Global shares slip…China sanctions…Coal magnate dies
UNDATED (AP) – Global shares are lower amid widespread uncertainty over what the U.S. presidential election will portend for markets and economic policy. European shares fell early Monday after a day of declines in Asia. Investors remain worried over surging cases and deaths related to COVID-19, especially in the U.S. and Europe, and the implications for trade, tourism and economic activity. Investors are also eyeing whether more economic aid is coming in the U.S. amid the pandemic, including funding for testing and vaccines, and help for schools and state governments.
BEIJING (AP) – China’s government says it will impose sanctions on U.S. companies including Boeing and Lockheed Martin for supplying weapons to rival Taiwan. A foreign ministry spokesman said Raytheon also will be affected. The spokesman gave no details of what penalties might be imposed or when. China and Taiwan split during a civil war in 1949 and have no diplomatic relations. Beijing claims the democratically led island as part of Chinese territory and has threatened to invade.
BEIJING (AP) – Chinese leaders are meeting to formulate an economic blueprint for the next five years that is expected to emphasize development of semiconductors and other technology at a time when Washington is cutting off access to U.S. technology. That reflects the urgency felt by President Xi Jinping’s (shee jihn-peengz) government to promote self-sustaining growth supported by domestic consumer spending and technology development as tensions with trading partners hamper access to export markets and technology.
BERLIN (AP) – A survey shows that German business confidence has declined for the first time after five consecutive months of increases as coronavirus infections rebound across Europe. The Ifo institute said Monday that its monthly confidence index fell to 92.7 points in October from 93.2 in September. It said that companies’ view of their current situation improved but their outlook for the next sixth months worsened. Germany hasn’t been spared the sharp rises in new infections seen across Europe in recent weeks, with its figures hitting record levels though it is still in better shape than several other countries.
ST. CLAIRSVILLE, Ohio (AP) – Coal magnate Robert Murray has died at his home in Ohio less than a week after announcing his retirement as board chairman of a major U.S. coal operator. An attorney for Murray confirmed the Sunday death of the 80-year-old in St. Clairsville. Murray had announced his retirement on Monday, Oct. 19. Reports also recently stated Murray applied for federal black lung benefits. Murray had fought federal mine safety regulations for years.