Global shares mixed…China threatens countermeasures
TOKYO (AP) – Global shares have been mixed today following another rally on Wall Street. In early trading, France’s CAC 40 slid 1.7%, while Germany’s DAX dropped 1.9%. Britain’s FTSE 100 was down 1.9%. In Asia, the Nikkei closed less than 0.1% lower, South Korea’s Kospi added 1.4%. Hong Kong’s Hang Seng slipped 0.5% and the Shanghai Composite added 3%. Dow futures are down 0.9% and S&P 500 futures are 0.8% lower.
BEIJING (AP) – China is warning it will take countermeasures after the U.S. added four more Chinese media outlets to a list of organizations that should be considered “foreign missions” in the United States because of their ties to the government and ruling Communist Party. A foreign ministry spokesperson attacked the Trump administration’s move as “yet another example of the U.S.’s flagrant political suppression of the Chinese media,” saying it would obstruct their reporting on the U.S. and betray America’s commitment to freedom of the press. State Department officials say the four organizations, including state-run CCTV, will be required to submit the identities of all staff in the U.S. and any real estate holdings just as they would if they were foreign embassies or consulates.
BERLIN (AP) – A closely watched survey shows that German business confidence has risen for the second consecutive month. The result was slightly better than economists’ expectations. The Ifo institute says its monthly confidence index was up to 86.2 points in June from 79.7 in May. Economists had forecast an increase to 85. Managers’ assessment of both their current situation and, in particular, the outlook for the next six months brightened. Ifo says it was the strongest monthly increase it has ever recorded and “German business sees light at the end of the tunnel.”
COLUMBUS, Ohio (AP) – Republican Vice President Mike Pence heads to Ohio on Thursday for the unveiling of an all-electric pickup truck built by the startup that took over the General Motors assembly plant shuttered last year. Pence plans remarks after Lordstown Motors Corp.’s truck is revealed near Youngstown. He’ll then attend an event with law enforcement and community leaders. The state Democratic chairman calls it a misguided “photo op,” while the area’s Democratic congressman is calling for an administration commitment to building a robust electric vehicle market in the Mahoning Valley. Republican Gov. Mike DeWine says he did not ask Pence to wear a protective mask.
LOS ANGLES (AP) – Los Angeles is looking to improve how it regulates its struggling legal marijuana industry. The City Council is considering a slate of proposals that come as cannabis companies complain that just about everything costs too much and takes too long in dealing with City Hall. The measures include bolstering programs intended to help operators who suffered during the nation’s long-running war on drugs. Other proposed changes approved by the Rules Committee would permit businesses to relocate while being licensed, clarify what employees are required to have background checks and streamline the application process. Illegal shops continue to flourish in LA, the largest US city will broad, legal pot sales.