Global shares advance … US auto industry defies wave of layoffs … Mar-a-Lago to partially open Saturday
TOKYO (AP) – Global shares advanced today on signs of improvement in China’s economy after it reopened from its pandemic shutdowns. In early trading in Europe, France’s CAC 40 gained 1.1%, while Germany’s DAX was up 1.3%. Britain’s FTSE 100 gained 1.3%. In Asia, Japan’s Nikkei recouped earlier losses to finish up 0.6%. South Korea’s Kospi gained 0.1%, Hong Kong’s Hang Seng lost 0.1%, while the Shanghai Composite inched down less than 0.1%. U.S. shares are expected to climb, with Dow futures up 0.4% and S&P 500 futures up 0.3%.
DETROIT (AP) – The U.S. auto industry is defying a wave of layoffs that has sent the job market into its worst catastrophe ever. Automakers are restarting factories next week that were closed by the coronavirus and bringing back an estimated 133,000 workers. It’s not a full return to normal and it could be temporary if people don’t start buying vehicles again. But automakers say there’s enough pent-up demand, especially for pickup trucks, to get the factories humming again.
BEIJNIG (AP) – Factory output rose in April as China’s virus-battered economy reopened but job losses depressed consumer spending. Investment in factories and other fixed assets also improved as businesses reopened following China’s deepest economic downturn since at least the 1960s. Automakers and some other manufacturers say production has gotten back to normal since China started to reopen its economy in March, but retailing and other industries are struggling. Forecasters expect little to no economic growth this year.
BERLIN (AP) – Official data show that the German economy shrank by 2.2% in the first quarter compared with the previous three-month period as shutdowns in the country and beyond started to bite. That means Europe’s biggest economy went into recession following a small dip at the end of last year. Today’s data from the Federal Statistical Office offers a first glimpse of the damage caused by the coronavirus crisis, which the government is trying to limit with a raft of rescue programs.
FORT LAUDERDALE, Fla. (AP) – President Donald Trump’s Mar-a-Lago club will partially reopen to members as South Florida slowly reopens from the coronavirus lockdown. An email sent Thursday to members says the Palm Beach resort’s Beach Club restaurant, its pool and its whirlpool will reopen Saturday after being closed two months, but its main building that includes hotel rooms, the main dining area and the president’s private residence will remain closed.