Page 25 - ARUBA TODAY

BUSINESS Wednesday 11 april 2018
A25

Stock indexes rally as China's president eases trade fears

By MARLEY JAY also climbed. Germany's
NEW YORK (AP) — Stocks DAX jumped 1.1 percent
jumped Tuesday after Chi- and the British FTSE 100
nese President Xi Jinping gained 1 percent. The
said Beijing would reduce French CAC 40 gained 0.8
tariffs on imported cars and percent. Japan's bench-
improve intellectual prop- mark Nikkei 225 gained 0.5
erty protection, steps that percent and South Korea's
could ease trade tensions. Kospi added 0.3 percent
Facebook climbed as CEO while Hong Kong's Hang
Mark Zuckerberg testified Seng added 1.7 percent.
before the Senate about Speaking at a business
the company's privacy conference, Xi promised
scandal. changes in some areas
Xi's proposals could help that the U.S. has identified
the U.S. and China resolve as priorities. He didn't ad-
their differences and avert dress other thorny topics
a trade dispute that slows including requirements for
down global commerce. foreign companies to give
The dialing back of tensions technology to potential lo-
helped send the price of cal competitors.
crude oil up 3.3 percent. General Motors rose 3.3
The S&P 500 index surged percent to $39.07 and Tes-
43.71 points, or 1.7 per- la climbed 5.2 percent to
cent, to 2,656.87. The Dow $304.70.
gained 428.90 points, or 1.8 Benchmark U.S. crude rose Facebook CEO Mark Zuckerberg appears on a television screen on the floor of the New York
percent, to 24,408. Shortly 3.3 percent to $65.51 a bar- Stock Exchange as he testifies in the Senate in Washington, Tuesday, April 10, 2018.
before noon it rose as much rel in New York. Brent crude, Associated Press
as 532 points. The Nasdaq used to price international
composite added 143.96 oils, added 3.5 percent to Bond prices turned lower. Heating oil added 3.4 per- $16.60 an ounce. Copper
points, or 2.1 percent, to $71.04 a barrel in London. The yield on the 10-year cent to $2.06 a gallon. Nat- climbed 1.9 percent to
7,094.30. The Russell 2000 Oil prices have bounced Treasury note rose to 2.80 ural gas lost 1.4 percent to $3.14 a pound.
index of smaller-company up and down recently percent from 2.78 percent. $2.66 per 1,000 cubic feet. The dollar climbed to 107.17
stocks advanced 28.97 as investors wonder if the In other energy trading, Gold rose 0.4 percent to yen from 106.78 yen. The
points, or 1.9 percent, to trade dispute will hamper wholesale gasoline rose 2.9 $1,345.90 an ounce. Sil- euro rose to $1.2361 from
1,543.43. Indexes overseas global economic growth. percent to $2.04 a gallon. ver added 0.4 percent to $1.2322.q

Fed proposes streamlining

annual stress tests for banks

By MARTIN CRUTSINGER big banks that the Fed has vere economic downturn.
WASHINGTON (AP) — The considered since Trump Quarles has said Dodd-
Federal Reserve on Tues- took office vowing to elimi- Frank should be reformed
day proposed streamlining nate regulations seen as but not scrapped.q
the annual stress tests that burdensome.
it conducts to see if the na- The proposed rules change
tion's largest financial firms is "a good example of how
can survive a severe reces- our work can be done
sion. Randal Quarles, se- more efficiently and effec-
lected by President Donald tively, and in a way that
Trump to be the Fed's vice bolsters the resiliency of the
chairman for financial su- financial system," Quarles
pervision, said the changes said in a statement.
were being put forward in The Fed said the proposed
an effort to ensure the cen- change would introduce a
tral bank's regulatory mea- "stress capital buffer" which
sures are as "simple and would integrate the results
transparent" as possible. from the annual stress tests
The proposal would cut the with the Fed's other capital
number of capital-related requirements for banks.
requirements large banks Currently, bank holding
must meet from the current companies with more than
24 to 14. The Fed will consid- $50 billion in total assets un-
er putting it into effect after dergo an annual stress test
a 60-day comment period run by the Fed to deter-
ends. The proposal is the mine whether they would
first major rules change for be able to survive a se-