Financial News

Friday, June 3rd
June 2, 2022
AP-NC Newswatch
June 2, 2022
Financial News

 

Financial News:

 

World stocks mixed…Will Biden visit Saudi Arabia?

TOKYO (AP) – World shares are mixed, with European benchmarks opening higher after a broad decline in Asia. France’s CAC 40 gained 1.0%, while Germany’s DAX added 0.8%. Markets were closed in Britain for Queen Elizabeth’s Platinum Jubilee. In Asia, Japan’s benchmark Nikkei 225 closed 0.2% lower, Australia’s S&P/ASX 200 shed 0.8%, South Korea’s Kospi slipped 1.0%, Hong Kong’s Hang Seng dipped 1.0%, while the Shanghai Composite reversed earlier losses, gaining 0.4%. The future for the S&P 500 futures rose 0.3% and that for the Dow industrials gained 0.5%.

 

TOKYO (AP) – Oil prices are down more than $2 a barrel ahead of a meeting of OPEC set for later in the day. Oil-producing nations are expected to decide on output targets in their first meeting since Europe set sanctions on Russian crude. The Financial Times reports that Saudi Arabia has indicated to western allies it could raise production to cover any substantial fall in Russian production.

 

WASHINGTON (AP) – President Joe Biden is leaning towards making a visit to Saudi Arabia – a trip that would likely bring him face-to-face with the Saudi crown prince he once shunned as a killer. The White House is weighing a visit to Saudi Arabia that would also include a meeting of the leaders of the Gulf Cooperation Council countries as well as Egypt, Iraq and Jordan. That’s according to a person familiar with White House planning.

 

BEIJING (AP) – China’s government is accusing Washington of jeopardizing peace after U.S. envoys began trade talks with Taiwan aimed at deepening relations with the self-ruled island democracy claimed by Beijing. The U.S. government says talks that started this week cover trade, regulation and other areas based on “shared values” as market-oriented economies. A Chinese foreign ministry spokesman says the trade dialogues “disrupt peace and stability in the Taiwan Strait.” He urges Washington to “stop negotiating agreements with Taiwan that have sovereign connotations.”

 

WASHINGTON (AP) – The Biden administration says it will forgive all remaining federal student debt for former students of the for-profit Corinthian Colleges chain. Anyone who attended the chain from 1995 to its collapse in 2015 will get their federal student debt automatically canceled. The action will erase $5.8 billion in debt for more than 560,000 borrowers, the largest loan discharge in Education Department history.