Stocks lower…Home sales rise…Harley moving some production overseas
NEW YORK (AP) – Stocks are lower on Wall Street amid fresh trade worries buffeting stock markets around the world. Europe and Asia markets dropped after The Wall Street Journal reported that the Trump administration plans to limit high-tech exports to China and will limit Chinese investment in American technology companies.
UNDATED (AP) – Benchmark U.S. crude gained 1 percent in New York. It climbed 4.6 percent Friday, its biggest one-day gain since late 2016. Brent crude, used to price international oils, dropped 1.7 percent. OPEC countries agreed to produce more oil Friday, but investors aren’t sure the cartel will produce as much crude oil as it says it will.
WASHINGTON (AP) – Sales of new U.S. homes jumped 6.7 percent in May, with purchases in the South accounting for all of the monthly gains. The Commerce Department says that new homes sold last month at a seasonally adjusted annual rate of 689,000, up from 646,000 in April. The South reported monthly sales growth of 17.9 percent, while sales were flat in the Midwest and fell in the Northeast and West.
MILWAUKEE (AP) – Harley-Davidson, facing rising costs from new tariffs, will begin shifting the production of motorcycles heading for Europe from the U.S. to factories overseas. The famed motorcycle maker said in a regulatory filing that European Union tariffs on its motorcycles exported from the U.S. jumped from 6 percent to 31 percent. Harley-Davidson said that it will not raise its prices due to “an immediate and lasting detrimental impact to its business in the region.”
BOSTON (AP) – GE is selling its distributed power unit to Advent International for $3.25 billion as it continues to shed businesses. The deal includes distributed power’s Jenbacher and Waukesha engines and manufacturing sites in Austria, Canada and the U.S. The distributed power business had 2017 sales of $1.32 billion and has about 3,000 workers.