Global markets mixed…Gold price surges…Pandemic relief
BEIJING (AP) – Global stock markets have been mixed and gold surged to a record price today amid U.S.-China tension and concern a recovery from the coronavirus pandemic might be weakening. London, Tokyo and Hong Kong declined while Frankfurt and Shanghai advanced. U.S. stock futures were higher. Wall Street ended last week down after a new diplomatic flare-up between Washington and Beijing and mixed earnings reports. But today, Dow and S&P futures area both up 0.4%.
BEIJING (AP) – The price of gold has surged to a record as investors move money into an asset seen as a safe haven in uncertain times. The price surged $37 to over $1,934 per ounce today. It added 2% percent after breaking its 2011 record high price on Friday, closing at $1,897.50 on the New York Mercantile Exchange. Prices of gold and silver have jumped as rising infection numbers and job losses in the United States and some other economies fuel concern the recovery from the virus and the worst global downturn since the 1930s might be faltering. Precious metals, along with bonds, often are seen as stores of value when financial markets decline.
WASHINGTON (AP) – The economic outlook of U.S. business economists has improved over the past three months, though their sunnier view could be jeopardized by the resurgence of the coronavirus. A survey released today by the National Association for Business Economics finds a “significant snap-back in expectations from the depths reached across nearly all categories in April,” according to Megan Greene, who leads the NABE’s survey of business conditions. The results of the survey of 104 NABE members showed that expectations for growth had brightened considerably, with two-thirds of them forecasting that the economy, as measured by the gross domestic product, will grow between this year’s second quarter and next year’s second quarter.
WASHINGTON (AP) – Suggesting a narrower pandemic relief package may be all that’s possible, the White House is still pushing ahead with today’s planned rollout of the Senate Republicans’ $1 trillion effort. House Speaker Nancy Pelosi assailed the GOP “disarray” as time-wasting during the crisis. By Friday, millions of unemployed Americans could lose an expiring $600 federal jobless benefit and a federal eviction moratorium is also coming to an end. The Trump administration’s top negotiators – White House chief of staff Mark Meadows and Treasury Secretary Steven Mnuchin – spent the weekend at the Capitol trying to finish the package. Meadows said they have an agreement “in principle” with Senate Republicans.
CANBERRA, Australia (AP) – Australia’s consumer watchdog has launched court action against Google alleging the technology giant misled account holders about its use of their personal data. The Australian Competition and Consumer Commission alleges the California-based company misled millions of Australians to obtain their consent and expand the scope of personal information that Google collects about users’ internet activity to target advertising. The allegations arise from Google’s move in 2016 to start combining users’ personal information in their Google accounts with information from the same users’ activity on non-Google sites that used Google technology to display ads.