Mixed stocks…First woman to head NYSE…Europe says tariff picture blurred
BEIJING (AP) – Global stock markets were mixed Tuesday as investors watched Italy’s moves toward forming a euroskeptic-led government. Germany’s stock market was closed. Futures point to a higher Wall Street opening. Benchmark U.S. crude oil rose to just under $73 per barrel. The dollar declined against the yen and the euro.
NEW YORK (AP) – The New York Stock Exchange has named its first female leader in the history of the 226-year-old exchange. The parent company of the NYSE, Intercontinental Exchange Inc., told The Wall Street Journal Monday night that Stacey Cunningham will become the 67th president. She’s currently NYSE’s chief operating officer. Cunningham will start her new job on Friday. She succeeds Thomas Farley, who came to the NYSE in November 2013. Farley has announced he’s leaving Atlanta-based Intercontinental Exchange to lead a new special-purpose acquisition company.
BRUSSELS (AP) – European Union Trade Commissioner Cecilia Malmstrom says the EU still has no clear idea whether U.S. President Donald Trump will slap tariffs on the bloc’s steel and aluminum exports in two weeks. Speaking to reporters Tuesday, Malmstrom said: “We have no clarity yet.” Malmstrom noted that she and U.S. Secretary of Commerce Wilbur Ross speak several times a week. In March, Trump imposed tariffs of 25 percent on steel imports and 10 percent on imported aluminum. He has granted the EU a temporary exemption until June 1.
BEIJING (AP) – China said Tuesday it will reduce auto import duties effective July 1 following pledges to buy more U.S. goods and end restrictions on foreign ownership in the industry. President Xi Jinping promised the changes in April amid mounting pressure from Washington to narrow China’s multibillion-dollar trade surplus with the United States, though Chinese spokespeople said they had nothing to do with that dispute. The Finance Ministry said charges for many imported vehicles will be cut from 25 percent to 15 percent to promote development of the Chinese industry and increase availability of goods.
TOKYO (AP) – Electronics and entertainment company Sony Corp. said Tuesday it plans to spend $2.3 billion acquiring an additional 60 percent stake in EMI Music Publishing, home to the Motown catalog and contemporary artists like Kanye West, Alicia Keys and Pharrell Williams. CEO Kenichiro Yoshida said in a news conference that once the purchase from Mubadala Investment Co. is finalized, it will own 90 percent of the company. Mubadala is a government-backed investment fund controlled by the emirate of Abu Dhabi, the oil-rich capital of the United Arab Emirates.