Financial News

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Financial News

 

Financial News:

 

Global stocks mixed, Germany suspends pipeline

 

BEIJING (AP) – Global stock markets are mixed after President Joe Biden and China’s Xi Jinping held a summit meeting by video link. Tokyo, Hong Kong and Frankfurt advanced. Shanghai declined, while London and Wall Street futures were little-changed. Biden told Xi their goal should be to ensure competition “does not veer into conflict.” The two leaders met amid tension over trade, technology, human rights, Hong Kong, Taiwan and other irritants. Xi said he was ready to “build consensus” and said the two sides need to improve communication. Investors looked ahead to the release of the latest U.S. retail sales.

 

BERLIN (AP) – Germany’s network regulator says it’s suspended its procedure to certify the operator of a new pipeline that would bring Russian gas to the country under the Baltic Sea because of an issue with the company’s status under German law. Construction of the Nord Stream 2 pipeline was completed earlier this year but it’s not yet in operation. It’s a contentious project that Ukraine and the United States have opposed. Russia has said it could quickly boost natural gas supplies once German regulators allow the new pipeline to start operation. It wasn’t immediately clear to what extent Tuesday’s move would delay those plans.

 

DUBAI, United Arab Emirates(AP) – Airbus has won its third deal of the Dubai Air Show, announcing that it has received an order for 28 new aircraft from Kuwait’s Jazeera Airways in a deal valued at some $3.3 billion. The European plane maker’s order announced at the aviation show on Tuesday includes 20 A320neos and eight A321neos. On the first two days, Airbus also made blockbuster sales announcements. The expo pits France-based Airbus and its American rival Boeing, the two manufacturers at the top of the supply chain, against each other in the crucial Mideast market filled with long-haul carriers connecting East and West.

 

CANBERRA, Australia (AP) – Australia’s central bank governor says that Australia’s benchmark interest rate could remain at a record low until 2024 despite pandemic-induced inflation. Philip Lowe told a Sydney forum of economists the Reserve Bank of Australia board does not plan to lift the cash rate until inflation settles in the target range of 2%-to-3%, which is likely in late 2023. He says a first increase, from 0.1% in 2024, is “still plausible.” Australia’s inflation rate has risen as have prices in many parts of the world as economies bounce back from the pandemic, but such pressures are less pronounced than in many other countries.

 

OMAHA, Neb. (AP) – Investor Warren Buffett’s company made two new investments during the third quarter while trimming its holdings in several drugmakers and financial firms. Buffett’s Berkshire Hathaway revealed new stakes Monday in Royalty Pharma, which invests in drug development, and specialty flooring retailer Floor & Decor. Besides those two new investments and a move to increase its stake in Chevron, all of Berkshire’s other moves in the quarter were to trim several of its holdings. Berkshire sold off its investments in Merck and its spinoff Organnon & Co., and reduced its stakes in drugmakers Abbvie and Bristol-Myers Squibb. It also scaled back holdings in Visa, Mastercard and US Bancorp stock.