Global shares mostly higher…Midwestern states low jobless
TOKYO (AP) – Global shares were mostly higher today, buoyed by further signs of recovery in China’s manufacturing sector. In early trading, France’s CAC 40 rose less than 0.1%, while Germany’s DAX was up 0.1%. Britain’s FTSE 100 gained 0.5%. In Asia, Japan’s Nikkei surged 1.4%, while South Korea’s Kospi gained 1.5%. Hong Kong’s Hang Seng jumped 1.5%, while the Shanghai Composite inched up less than 0.1%. Wall Street futures are higher.
OMAHA, Neb. (AP) – Five of the six states with the nation’s lowest unemployment rates are in the Midwest, have Republican governors and have almost no restrictions intended to slow the spread of the coronavirus. Those governors have said their lack of mask mandates or other restrictions are a big reason why their states are riding out the pandemic relatively well, but economists say it’s not so simple. Economists say a lack of mandates might help, but of even greater importance is the fact that Nebraska, South Dakota, North Dakota, Iowa and Missouri have economies that rely heavily on industries that weren’t hit as hard by the pandemic.
FRANKFURT, Germany (AP) – European officials and businesses are closely watching the U.S. election to see which way U.S. trade policy goes. Donald Trump’s America First tariffs on steel and aluminum provoked Europe to retaliate against U.S. bourbon and motorcycles. Europeans’ views are closer to Joe Biden’s. But analysts are cautioning that many trade irritants will be tough to solve no matter who wins. A sweeping free trade deal to lower tariffs probably isn’t in the cards. Some of Europe’s stances will present difficulties for any president – like proposed European taxes on Google and Amazon.
WASHINGTON (AP) – An Associated Press investigation has found that the Trump administration awarded emergency coronavirus funds to a well-connected Republican donor’s company to test a possible COVID-19-fighting blood plasma technology. In discussing the contract, the administration noted Plasma Technologies LLC’s “manufacturing facilities” in Charleston, South Carolina. The AP investigation found that Plasma Tech has no manufacturing facilities in Charleston. Instead, the company exists within the luxury condo of its owner, Eugene Zurlo. Now, the 83-year-old Zurlo’s company may be in line for as much as $65 million in taxpayer dollars.
UNDATED (AP) – The Commerce Department issues its September snapshot of construction spending today. Spending increased 1.4% in August, led by a surge in single-family home construction. Strong demand for single-family homes has helped fuel new home construction. Meanwhile, spending on hotels, office buildings, shopping centers and other nonresidential projects has declined as the pandemic leads to more online shopping and working from home, and less travel.