World shares skid … China promises prompt action on US trade pact … OPEC expected to cut oil production to support price
TOKYO (AP) – World financial markets took a fresh hit today. Germany’s DAX, France’s CAC 40 and Britain’s FTSE are down in early trading. And Asian markets closed at a loss, with Hong Kong’s Hang Seng index tumbling 2.5 percent. Wall Street is anticipating a downbeat start, with S&P futures down 1.1 percent and Dow futures down 1.2 percent.
BEIJING (AP) – China’s government says it will promptly carry out a tariff cease-fire with Washington and is confident they can reach a trade agreement, suggesting Beijing wants to avoid disruptions due to the arrest of a tech executive. A Ministry of Commerce spokesman says talks during the 90 day period during which President Donald Trump has agreed to suspend U.S. tariff hikes will start by focusing on farm goods, energy and automobiles.
BEIJING (AP) – China has demanded that Canada release a Huawei (wah-way) Technologies executive who was arrested in a case that adds to technology tensions with Washington and threatens to complicate trade talks. The arrest followed a cease-fire in a U.S.-Chinese tariff war over Beijing’s technology policy. Canadian authorities say Huawei chief financial officer, Meng Wanzhou, faces possible extradition to the United States. A Toronto newspaper reports she’s accused of trying to evade U.S. curbs on trade with Iran.
VIENNA (AP) – OPEC countries are meeting today to find a way to support the falling price of oil, with analysts predicting the cartel and some key allies, like Russia, would agree to cut production by at least 1 million barrels per day. Crude prices have been falling since October because countries like the U.S. and Saudi Arabia are producing at high rates and because there are fears that weaker economic growth would dampen energy demand.
WASHINGTON (AP) – Top executives from Google, Microsoft, IBM, Oracle and Qualcomm are planning to meet at the White House today amid strained ties between President Donald Trump’s administration and the tech industry. The White House says the meeting will address efforts to advance American leadership in innovation and how that will affect jobs and the economy. It’s not clear if Trump is also attending.