Stocks fall...China, Trump remarks in contrast...British Uber ruling
HONG KONG (AP) — Global stock markets extended losses today as growing uncertainty over U.S. President Donald Trump’s tax revamp dented investor sentiment. Futures point to opening losses today on Wall Street. The dollar weakened against the yen and gained against the euro. Benchmark U.S. crude oil slipped but remains above $57 a barrel.
DANANG, Vietnam (AP) — Chinese President Xi Jinping says nations need to stay committed to economic openness or risk being left behind. His comments contrasted sharply with U.S. President Donald Trump’s remarks to the same business conference in Vietnam. The Chinese president drew loud applause when he urged support for the “multilateral trading regime” and progress toward a free-trade zone in the Asia-Pacific. The leaders were speaking on the sidelines of an annual summit of the 21-member Asia-Pacific Economic Cooperation forum. Trump said the U.S. would not be taken advantage of anymore.
LONDON (AP) — A British panel is set to rule today on whether Uber drivers are employees of the ride-hailing service, in a case with broad implications for the so-called gig economy. Lead claimants Yaseen Aslam and James Farrer are seeking minimum wage and paid holidays in line with U.K. employment law. Uber argues its drivers are independent contractors who would lose the “personal flexibility they value” if the suit is successful.
BEIJING (AP) — China took what it called a major step toward opening its financial industry with a promise today to ease limits on foreign ownership of banks and securities firms following a visit by U.S. President Donald Trump that was dominated by trade issues. The announcement by a Cabinet official appeared to respond to mounting U.S. and European complaints that Beijing hampers foreign activity in a variety of industries in violation of free-trade commitments.
BEIJING (AP) — China’s homegrown passenger jet touched down safely after its first long-haul test flight today, bringing the nation one step closer to competing directly with aircraft giants in Europe and America. China hopes to develop its C919 jet to compete with popular single-aisle jets such as the Airbus A320 and Boeing 737. The test flight comes on the heels of a state visit by U.S. President Donald Trump during which China signed on to buy 300 Boeing jetliners for $37 billion and $2.5 billion worth of General Electric jet engines.