Page 25 - aruba today

BUSINESS Tuesday 25 sepTember 2018
A25

Global stocks dip on report US, China call off trade talks

By MARLEY JAY
Associated Press
NEW YORK (AP) — Global
stocks are slipping Monday
after the U.S. and China
officially put new tariffs on
each other’s goods. China
also reportedly pulled out
of a meeting to discuss
trade.
Oil prices are jumping after
OPEC decided not to pro-
duce more oil. Several ma-
jor deals were announced
over the weekend. Cable
and internet company
Comcast outbid Twenty-
First Century Fox and won
an auction for British pay
TV company Sky, but Com-
cast shares are seeing the
biggest decline on the S&P
500.
KEEPING SCORE: The S&P
500 index fell 12 points, or
0.4 percent, to 2,917 as
of noon Eastern time. The
Dow Jones Industrial Aver-
age lost 172 points, or 0.6
percent, to 26,571. Both the
S&P 500 and Dow set re-
cord highs last week.
The Nasdaq compos-
ite gave up 13 points, or This Dec. 21, 2016, file photo shows the New York Stock Exchange. The U.S. stock market opens at 9:30 a.m. EDT on Monday, Sept.
0.2 percent, to 7,973 and 24, 2018.
the Russell 2000 index of Associated Press
smaller-company stocks and other policies. ers accept the offer, and is falling in some OPEC na- cent to $11.09 and Rand-
dropped 13 points, or 0.8 In the U.S., industrial and Comcast said it hopes to tions, including Iran, which gold gained 7 percent to
percent, to 1,698. basic materials companies complete the deal by the faces new sanctions from $68.38.
Stocks rallied over the sum- sank. General Electric fell end of October. the U.S. Benchmark U.S. DONATELLA-ME IT’S A DONE
mer and into autumn with- 3.4 percent to $11.76 and In London, Sky shares crude gained 2.3 percent DEAL: An Italian newspaper
out making a lot of big Caterpillar lost 1.4 percent jumped 8.6 percent. Com- to $72.38 a barrel in New reports that the Versace
moves. The S&P hasn’t ris- to $154.20. DowDuPont cast sank 7.1 percent to York while Brent crude, the group is on the verge of
en or fallen 1 percent in a shed 1.9 percent to $68.37. $35.23, while Fox rose 1.3 international standard for announcing its sale, and
day since late June. After Overseas, Germany’s DAX percent to $44.92. Disney, oil prices, rose 3 percent to Bloomberg and Reuters re-
the market’s volatility early fell 0.6 percent and the which is buying Fox, climbed $80.56 a barrel in London, ported that luxury fashion
this year, the long streak of CAC 40 in France lost 0.3 1.5 percent to $112.11. its highest price in more and handbag maker Mi-
small moves is similar to the percent. The FTSE 100 in BOOMBOX: Subscription ra- than three years. chael Kors is the buyer. The
market’s pattern from 2017. Britain dipped 0.4 percent. dio company Sirius XM says STRIKING GOLD: Barrick Italian publication, Corriere
CHINA-US TRADE: The U.S. Hong Kong’s Hang Seng it’s buying music streaming Gold will buy competitor della Sella, said the deal is
and China recently dis- index fell 1.6 percent and service Pandora Media in Randgold Resources for worth 2 billion euros ($2.4
cussed another meeting to India’s Sensex gave up a deal that will allow Sirius $6.1 billion in stock to cre- billion).
work on their trade dispute, 1.5 percent. Markets in Ja- to expand its service be- ate the world’s largest gold Michael Kors stock skidded
but the Wall Street Journal pan and South Korea were yond cars and into homes miner. Shareholders in Bar- 8.8 percent to $66.32.
reported that China pulled closed for national holi- and other mobile areas. rick, which is based in To- BONDS: Bond prices fell.
out of those talks. Talks in days. The companies valued the ronto, will own about 66.6 The yield on the 10-year
late August didn’t produce CHANNEL CHANGER: Late deal at about $3.5 billion in percent of the merged Treasury note rose to 3.08
a breakthrough. Friday Comcast won an stock. Pandora jumped 2.5 company, which will com- percent from 3.06 percent.
The U.S. is now taxing an- auction for majority con- percent to $9.32 while Sirius bine Randgold’s African CURRENCIES: The dol-
other $200 billion in Chinese trol of British pay TV giant fell 8 percent to $6.42. mines with Barrick’s hold- lar edged up to 112.63
imports at a rate of 10 per- Sky. Comcast’s final offer Sirius XM has more than 36 ings in the Americas. yen from 112.52 yen. The
cent, and China added was worth about $39 billion million subscribers in North Shares of both companies euro rose to $1.1771 from
taxes of 5 to 10 percent on and ended months of back America, while Pandora rallied. Barrick rose 5.9 per- $1.1747.q
$60 billion in U.S. products. and forth bidding between has more than 70 million
That represents a big esca- Comcast and Twenty-First monthly active users. Pan-
lation in their trade dispute. Century Fox, which is al- dora can solicit other offers
Both countries placed tar- ready a major Sky share- from other potential buyers.
iffs on $50 billion in goods holder. Both were seeking ENERGY: OPEC and key
earlier as part of a dispute to establish a foothold in allies like Russia decided
over Beijing’s state-led Europe. Sky’s board recom- not to increase their oil
technology development mended that its sharehold- output further. Production