Stocks advancing…Biden to push economic policies
BEIJING (AP) – Global stock markets advanced today after Wall Street rebounded as investors try to figure out how increasing coronavirus cases will affect the global economy. In early trading, the FTSE 100 in London surged 1.6% while the DAX in Frankfurt rose 0.7%. The CAC in Paris jumped 1.4%. In Asian trading, the Nikkei in Tokyo rose 0.6%. The Kospi in Seoul shed 0.5%. The Shanghai Composite Index rose 0.7% while the Hang Seng in Hong sank 0.1%. On Wall Street, S&P 500 and Dow futures are both up 0.7%.
WASHINGTON (AP) – President Joe Biden travels to Cincinnati today to push his economic policies. It’s the third visit of his presidency to Ohio, the only state Biden lost that he has visited multiple times as president. Ohio was once an electoral prize that could decide who occupied the White House, but its embrace of Republicans has tightened over the past decade.
HONG KONG (AP) – China’s internet watchdog says it has fined technology platforms operated by e-commerce company Alibaba and gaming firm Tencent for spreading sexually suggestive content involving children. It says Alibaba’s e-commerce marketplace Taobao, Tencent’s QQ messaging platform, and live-streaming platform Kuaishou were fined for disseminating sexually suggestive content of children. The companies were ordered to ban accounts that use such content. The crackdown on inappropriate content involving minors comes as the government ramps up scrutiny of Chinese technology platforms.
TOKYO (AP) – Japan is reporting that its exports in June jumped 49% from a year earlier, marking the fourth straight month of growth. The Finance Ministry says imports grew 33% in June. Japan’s exports to the U.S. in June surged 86%, led by shipments of cars and computer parts. Exports to China rose 28%, boosted by exports of computer chip making equipment and vehicles. Japan’s economy shrank in January-March and likely also contracted during the second quarter, as COVID-related restrictions crimped domestic demand.
FRANKFURT, Germany (AP) – Luxury cars are good business even during the pandemic. Germany’s Daimler is reporting that profit margins on its Mercedes-Benz cars and SUVs hit double digits again for the third straight quarter. The company is now sitting on almost 21 billion euros ($24.6 billion) in cash that it says it will invest in pivoting to electric cars and a software-driven company. That’s despite the global shortage of semiconductor components that could hold back production for the rest of the year. Net profit for the second quarter came in at 3.7 billion euros ($4.3 billion).