Stocks advance … Biden to push economic policies
BEIJING (AP) – Global stock markets rose today after the Wall Street rebound as investors try to understand how rising coronavirus cases will affect the global economy. In early trading, the FTSE 100 in London jumped 1.6% while the DAX in Frankfurt rose 0.7%. The Parisian ACC jumped 1.4%. In Asian trading, the Nikkei in Tokyo rose 0.6%. Kospi in Seoul lost 0.5%. The Shanghai Composite Index rose 0.7% while the Hang Seng in Hong fell 0.1%. On Wall Street, the S&P 500 and Dow futures are both up 0.7%.
WASHINGTON (AP) – President Joe Biden is traveling to Cincinnati today to advance his economic policies. This is his presidency’s third visit to Ohio, the only state Biden has lost that he has visited multiple times as president. Ohio was once an electoral prize that could decide who occupied the White House, but its grip on Republicans has tightened over the past decade.
HONG KONG (AP) – China’s internet watchdog said it has fined technology platforms operated by e-commerce company Alibaba and games company Tencent for disseminating sexual content involving children. It says Alibaba Taobao’s e-commerce marketplace, Tencent’s QQ messaging platform, and Kuaishou live streaming platform were fined for posting sexually suggestive content of children. Companies have been ordered to ban accounts that use such content. The crackdown on inappropriate content involving minors comes as the government steps up scrutiny of Chinese tech platforms.
TOKYO (AP) – Japan reports that its exports in June jumped 49% from the previous year, marking the fourth consecutive month of growth. The Ministry of Finance says imports rose 33% in June. Japan’s exports to the United States in June jumped 86%, led by shipments of cars and computer parts. Exports to China rose 28%, boosted by exports of computer chip manufacturing equipment and vehicles. Japan’s economy contracted in January-March and likely contracted in the second quarter as well, as COVID-related restrictions reduced domestic demand.
FRANKFURT, Germany (AP) – Luxury cars are a bargain even during the pandemic. Germany’s Daimler reports that the profit margins of its Mercedes-Benz cars and SUVs have once again reached double digits for the third consecutive quarter. The company now has nearly 21 billion euros ($ 24.6 billion) in cash that it says it is investing in the switch to electric cars and a software-based business. And this despite the global shortage of semiconductor components that could slow production for the rest of the year. Second quarter net profit was 3.7 billion euros ($ 4.3 billion).