Global markets rebound … Some stores closed during protests will open today … Parts shortages at auto plants
BEIJING (AP) – Hong Kong’s stock market surged more than 3% and other global markets also gained today after President Donald Trump avoided reigniting a trade war with China amid tension over Hong Kong and the coronavirus pandemic. London and Paris opened higher. Shanghai gained 2.2% and Tokyo was up nearly 1%. U.S. futures declined. But on Wall Street, futures for the benchmark S&P 500 index and the Dow Jones Industrial Average were off 0.2%.
UNDATED (AP) – Target, CVS, Apple and Walmart all temporarily closed their stores in certain locations because of the protests over the death of George Floyd in Minneapolis last week. Minneapolis-based Target closed or shortened hours at more than 200 of its stores over the weekend, but it says most would reopen by today. Six will remain closed for an extended period after sustaining damage from protests.
DETROIT (AP) – Parts shortages and infected workers are slowing the U.S. auto industry’s ability to restart factories. Some automakers have had to temporarily close plants to disinfect equipment after workers got sick or tested positive for the coronavirus. Others have had slower starts because parts plants in Mexico and elsewhere haven’t come back as quickly as expected.áMost automakers closed factories in mid-to-late March when workers began to get sick.
NEW DELHI (AP) – A committee appointed by India’s top environmental court has blamed “gross human failure” and lack of basic safety norms for a gas leak in a South Korean-owned chemical factory that killed 12 people and sickened hundreds. The committee says the tanks from which the gas leaked lacked temperature sensors and were outdated. The leak occurred May 7 at the LG Polymers plant in Andhra Pradesh state.
CAMARILLO, Calif. (AP) – The average U.S. price of regular-grade gasoline rose 8 cents over the past two weeks, to $2.05 per gallon. Industry analyst Trilby Lundberg of the Lundberg Survey says that the jump comes as gasoline demand increases amid widespread easing of stay-at-home orders. Lundberg says the current average price is 88 cents less than it was a year ago. The highest average price in the nation for regular-grade gas is $3.10 per gallon in Honolulu. The lowest average is $1.55 in Tulsa, Oklahoma.