Global shares mostly higher ... Will the Fed pull back? ... Major changes at IKEA
TOKYO (AP) — Global shares are mostly higher today after a wobbly day of trading on Wall Street and uncertainty ahead of the G-20 meeting of world leaders later in the week. France’s CAC 40 was up 0.4 percent in early trading, while Germany’s DAX also added 0.4 percent. Britain’s FTSE 100 rose nearly 0.5 percent. Asian shares were mixed with Japan’s Nikkei, South Korea’s Kospi and the Shanghai Composite finishing higher. Southeast Asian benchmarks finished lower. Dow futures are up 0.3 percent and S&P futures are up 0.1 percent.
WASHINGTON (AP) — Is the Federal Reserve considering a pullback in its interest rate hikes? Chairman Jerome Powell’s recent observations have suggested that while the U.S. economy remains on firm footing, it also faces an array of risks, including slowing global growth. Powell’s comments and similar remarks from other Fed officials have raised hopes in financial markets that the central bank may be close to slowing its rate increases.
WARSAW, Poland (AP) — Ikea is making major changes to adapt to a new consumer environment. The Swedish furniture giant has plans to open 30 stories in some of the world’s largest cities, most of them much smaller than its traditional cash-and-carry suburban model. The idea is to bring the brand to people where they are already. The company’s transformation also includes plans to improve the online shopping experience and speed up the time it takes to fulfil orders for delivery and pick-up.
FRANKFURT, Germany (AP) — Porsche says its future is in electric cars but for now it is rolling out a more powerful version of its internal combustion mainstay, the sleek 911 sports car. Porsche will be showing off the eighth version of its brand-defining model at the Los Angeles Auto Show. The company says the new 911 Carrera S and 4S have flat six-cylinder turbocharged engines putting out 443 horsepower, 23 horsepower more than the predecessor. The Carrera S has a top speed of 191 mph and accelerates from zero to 60 mph in 3.5 seconds.
LOS ANGELES (AP) — The Los Angeles City Council will consider an ordinance today that would grant permits to sidewalk vendors. Right now, vendor pushcarts and tables are illegal, but the law is rarely enforced. If the measure allowing street vendors is enacted, it would put Los Angeles on the same legal footing as New York and Chicago on the issue. An estimated 50,000 vendors peddle their wares along Los Angeles sidewalks and in parks and other public places. Many are immigrants who have pushed for years for the change.