward for countries that do not want to have to choose between them. Lee Hsien Loong (lee haz-ee-en lahng) told a news conference today that Asia is struggling to adapt to a “deal oriented” U.S. diplomacy under President Donald Trump from the more generous American approach of the past.
MILAN (AP) – A new study says Chinese consumers remain the focus of luxury goods makers, fueling nearly half of global high-end sales by 2025. They study by Bain consultancy says that Chinese shoppers will account for 46 percent of global luxury sales of an estimated $412 billion in just six years. That’s up from one third of all sales of luxury apparel, accessories and cosmetics last year.