Stocks gain…China and US Discuss trade…China official vows defense of Huawei exec
SINGAPORE (AP) – World markets were mostly higher on Tuesday after the U.S. and China broached plans for talks to soothe a festering trade dispute. Futures point to a lower open on Wall Street. Oil prices were steady after a sharp decline overnight. U.S. benchmark crude slipped to just below $51 a barrel. The dollar weakened against the yen and the euro.
BEIJING (AP) – China’s economy czar and U.S. trade envoys discussed plans for talks on a tariff battle, indicating negotiations are going ahead despite tension over the arrest of a Chinese tech executive. A commerce ministry statement said Vice Premier Liu He talked by phone with Treasury Secretary Steven Mnuchin and U.S. Trade Representative Robert Lighthizer talked by phone about “the promotion of the next economic and trade consultations.” The statement gave no other details.
BEIJING (AP) -China’s foreign minister has vowed to defend its citizens abroad as a Chinese technology executive waits to see whether a Canadian court will release her on bail in a case that has strained U.S.-Chinese relations. Foreign Minister Wang Yi said Tuesday that Beijing will “spare no effort” to protect against “any bullying that infringes the legitimate rights and interests of Chinese citizens.” Wang didn’t specifically mention the arrested Huawei Technologies Ltd. executive, Meng Wanzhou.
BERLIN (AP) – The European Union’s top court has ruled that the European Central Bank’s government bond-buying stimulus program is in line with EU law and doesn’t exceed the bank’s mandate. The ECB launched the purchases in March 2015. It’s on course to wrap up its 2.5 trillion euro ($2.85 trillion) stimulus at the end of the year. Germany’s Federal Constitutional Court asked the European Court of Justice about the program’s validity under EU law as it considers complaints against the bond purchases.
WASHINGTON (AP) – Google’s CEO faces a grilling from U.S. lawmakers on how the web search giant handled an alarming data breach and whether it may bend to Chinese government censorship demands. CEO Sundar Pichai’s appearance Tuesday before the House Judiciary Committee comes after he angered members of a Senate panel in September by declining their invitation to testify about foreign governments’ manipulation of online services to sway U.S. elections.