Wall Street poised to open higher ... House GOP on track to undoing post-2008 financial rules ... Eurozone economic growth higher
HONG KONG (AP) — World stock benchmarks have been firm today as investors parse economic data and await market-moving events in Europe, including Britain’s general election and a European Central Bank meeting. In early trading, European shares have been mostly higher. In Asia, Japan’s Nikkei closed down, but South Korea’s Kospi, Hong Kong’s Hang Seng and the Shanghai Composite index closed higher. Wall Street is expected to open higher this morning, with Dow and S&P futures both up 0.1 percent.
WASHINGTON (AP) — House Republicans are headed toward a vote today on dismantling sweeping financial rules established under President Barack Obama that were designed to head off economic meltdowns. Republicans are arguing that the many requirements imposed under what is known as the Dodd-Frank Act have actually harmed economic growth by making it harder for consumers and businesses to get credit.
BRUSSELS (AP) — Economic growth across the 19-country eurozone was higher than previously thought in the first quarter of the year, further good news for policymakers at the European Central Bank as they deliberate whether to ease up on stimulus efforts. Eurostat, the European Union’s statistics agency, says that economic growth across the region was a quarterly 0.6 percent in the January to March period, 0.1 percentage point up on the previous estimate.
SEOUL, South Korea (AP) — South Korea’s former health minister (Moon Hyung-pyo) has been convicted of pressuring the country’s pension fund to support a controversial Samsung merger. Moon Hyung-pyo has been sentenced to 2 ½ years in prison for abusing his power to sway the pension fund’s vote on the 2015 merger, which was a crucial step in Samsung’s father-to-son leadership succession.
BEIJING (AP) — China’s trade growth rebounded in May in a positive sign for global demand and the cooling Chinese economy. Customs data show that exports rose by a better-than-expected 8.7 percent over a year earlier to $190 billion, up from April’s 8 percent growth. Imports gained 14.8 percent to $150.2 billion, up from the previous month’s 11.9 percent. Unexpectedly strong exports could lend support to economic growth that is forecast to weaken this year as Beijing tightens credit controls to reduce the risks of rising debt.