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Global shares gain...Canada trade deal...Musk control

October 1, 2018

TOKYO (AP) — World shares were mostly higher Monday after the U.S. and Canada said they had agreed to a revised trade pact. Futures point to opening gains on Wall Street. Benchmark U.S. crude oil rose to $73.50 per barrel. The dollar rose against the yen and weakened against the euro.

TORONTO (AP) — Canada is back in a revamped North American free trade deal with the United States and Mexico after weeks of bitter, high-pressure negotiations that brushed up against a midnight deadline. In a joint statement, U.S. Trade Representative Robert Lighthizer and Canadian Foreign Affairs Minister Chrystia Freeland said the agreement gives U.S. farmers greater access to the Canadian dairy market. But it keeps a NAFTA dispute-resolution process that the U.S. wanted to jettison and offers Canada protection if Trump goes ahead with plans to impose various tariffs.

WASHINGTON (AP) — Shares in Tesla are surging in premarket trading after founder Elon Musk reached a settlement with the Securities and Exchange Commission that will keep him at the company as CEO. The price of Tesla shares was up 16 percent in electronic trading a couple hours before the stock market was due to open Monday. Under the settlement announced Saturday, Musk is giving up the chairman’s role but gets to remain as CEO. The complaint had sought his removal as chief executive as well.

NEW YORK (AP) — Cellular companies are looking to challenge traditional cable companies with residential internet service that promises to be ultra-fast, affordable and wireless. Verizon’s wireless service for the home launches in four cities Monday using an emerging wireless technology known as 5G. The service promises to be cheaper to build and operate, but its success will depend on whether it turns out to be affordable and reliable.

TOKYO (AP) — A key quarterly economic survey by the Bank of Japan shows sentiment among large manufacturers dipped two points to 19, as worries grow about global trade tensions. The “tankan” survey, released Monday, marked the third straight quarter of decline. The survey, long seen as an important indicator of the state of the world’s third largest economy, looks at the difference between companies surveyed that have a “favorable” outlook and those with an “unfavorable” outlook.

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