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July 20, 2020
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July 21, 2020
Financial News



Advancing global shares…US trade sanctions on China


TOKYO (AP) – Global shares advanced today after European leaders worked out a deal to support their virus-stricken economies. In early trading, France’s CAC 40 added 1.3% while Germany’s DAX jumped 1.9%. Britain’s FTSE 100 climbed 0.7%. In Asia, Japan’s Nikkei closed 0.7% higher. South Korea’s Kospi jumped 1.4%. Hong Kong’s Hang Seng rose 2.3%, while the Shanghai Composite edged 0.2% higher. Shares also rose in Taiwan and Southeast Asia. On Wall Street, Dow and S&P futures are higher.


WASHINGTON (AP) – The U.S. government has imposed trade sanctions on 11 companies it says are implicated in human rights abuses in China’s Muslim northwestern region of Xinjiang. The penalties add to U.S. pressure on Beijing over Xinjiang, where the ruling Communist Party is accused of mass detentions, forced labor and other abuses against Muslim minorities. Xinjiang is among a series of U.S.-Chinese conflicts including human rights, trade and technology that have caused relations to plunge to their lowest level in decades.


BRUSSELS (AP) – After four days and nights of wrangling, exhausted European Union leaders have finally reached agreement on an unprecedented $2.1 trillion budget and coronavirus recovery fund. They somehow found unity early today after one of their longest summits ever. To confront the biggest recession in its history, the EU reached a consensus on a 750 billion-euro coronavirus fund to be sent as loans and grants to the countries hit hardest by the virus. That comes on top of the seven-year, 1 trillion-euro EU budget. At first, the grants were to total 500 billion euros, but the figure was lowered to 390 billion euros.


WASHINGTON (AP) – The Senate Banking Committee is likely to back President Donald Trump’s unconventional nomination of Judy Shelton for the Federal Reserve’s Board of Governors in a party-line vote today. The committee’s support would move Shelton’s nomination to the full Senate, which would have until the end of the year to confirm or reject it. Late Monday, Sen. John Kennedy, Republican of Louisiana, said he would support Shelton’s nomination, essentially guaranteeing that she would win the votes of all 13 GOP senators on the committee. The Democrats have 12 members.


WASHINGTON (AP) – Congressional watchdogs are questioning the government’s decision to award a $700 million coronavirus relief loan to a struggling trucking company on grounds its operations are critical for maintaining national security. The Defense Department is a major YRC Worldwide client. But the Pentagon sued YRC in 2018 for overcharging the government for freight carrier services and making false statements.



AP-WF-07-21-20 1035GMT