Global shares mostly lower…China’s trade growth rebounds
TOKYO (AP) – Global shares are mostly lower as investors watch for fresh signs of inflation, including soaring crude oil prices. In early trading in Europe, France’s CAC 40 slipped 0.7%, while Germany’s DAX dropped 0.9%. Britain’s FTSE 100 fell 0.7%. In Asian markets, Japan’s benchmark Nikkei 225 closed up less than 0.1%. Australia’s S&P/ASX 200 slipped 1.4%, South Korea’s Kospi ended little changed, inching down less than 0.1%. Hong Kong’s Hang Seng shed 0.7% and the Shanghai Composite lost 0.8%.
AMSTERDAM (AP) – It’s decision time again for the European Central Bank. But key steps have been announced in advance by bank President Christine Lagarde and her top officials. That’s likely to mean an announcement today that economic stimulus will be wound down in July followed by the first interest rate increases in 11 years. The ECB would be joining the U.S. Federal Reserve and other central banks in combating higher inflation fed by Russia’s war against Ukraine and the resulting higher oil and food prices.
BEIJING (AP) – China’s trade growth rebounded in May after anti-virus restrictions that shut down Shanghai and other industrial centers began to ease. The customs agency says exports surged 17% over a year earlier to $308.3 billion, up from April’s 3.7% growth. Imports rose 4% to $229.5 billion, accelerating from the previous month’s 0.7%.
DUBAI, United Arab Emirates (AP) – A major free zone operator in Dubai owned by the sheikhdom’s ruler says it will make an initial public offering on the local stock market. The TECOM Group says it plans to offer 625 million shares on the Dubai Financial Market. TECOM says it plans to offer investors dividends of $218 million a year for the next three years. The offer would represent 12.5% of all shares of TECOM, a subsidiary of Dubai Holding.
WASHINGTON (AP) – The head of the Federal Trade Commission says the agency is pushing a robust agenda of actions and policies to help safeguard children’s privacy online. The ongoing work will include toughened enforcement of a long-standing law governing kids’ online privacy and eyeing the algorithms used by social media platforms targeting young people.