BEIJING (AP) — Asian stock markets are mostly lower after Wall Street hit a new high and China reported a double-digit rise in exports. Tokyo, Hong Kong and Sydney declined while Shanghai advanced.
Wall Street’s benchmark S&P index rose 0.4% on Friday to a new record for a seventh straight day after U.S. employers hired more people in October than expected.
Chinese customs data showed October exports rose 27.1% over a year earlier, though that eased off the previous month’s 28.1% growth.
Investors looked ahead to a meeting of China’s Communist Party leaders this week for possible policy updates on technology and other industries.
THIS WEEK IN BUSINESS
A look at reports coming up this week
UNDATED (AP) — The Labor Department delivers its October barometer of U.S. wholesale prices Tuesday.
Economists expect the producer price index, which measures inflation before it reaches consumers, rose 0.5% last month. That would match the increase in September, which followed a 0.7% gain in August. Inflation at the wholesale level climbed 8.6% in September from a year earlier, the largest advance on records back to 2010.
Wednesday, electric vehicle startup Rivian Automotive makes its stock market debut.
The 6-year-old company has drawn backing from Amazon, Ford, and other deep-pocketed investors. Last year, it raised $2.5 billion from accounts advised by investment firm T. Rowe Price, and it’s become a standout among fledgling EV startups. Its ticker symbol will be “RIVN” on the Nasdaq.
Friday, the government delivers its latest monthly snapshot of U.S. job openings.
The Labor Department is expected to report that U.S. employers advertised 10 million open jobs in September. That would be down from the 10.4 million jobs advertised by employers in August. The unprecedented demand for workers comes as employers struggle to fill open positions because many people who lost jobs in the pandemic have yet to start looking again.
German COVID infection rate at new high as vaccinations slow
BERLIN (AP) — Germany’s coronavirus infection rate has climbed to its highest recorded level yet as what officials have called a “pandemic of the unvaccinated” gathers pace.
The national disease control center said Monday that the country has seen 201.1 new cases per 100,000 residents over the past seven days. That was above the previous record of 197.6 from Dec. 22 last year.
While it’s still a lower rate than in several other European countries, it has set alarm bells ringing. The seven-day infection rate has long ceased to be the only yardstick for COVID-19 policy in Germany, but officials say that hospitals are filling up in badly affected areas.
Germany has struggled to find ways to pep up its much-slowed vaccination campaign. At least 67% of the population of 83 million is fully vaccinated, according to official figures, which authorities say isn’t enough. Unlike some other European countries, it has balked at making vaccinations mandatory for any professional group.
Proof of vax required as strict mandate takes effect in LA
LOS ANGELES (AP)— Starting Monday, anyone going to a shopping mall, theater, gym or nail salon in Los Angeles must verify they are vaccinated. The mandate, among the strictest in the country, requires proof of shots for everyone entering a wide variety of businesses.
The Mayor, Eric Garcetti, who tested positive for the virus last week, says the rules will encourage people to get vaccinated and make businesses safer for employees and customers.
Business trade groups say the mandate will sow confusion and could present safety concerns for employees tasked with checking customers’ vaccination status.
City officials say they won’t start enforcing the rules until Nov. 29. Fines up to $5,000 could be imposed.
Among LA county’s roughly 10 million people, 80% of eligible residents now have received at least one COVID-19 vaccine dose and 71% of those eligible are fully vaccinated, according to public health officials.
To guard against anything resembling last January’s carnage, the LA City Council voted 11-2 last month for the ordinance that requires people 12 and older to be fully vaccinated to enter indoor public spaces including sports arenas, museums, spas, indoor city facilities and other locations.
Negative coronavirus tests within 72 hours of entry to those establishments would be required for people with religious or medical exemptions for vaccinations. Customers without proof can still use outdoor facilities and can briefly enter a business to use a restroom or pick up a food order.
Average US price of gas jumps by 5 cents over past 2 weeks
CAMARILLO, Calif. The average U.S. price of regular-grade gasoline jumped by 5 cents over the past two weeks, to $3.49 per gallon. The price at the pump is $1.30 higher than a year ago. Industry analyst Trilby Lundberg of the Lundberg Survey said Sunday the rise comes as the cost of crude oil and ethanol surges.
Nationwide, the highest average price for regular-grade gas is in the San Francisco Bay Area, at $4.77 per gallon.
The lowest average is in Houston, at $2.98 per gallon.
The average price of diesel jumped 8 cents to $3.67 a gallon. That price is also $1.30 higher than a year ago.