Global markets down…Fed statement…TikTok CEO resigns
BEIJING (AP) – Global stock markets are down today. In early trading, the FTSE 100 in London fell 0.4% and Frankfurt’s DAX declined 0.2%. The CAC 40 in France shed 0.5%. In Asia, the Shanghai Composite Index closed 0.6% higher. The Nikkei 225 in Tokyo sank 0.3% and Hong Kong’s Hang Seng lost 0.8%. The Kospi in Seoul lost 1%. On Wall Street, Dow and S&P futures are both off 0.2%.
UNDATED (AP) – Investors are looking ahead today to a speech by the Federal Reserve chairman Jerome Powell, part of the U.S. central bank’s annual Jackson Hole symposium. Officials in the past have used the meeting, being held online this year, to make market-moving announcements. This year, forecasters expect Powell to talk about inflation and the importance of Congress delivering more economic aid after its last round of stimulus expired. Partisan disagreements have prevented an agreement. While the Fed keeps interest rates near zero, Powell has said Congress needs to take action.
HONG KONG (AP) – TikTok CEO Kevin Mayer has resigned amid U.S. pressure for its Chinese owner to sell the popular video app, which the White House says is a security risk. In a letter to employees, Mayer says his decision to leave comes after the “political environment has sharply changed.? His resignation comes after President Donald Trump ordered a ban on TikTok, unless parent company Bytedance sells its U.S. operations to an American company within 90 days.
WASHINGTON (AP) – The Food and Drug Administration on Wednesday authorized the first rapid coronavirus test that doesn’t need any special computer equipment to get results. The 15-minute test from Abbott Laboratories will sell for $5. It’s the latest cheaper, simpler test to hit the U.S. market, providing new options to expand testing. The FDA also recently greenlighted a saliva test from Yale University that bypasses some of the supplies that have led to testing bottlenecks. Both tests have limitations and neither can be done at home.
LOS ANGELES (AP) – UCLA has filed a lawsuit against Under Armour in federal court in Los Angeles for breach of contract, seeking more than $200 million in damages. Under Armour announced in late June that it was ending its deal with the university. The two sides were four years into a 15-year deal worth $280 million. Under Armour paid $11 million per year in rights and marketing fees and aid in facility improvements. The company is supposed to supply $6.85 million in athletic apparel, footwear and uniforms.