Global shares up … Next Davos summit to include virtual forums … First recession in 29 years for Australia
TOKYO (AP) – Global shares rose today after Wall Street extended its gains for a third straight day, driven by optimism over economies reopening from shutdowns to stem the coronavirus pandemic. In early trading, France’s CAC 40 edged up 1.5%, while Germany’s DAX gained 1.6%. Britain’s FTSE 100 rose 1.1%. In Asia, Japan’s Nikkei closed 1.3% higher, South Korea’s Kospi surged 2.9% and Hong Kong’s Hang Seng was up 1.4%. The Shanghai Composite was little changed. Wall Street is set for gains, with Dow futures up 0.6% and S&P futures up 0.4%.
GENEVA – The World Economic Forum says its next meeting in January will be held under the headline “The Great Reset,” reflecting the impact that the coronavirus crisis has had on economies and societies around the world and the ongoing need to tackle climate change. Organizers of the annual meeting of government and business leaders in Davos, Switzerland, say they plan to hold a “twin summit” comprising both “in-person and virtual dialogues.” These will link elites to young people in more than 400 cities around the world.
BRUSSELS – Environmental group Greenpeace says the EU’s economic response to the coronavirus pandemic has contributed to the investment of several billion euros in polluting fossil fuels industries. According to a Greenpeace analysis, the European Central Bank has purchased corporate bonds worth about 30 billion euros ($33.7 billion) between mid-March and mid-May 2020. Greenpeace says that among that investment, 7.6 billion euros ($8.5 billion) were injected into fossil fuels industries.
CANBERRA, Australia (AP) – The coronavirus pandemic has pushed Australia’s economy into recession for the first time in 29 years. Treasurer Josh Frydenberg says the current June quarter will be the second in a row in which the Australian economy has contracted. A recession is defined as at least two straight quarters of contraction. Data released today shows the economy shrank 0.3% in the January-March quarter due to destructive wildfires and the early stages of Australia’s coronavirus lockdown.
NEW YORK (AP) – A tech-focused civil liberties group is suing to block President Donald Trump’s executive order that seeks to regulate social media, saying it violates the First Amendment and chills speech. Trump’s order, signed last week, could allow more lawsuits against internet companies like Twitter and Facebook for what their users post, tweet and stream, and many experts question whether it’s constitutional. The tech industry, civil rights and libertarian organizations and the U.S. Chamber of Commerce have all criticized Trump’s order.