Global shares mostly higher…Few details of China trade mtg
TOKYO (AP) – Global shares were mostly higher today as investors hung onto hopes the coronavirus pandemic may come under control with vaccines and treatments being developed. In early trading, France’s CAC 40 added 0.8%, while Germany’s DAX gained 0.6%. Britain’s FTSE 100 edged 0.1% higher. Japan’s benchmark Nikkei 225 index rose 1.4%. In Asia South Korea’s Kospi closed 1.6% higher, Hong Kong’s Hang Seng edged 0.3%, while the Shanghai Composite fell 0.4%. U.S. shares are set for gains, with Dow and S&P futures rising.
BEIJING (AP) – Few details have emerged from a phone meeting held today by top U.S. and Chinese trade negotiators as part of the “Phase 1” truce aimed at ending a tariff war between the two biggest global economies. China’s Ministry of Commerce says the two sides discussed strengthening coordination of economic policies. Its announcement gave no details. President Xi Jinping’s government has lobbied Washington since at least 2016 to coordinate macroeconomic policies.
UNITED NATIONS (AP) – The United Nations chief says the global tourism industry has been devastated by the coronavirus pandemic, with $320 billion lost in exports in the first five months of the year and more than 120 million jobs at risk. Secretary-General Antonio Guterres says international tourist arrivals also decreased by more than half. He says in a report that tourism is the third largest export sector of the global economy, behind fuels and chemicals, and in 2019 it accounted for 7% of global trade.
BERLIN (AP) – Swiss bank Credit Suisse says it plans to close 37 branches in its home country as part of an effort to streamline its business, and some job cuts are inevitable. Credit Suisse says it expects to implement the changes by the end of this year, reducing the number of branches in Switzerland to 109 from 146. The bank says that in just the last two years, there has been a 40% increase in the use of online banking at Credit Suisse.
HONG KONG (AP) – The financial technology arm of e-commerce giant Alibaba Group has filed for a dual-listing in Hong Kong and Shanghai, in what would likely be the world’s largest initial public stock offering since the coronavirus pandemic began. The initial public offering of Ant Group will be the first dual-listing on the Hong Kong stock exchange and Shanghai’s STAR Market. The company did not disclose the timetable of its public offering or the valuation that it is seeking in a filing to the stock exchange.