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Global stock markets mostly higher ... US, China go ahead with tariff hikes ... Russian ruble drops

August 23, 2018

BEIJING (AP) — Global stock markets are mostly higher today after the U.S. and China imposed new tariff hikes on each other’s goods in an escalation of their battle over Beijing’s technology policy. In early trading, Germany’s DAX, London’s FTSE and France’s CAC 40 are up. The Shanghai Composite Index and Tokyo’s Nikkei 225 both closed up, but the Hang Seng closed down. Wall Street is expected to open slightly higher with Dow and S&P futures each gaining less than 0.1 percent.

BEIJING (AP) — The United States and China have gone ahead with tariff hikes on billions of dollars of each other’s automobiles, factory machinery and other goods today. The increases came as envoys met in Washington for their first high-level talks in two months. They gave no sign of progress toward a settlement over U.S. complaints that Beijing steals technology and its industry development plans violate Chinese free-trade commitments. The 25 percent duties apply to $16 billion of goods from each side.

MOSCOW (AP) — The Russian ruble has fallen to its lowest level against the dollar since April 2016 amid fears of new economic sanctions by the United States. In morning trading in Moscow today, the ruble had fallen by around 2 percent to trade at nearly 69 to the dollar. The latest drop in the value of the Russian currency came amid talk that the U.S. was readying further sanctions. On Tuesday, the U.S. slapped sanctions on two Russian shipping companies over alleged oil trading with North Korea.

DETROIT (AP) — Fiat Chrysler is recalling nearly 209,000 minivans and SUVs worldwide to fix a brake problem that can cause longer stopping distances. The recall covers the 2018 Dodge Journey, 2019 Jeep Cherokee and the 2018 and 2019 Dodge Grand Caravan and Jeep Compass. Most are in the United States. The company says a brake-system part wasn’t built to specifications, allowing gas bubbles to form in the brake fluid.

FRANKFURT, Germany (AP) — Volkswagen says it’s launching an all-electric car sharing service in Berlin using its battery powered Golf and Up! models as it seeks to build a business serving people in big cities who don’t own cars. The company says it plans to expand its We Share project to big cities in Europe and North America by 2020.

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