Asian shares mixed as China reports economy slowed in 2Q
BANGKOK (AP) — Shares are mixed in Asia today, with gains in Chinese markets on hopes for fresh stimulus measures after the government reported that the economy grew at the slowest pace in a decade in the last quarter.
The Shanghai Composite index gained 0.4% while Hong Kong’s Hang Seng index gained 0.2%. Australia’s S&P ASX 200 fell 0.7% and in South Korea, the Kospi shed 0.2%. India’s Sensex climbed 0.2%. Japan’s markets are closed for a national holiday.
Friday on Wall Street, the Dow Jones Industrial Average gained 0.9% to 27,332.03. The S&P 500 rose 0.5% to 3,013.77 and the Nasdaq composite index advanced 0.6% to 8,244.14. All were record highs.
And Friday, American Express reports its quarterly earnings before the market opens.
China’s economy growth cools further amid US tariff war
BEIJING (AP) — China’s economic growth slowed further in the quarter ending in June, dragged down by a tariff war with Washington and weak consumer spending.
Data today show the world’s second-largest economy expanded by 6.2% over a year earlier, down from the previous quarter’s 6.4%.
Chinese leaders face increasing pressure to shore up growth and avert politically dangerous job losses as they fight a trade battle with President Donald Trump over Beijing’s technology ambitions.
Trump’s tariff hikes on Chinese goods have battered exporters, but the economy also faces pressure from weaker consumer spending.
Data showed growth in retail sales slowed to 8.4% in the first half of 2019, down 0.1 percentage points from the first quarter. Growth in factory output also decelerated.
S. Korean business owners call for boycott of Japanese goods
SEOUL, South Korea (AP) — Dozens of South Korean small-business owners rallied in South Korea’s capital calling for boycotts of Japanese consumer goods to protest Tokyo’s move to tighten high-tech exports to its neighbor.
During today’s protest, Kim Sung-min, president of the Korea Mart Association, urged shop owners to boycott the distribution of Japanese products until Tokyo apologizes over the trade curbs and withdraws them.
South Korea is concerned that the strengthened Japanese export controls of photoresists and other sensitive materials that are mainly used for manufacturing semiconductors and display screens could potentially hurt its export-dependent economy.
Japan’s measure has stoked public anger in South Korea, where many believe Japan still hasn’t fully acknowledged responsibility for atrocities committed during its colonial occupation of Korea from 1910 to 1945.
Trump says he will not impose uranium quotas
WASHINGTON (AP) — President Donald Trump says he will not impose quotas on importing uranium, backing away from a possible trade confrontation and breaking with a Commerce Department assessment that America’s use of foreign uranium raises national security concerns.
The decision is unusual for Trump, who has pointed to national security concerns in calling for restrictions on foreign metal and autos in trade negotiations. It’s also drawing rare criticism from Republicans in energy-rich states.
Uranium is a vital component for the U.S. nuclear arsenal, submarines and power plants, which prompted a monthslong Commerce Department investigation into whether such materials fall under the national security umbrella.
Average US price of gas up by 10 cents per gallon to $2.83
CAMARILLO, Calif. (AP) — The average U.S. price of regular-grade gasoline has risen by 10 cents per gallon (3.8 liters) over the past three weeks to $2.83.
Industry analyst Trilby Lundberg of the Lundberg Survey says Sunday that crude oil prices contributed to the increase at the pump. Additionally, gasoline tax hikes took effect in several states starting July 1.
The price is 11 cents lower than what it was a year ago.
The highest average price in the nation is $3.75 a gallon in the San Francisco Bay Area.
The lowest average is $2.30 in Baton Rouge, Louisiana.
The average price of diesel is up by a penny since June 21, to $3.07 per gallon.
‘Spider-Man’ does victory lap over ‘Crawl,’ ‘Stuber’
LOS ANGELES (AP) — “Spider-Man: Far From Home” is celebrating another weekend at No. 1. Fresh counterprograming like the horror movie “Crawl” and the action-comedy “Stuber” barely made a dent in the web-slinger’s earnings.
Studios on Sunday estimate that the “Spider-Man” sequel added $45.3 million, bringing its domestic total to $274.5 million.
“Toy Story 4” landed in second place with $20.7 million in its fourth weekend in theaters.
But the original newcomers struggled. “Crawl,” a thriller from Paramount Pictures, debuted in third with an estimated $12 million.
And “Stuber” got off to a bumpy start as well with an estimated $8 million from over 3,000 North American locations. The R-rated Kumail Nanjiani and Dave Bautista film cost a reported $16 million to produce. It’s the latest Fox film to be released by Disney.
^BOEING PLANE-AMERICAN AIRLINES
American Airlines extends Boeing plane flight cancellations
WASHINGTON (AP) — American Airlines says it will keep the Boeing 737 Max plane off its schedule until Nov. 3, which is two months longer than it had planned.
In a statement Sunday, American says the action will result in the cancellation of about 115 flights per day. It says it “remains confident” that the Boeing plane will be recertified this year. But some airline executives are growing doubtful about that timetable.
United Airlines announced Friday that it was extending its cancellations until Nov. 3, a month longer than it had planned.
United has 14 Max jets while American has 24 of them. Southwest Airlines, which has 34 Max jets — more than any other carrier — is canceling about 150 flights per day.
The plane was grounded in March following two deadly crashes.
India aborts moon mission launch citing technical glitch
SRIHARIKOTA, India (AP) — India has called off the launch of a moon mission to explore the lunar south pole.
The Chandrayaan-2 mission was aborted less than an hour before takeoff today. Indian Space Research Organization spokesman B.R. Guruprasad says a “technical snag” was observed in the 640-ton launch-vehicle system.
The agency says a new launch date would be announced.
Chandrayaan, the word for “moon craft” in Sanskrit, is designed for a soft landing on the far side of the moon and to send a rover to explore water deposits confirmed by a previous Indian space mission.
India’s nationalist Prime Minister Narendra Modi is eager to show off the country’s security and technology prowess. If India did manage the soft landing, it would be only the fourth to do so after the U.S., Russia and China.