Markets rally…Trump family pushes next phase of golf course project…Minister: EU stands firm in tariff dispute
SINGAPORE (AP) – World markets rallied on Tuesday, gaining momentum from an upbeat day in Asia and from U.S. corporate earnings. But downbeat purchasing managers’ index readings hinted at underlying worries. Futures point to opening gains on Wall Street. The dollar eased against the yen and gained against the euro. Benchmark U.S. crude oil rose above $68 per barrel.
LONDON (AP) – U.S. President Donald Trump’s family business has outlined its 150-million-pound ($196 million) investment plan for the second phase of development of its golf course north of Aberdeen in Scotland. The Trump Organization’s proposals submitted to Aberdeenshire Council include 50 cottages, a sports center and equestrian facilities at the Menie estate near Balmedie. The controversial development, which was first approved in 2008, has been accused of failing to deliver on promises of investment and jobs.
BERLIN (AP) – Germany’s foreign minister says European countries won’t cave in to U.S. threats in the escalating trans-Atlantic dispute over tariffs, but he hopes for a solution. The Trump administration has already imposed tariffs on steel and aluminum imports from the 28-nation European Union and is threatening tariffs on cars, trucks and auto parts – a key industry for Germany. European Commission President Jean-Claude Juncker visits Washington on Wednesday. German Foreign Minister Heiko Maas told ARD television on Tuesday that he hopes it will be possible to find a consensus solution.
LONDON (AP) – A closely watched survey is showing that economic growth across the 19-country eurozone moderated at the start of the third quarter. Financial information firm IHS Markit said Tuesday that its purchasing managers index – a broad gauge of business activity – for the eurozone eased to 54.3 in July from 54.9 in June. Though still above the 50 mark that means the economy continues to grow, the firm said weakened new order inflows and reduced business expectations of future activity fostered a downbeat picture.
GENEVA (AP) – Swiss bank UBS has posted a solid 9 percent increase in second quarter profits on the back of soaring gains in investment bank income and strong growth in its key global wealth management business. The Zurich-based bank said Tuesday that “ongoing geopolitical tensions and rising protectionism” dampened investor confidence but that economic growth prospects were underpinning markets.