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Markets fall...Health cost study...Growth confidence

July 30, 2018

SINGAPORE (AP) — World markets tumbled on Monday as steep losses by U.S. technology stocks and a weakening Chinese yuan shook confidence in overall growth. Futures point to small opening losses on Wall Street. Benchmark U.S. crude oil rose to just under $69.50 per barrel. The dollar gained against the yen and fell against the euro.

WASHINGTON (AP) — Sen. Bernie Sanders’ “Medicare for all” plan would increase government health care spending by $32.6 trillion over 10 years, according to a study by a university-based libertarian policy center. That’s trillion with a “T.” The latest plan from the Vermont independent would require historic tax increases as government replaces what employers and consumers now pay for health care. The analysis is being released by the Mercatus Center at George Mason University in Virginia.

WASHINGTON (AP) — President Donald Trump’s top economic policymakers insist that the robust growth marked in the April-June quarter will maintain its pace and that he respects the Federal Reserve’s independence despite his condemnation of the central bank for raising interest rates. Treasury Secretary Steven Mnuchin told “Fox News Sunday” that Trump’s critical statements “are really more just comments saying as interest rates are going up, it’s something that the president has a concern” about.

WASHINGTON (AP) — U.S. companies seeking to be exempted from President Donald Trump’s tariff on imported steel are accusing American steel manufacturers of spreading inaccurate and misleading information, and they fear it may torpedo their requests. Robert Miller, president and CEO of NLMK USA, said objections raised by U.S. Steel and Nucor to his bid for a waiver are “literal untruths.” He said his company, which imports huge slabs of steel from Russia, has already paid $80 million in duties and will be forced out of business if it isn’t excused from the 25 percent tariff.

NEW YORK (AP) — McDonald’s is fighting to hold onto customers as the Big Mac turns 50, but it’s not messing with the makings of its most famous burger. The company is celebrating the 1968 national launch of the double-decker sandwich whose ingredients of “two all-beef patties, special sauce, lettuce, cheese, pickles, onions and a sesame seed bun” were seared into American memories by a TV jingle. But the milestone comes as the company reduces its number of U.S. stores. McDonald’s said Thursday that customers are visiting less often.

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