Financial News

Friday, August 7th
August 6, 2020
AP-NC Newswatch
August 7, 2020
Financial News



Global stocks mostly lower…Jobs report…Little progress


TOKYO (AP) – Global shares were mostly lower today in lackluster trading, as trade tensions between the U.S. and China overshadowed optimism about more fiscal stimulus for the ailing U.S. economy. In early trading, France’s CAC slipped 0.2%, while Germany’s DAX edged up nearly 0.2%. Britain’s FTSE 100 inched down less than 0.1%. In Asia, Japan’s Nikkei closed 0.4% lower. South Korea’s Kospi edged 0.4% higher. Hong Kong’s Hang Seng slipped 1.6%, while the Shanghai Composite lost 1.0%. On Wall Street, Dow and S&P futures are lower.


WASHINGTON (AP) -Economists say that U.S. employers likely added 1.6 million jobs in July. That would normally be a scintillating job gain. Yet it would still fall far short of June’s 4.8 million increase and May’s 2.7 million gain. It would show that hiring has weakened. The U.S. jobs report comes out this morning. The unemployment rate is expected to have declined from 11.1% to 10.5%, which would still exceed the highest rate during the Great Recession.


NEW YORK (AP) – President Donald Trump has ordered an unspecified ban on “transactions” with the Chinese owners of the consumer apps TikTok and WeChat. The twin executive orders – one for each app – take effect in 45 days. They call on the Commerce Secretary to define the banned transactions by that time. The orders’ wording is vague, but leaves open the possibility that hosting the apps in the Apple and Google app stores could be covered by the ban. Trump had threatened a deadline of Sept. 15 to “close down” TikTok unless Microsoft or “somebody else” bought it.


WASHINGTON (AP) – A marathon meeting in the Capitol has generated lots of recriminations but little progress on the top issues confronting negotiators on vital COVID-19 rescue money. The talks are teetering on the brink of collapse. Treasury Secretary Steven Mnuchin said of the Thursday night talks: “There’s a handful of very big issues that we are still very far apart” on. Mnuchin says there are impasses on aid to states and local governments and renewing supplemental unemployment benefits. House Speaker Nancy Pelosi says: “We’re very far apart. It’s most unfortunate.” Both sides say the future of the talks is uncertain. President Donald Trump is considering executive orders to address evictions and unemployment insurance.


GENEVA (AP) – The Swiss government says it has struck a deal with Moderna to supply Switzerland with 4.5 million doses of a COVID-19 vaccine if the U.S. biotech firm successfully develops one. This is one of the first such deals by any government with the company. The deal would make it possible to vaccinate more than a fourth of the wealthy Alpine country’s population of about 8.2 million. Switzerland is exploring such deals with other vaccine companies. The agreement comes amid a thorny debate about who should get a safe and effective COVID-19 vaccine first.



AP-WF-08-07-20 1035GMT