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July 28, 2020
AP-NC Newswatch
July 29, 2020
Financial News

 

 

World shares mixed…Fed statement…Tech CEOs

 

TOKYO (AP) – World shares were mixed today as reports of dismal company earnings added to pessimism over the widespread economic fallout from the coronavirus pandemic. In early trading, Germany’s DAX lost 0.2% while in France, the CAC 40 jumped 0.8%. Britain’s FTSE 100 added 0.2%. In Asia, Tokyo’s Nikkei 225 closed down 1.2% after Fitch Ratings downgraded its outlook for Japan to “negative” from “stable.” South Korea’s Kospi added 0.3% and Hong Kong’s Hang Seng climbed 0.5%, while the Shanghai Composite index jumped 2.1%. U.S. futures are marginally higher.

 

WASHINGTON (AP) – No major changes are likely when the Federal Reserve releases a statement today after its two-day policy meeting ends and just before Chair Jerome Powell holds a news conference. But the central bank is working toward providing more specific guidance on the conditions it would need to see before raising the short-term interest rate it controls, which is now pegged near zero.

 

WASHINGTON (AP) – A day of shuttle diplomacy on Capitol Hill over a coronavirus aid package produced few results Tuesday, with stark differences between the $3 trillion proposal from Democrats and $1 trillion counteroffer from Republicans as millions of Americans’ jobless benefits, school reopenings and eviction protections hang in the balance. As top White House negotiators returned for a second day of talks in House Speaker Nancy Pelosi’s office.

 

WASHINGTON (AP) – Four Big Tech CEOs are set to answer for their companies’ practices before Congress today as a House panel caps its yearlong investigation of market dominance in the industry. They are Facebook’s Mark Zuckerberg, Amazon’s Jeff Bezos, Sundar Pichai of Google and Tim Cook of Apple. Critics question whether the companies stifle competition and innovation, and raise prices for consumers.

 

NEW YORK (AP) – The owner of Victoria’s Secret and Bath & Body Works said Tuesday that it is cutting 850 office jobs, or about 15% of its corporate workforce. L Brands, like other retailers, has been dealing with a sharp drop in sales after temporarily closing stores due to the coronavirus pandemic. L Brands, based in Columbus, Ohio, said it expects second-quarter revenue to have fallen 20% from a year ago.

 

 

AP-WF-07-29-20 1036GMT