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Global shares mostly higher ... Chinese exporters scramble to cope with US tariffs ... Nissan says exhaust tests were altered in latest scandal

July 9, 2018

TOKYO (AP) — Global shares were mostly higher today after a weekend of relative quiet in the escalating trade standoff between the U.S. and China. Investors appear optimistic about the outlook for the global economy despite punitive tariffs imposed by Washington and Beijing on each other’s exports. U.S. shares are also set for gains, with Dow futures up 0.5 percent and S&P 500 futures up 0.4 percent.

BEIJING (AP) — Chinese exporters say they are scrambling to cope with a plunge in U.S. orders while China’s state press shrugged off the impact of Washington’s tariff hikes in a spiraling technology dispute. Private sector analysts say the overall blow from Friday’s tariff hikes to the world’s second-largest economy should be limited. But President Donald Trump’s measures targeting Chinese medical, construction and factory equipment hit small exporters that say American customers have stopped buying.

TOKYO (AP) — Nissan says it has altered results of exhaust emissions and fuel economy tests of its new vehicles sold in Japan, in the latest misconduct to surface at the Japanese automaker. Nissan acknowledged in September that it had been carrying out illegal post-production tests at its plants, allowing those who weren’t qualified to routinely conduct the tests. The safety and fuel economy of the vehicles still were within regulations. The erroneous testing does not affect exports.

HONG KONG (AP) — Xiaomi (show ((like wow)) -mee) Corp.’s shares have slipped and then rebounded in the Chinese smartphone maker’s first trading day in Hong Kong following a multibillion-dollar initial public offering. Trading opened below the initial offering price and lost about 4 percent in early trading but recovered to end the day higher. Xiaomi helped to pioneer the trend for ultra-low-priced smartphones and says it plans to become an equipment-and-hardware brand alongside Apple Inc.

NEW YORK (AP) — Starbucks says it will eliminate plastic straws from its stores globally by 2020, a nod to the growing push for businesses to be more environmentally friendly. The Seattle-based company says it will instead use straws made from other materials, and lids designed not to need straws. McDonald’s also recently said it would switch to paper straws in the United Kingdom and Ireland by next year, and test alternatives to plastic straws in some U.S. locations.

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