World stocks edge higher…boosting fuel economy
SINGAPORE (AP) – World stocks are edging higher as traders await more guidance on the U.S. economic recovery. In early trading, France’s CAC 40 picked up 0.5% while Germany’s DAX added 0.2%. In Asia, the Nikkei 225 in Tokyo closed 0.5% higher. The Kospi in South Korea lost 0.1%. The Hang Seng in Hong Kong slipped 0.8% and the Shanghai Composite index fell 0.3%. Wall Street is set for a slightly higher open as future contracts for the S&P 500 index and the Dow are both up 0.1%.
DETROIT (AP) – The Biden administration wants automakers to raise gas mileage and cut tailpipe pollution between now and model year 2026. It also has won a voluntary commitment from the industry that electric vehicles would make up roughly half of U.S. sales by 2030. The moves are big steps toward President Joe Biden’s pledge to cut emissions and battle climate change as he pushes to shift the nation away from internal combustion engines and toward battery-powered vehicles.
FRANKFURT, Germany (AP) – Germany’s Siemens AG is one of the weather vanes for the global economy and the company says things are looking up. The supplier of trains and industrial software reports its order book is filling up amid a recovery from the worst of the pandemic shutdowns last year. Siemens cites new orders for trains, including a big one from Amtrak. Siemens also saw stronger demand for its software and automation from companies that are ramping up manufacturing activity. Siemens says orders were up 47% to more than 20 billion euros in the April-June quarter.
TOKYO (AP) – Nintendo’s April-June profit declined 13% from the previous year, when the hit game “Animal Crossing: New Horizons” dramatically boosted sales. Quarterly profit totaled 92.7 billion yen, or $843 million. The Japanese company says its quarterly sales fell 10%. Switch console sales dropped nearly 22% to 4.45 million units. Nintendo says more than 89 million of the Switch machines have been sold so far globally. “Animal Crossing” sales totaled 1.26 million units in April-June, for cumulative sales of 33.89 million units. Nintendo benefited from people turning to at-home entertainment during the coronavirus pandemic.
WASHINGTON (AP) – Importers having to contend with supply trouble, rising prices, overwhelmed ports and a shortage of ships, trains and trucks, is expected to last into 2022. The experience is disturbing enough that many are reconsidering cost-saving decisions they made in recent years to shift production out of the United States to China and other low-cost producers. Now, they think, it might make sense to bring manufacturing back across the Pacific – at least to Mexico, if not the United States – to protect themselves from the risks of relying on factories an ocean away in China.