World stocks mixed…Economic impact of war in Ukraine
UNDATED (AP) – World shares are mixed in cautious trading after Wall Street dipped to the edge of a bear market on Friday. Investors were awaiting minutes from the last policy setting meeting of the Federal Reserve. Tokyo and Sydney closed higher today while Hong Kong and Shanghai declined. On Friday the S&P 500 dipped more than 20% below its peak set early this year before buying late in the day gave it a tiny gain. It finished 18.7% below its record. That capped a seventh straight losing week, the longest since 2001.
INDIANAPOLIS (AP) – The first order of baby formula from Europe should soon be appearing on store shelves. It’s enough for more than half a million baby bottles and it arrived in Indianapolis by military plane on Sunday. Several more flights are planned. “Operation Fly Formula” is to address the shortage of baby formula in the U.S. following the closure of the largest domestic manufacturing plant in Michigan in February because of safety issues.
DAVOS, Switzerland (AP) – The founder of the World Economic Forum says Russia’s war in Ukraine as well as climate change and the global economy are key issues at the gathering of business elites and government leaders in Davos, Switzerland. Klaus Schwab said in welcoming remarks today that “this war is really a turning point of history and it will reshape our political and our economic landscape in the coming years.” Schwab says climate change is something to urgently address and that concerns about high inflation will affect how to look at the future of the global economy.
TOKYO (AP) – President Joe Biden says 12 countries have signed on to a new trade pact that will help the United States work more closely with Asian economies on issues including supply chains, digital trade, clean energy and anticorruption efforts. The signatories joining the U.S. in the Indo-Pacific Economic Framework are Australia, Brunei, India, Indonesia, Japan, South Korea, Malaysia, New Zealand, the Philippines, Singapore, Thailand, and Vietnam.
BANGKOK (AP) – The United States and four other nations emphasized their support for host nation Thailand after they walked out of an Asia-Pacific Economic Cooperation group meeting in Bangkok over the weekend. They said their protest was aimed solely at Russia over its Ukraine invasion. U.S. Trade Representative Katherine Tai and delegates from Japan, Australia, New Zealand and Canada walked out of Saturday’s session just as Russia’s minister for economic development, was set to deliver his opening remarks.