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Stocks recover...Mnuchin says Trump respects Fed’s independence...Chinese auto sales shrink

October 12, 2018

NEW YORK (AP) — Major U.S. stock indexes have been up by more than 1 percent this morning, but they’re still on track for their biggest one-week loss since late March. Technology and internet companies were some of the hardest-hit over the last two days, and they’ve led the market higher today. Stocks in Europe and Asia also recovered some of their recent losses.

WASHINGTON (AP) — Treasury Secretary Steven Mnuchin says President Donald Trump respects the independence of the Federal Reserve and his recent comments were simply a reflection of the fact that he favors low interest rates. In a CNBC interview, Mnuchin says that Trump understands that the Fed is doing its job. Mnuchin praised Fed Chairman Jerome Powell, who took over as Fed leader in February. Trump this week has blamed the market’s big sell-off on the Fed’s interest rate increases, saying “the Fed is out of control.”

BEIJING (AP) — China’s auto sales shrank for a third straight month in September, adding to pressure on the country’s leaders who face slowing economic growth and a tariff fight with Washington. An industry group, the China Association of Automobile Manufacturers, said Friday that sales shrank 12 percent from a year ago to 2 million sedans, SUVs and minivans. Total vehicle sales, including trucks and buses, shrank 11.6 percent to 2.4 million.

DETROIT (AP) — Toyota is recalling more than 168,000 pickup trucks, SUVs and cars because the air bags may not inflate in a crash. The recall covers 2018 and 2019 Tundra pickups and Sequoia SUVs as well as 2019 Avalon sedans.

DETROIT (AP) — Tesla says buyers must order cars by Monday to get the full federal electric vehicle tax credit of $7,500. The company says on its website that cars ordered by Monday will be delivered by the end of the year. Under federal law, buyers get the full credit until a manufacturer reaches 200,000 in sales since the start of 2010. Tesla hit 200,000 in July but the full credit continues for vehicles delivered by Dec. 31. Then it is gradually phased out.

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