Stock slip…Eurozone reform…Unfair criticism
SINGAPORE (AP) – World markets were mostly lower on Tuesday on doubts that a 90-day truce in a tariff battle will allow the U.S. and China to resolve issues ranging from technology development to trade. Futures point to opening losses on Wall Street. Oil prices are rallying ahead of an OPEC meeting on Thursday, where members are expected to agree to cut output in 2019. Benchmark U.S. crude oil gained more than a dollar to rise above $54 per barrel. The dollar slipped against the yen and the euro.
BRUSSELS (AP) – Eurozone finance ministers have agreed to strengthen the single currency bloc’s defenses against any future financial crisis. Eurogroup President Mario Centeno said early Tuesday that “after several months of intense negotiations and a very tough and long meeting we delivered a comprehensive plan to strengthen the euro.” Centeno said that new measures will be introduced to keep on top of any further financial crisis and to enhance debt sustainability.
LONDON (AP) – Bank of England Governor Mark Carney says some of the criticism thrown at him over the past few days since the bank published its economic assessments of Brexit has been unfair. Addressing lawmakers, Carney said the analysis, which illustrated potential “scenarios” for the British economy in the wake of differing types of Brexit, was a serious piece of work by the bank that involved 20 senior economists over a couple of years. Carney dismissed suggestions that it was hurried.
KATOWICE, Poland (AP) – Negotiators gathered for the U.N. climate talks in Poland are getting down to the nitty-gritty part of the two-week meeting. Diplomats from almost 200 countries began holding a series of technical talks Tuesday aimed at finalizing the rules that define the 2015 Paris accord on curbing global warming. Decisions on crunch issues are expected to be left to ministers when they return to the southern Polish city of Katowice next week.
WASHINGTON (AP) – The Trump administration is celebrating the 90-day truce it reached in its trade war with China as a significant breakthrough despite scant details, a hazy timetable and widespread skepticism that Beijing will yield to U.S. demands anytime soon. Yet many economists raised doubts that much had been – or would be – achieved within three months. Most economists noted that the two countries remain far apart on the biggest areas of disagreement.