World stocks lower…China: US threatening global trade
TOKYO (AP) – Global shares are mostly lower today after China reported its economic growth slowed in the April-June quarter to a still robust 7.9%. France’s CAC 40 slipped 0.2% in early trading. Germany’s DAX edged down 0.5%, while Britain’s FTSE 100 gained less than 0.1%. In Asian markets, Japan’s Nikkei closed 1.2% lower, South Korea’s Kospi added 0.7%. Hong Kong’s Hang Seng added 0.8%, while the Shanghai Composite rose nearly 1.0%. On Wall Street, Dow futures are down 0.2% and S&P 500 futures are nearly unchanged.
BEIJING (AP) – China’s government is rejecting U.S. accusations of forced labor in Xinjiang and is accusing Washington of hurting global trade. The comments come after U.S. lawmakers endorsed import curbs and American companies were warned they face legal risks if they keep doing business with the region. The U.S. Senate measure would block imports of goods made with forced labor in Xinjiang, where the ruling Communist Party is accused of widespread detentions of members of mostly Muslim ethnic groups. Companies with ties to the region were warned they “run a high risk” of violating U.S. laws.
WASHINGTON (AP) – The U.S. government is starting to deposit child tax credit money into the accounts of more than 35 million families. President Joe Biden has expanded the credit for one year as part of coronavirus relief. The result is that most families will now qualify for monthly payments of as much as $300 per child.
BEIJING (AP) – China is reporting that its economic growth slowed to a still-strong 7.9% over a year earlier in the three months ending in June as a rebound from the coronavirus leveled off. Growth slowed from the previous quarter’s explosive 18.3% expansion, which was magnified by comparison with early 2020, when the economy shut down to fight the coronavirus.
LONDON (AP) – Job recovery in the U.K. is continuing at a quick pace as lockdown restrictions are easing and the rapid rollout of coronavirus vaccines has shored up confidence in the wider economy. However, economists caution against complacency amid concerns over the sharp pick-up in infections and the upcoming end of a salary support plan. The Office for National Statistics says the country saw the number of workers on payroll jump by 356,000 in June. That’s the biggest monthly increase since equivalent records began in 2014.