WORLDWIDE : HEADLINES
Landslide in China’s Hubei buries nine after heaviest rain in years
BEIJING – A landslide buried nine people on Wednesday in China’s Hubei province, the People’s Daily newspaper reported, after some of the heaviest rain in decades brought floods that have killed more than 100 people.
The landslide occured in Huangmei County in the early hours and efforts were being made to rescue the people, the newspaper said.
From June 1 to July 7, accumulated rainfall in the regions of Hubei, Anhui, Zhejiang and Chongqing has reached the highest levels for this time of year since 1961, with rainfall in some places two to three times higher than normal, according to the China Meteorological Administration.
Full coverage: REUTERS
Amy Kennedy gets Democratic nod to take on party-switcher Van Drew in U.S. House
WASHINGTON – Former schoolteacher Amy Kennedy won a Democratic primary in New Jersey on Tuesday to become the standard-bearer to take on U.S. Representative Jeff Van Drew, who last year switched parties to become a Republican in the November election.
Kennedy, who is married to former Congressman Patrick Kennedy of the storied political dynasty, led a crowded field, including political analyst Brigid Harrison in preliminary results from New Jersey’s 2nd district, home to Atlantic City.
Kennedy had 58.2% to Harrison’s 28.4% with 42 percent of precincts reporting; Harrison conceded the race.
Van Drew, who outraged New Jersey Democrats and delighted President Donald Trump when he switched parties and pledged his backing to the Republican president, beat a challenger Tuesday in the Republican primary, the Associated Press said.
Full coverage: REUTERS
WORLDWIDE : BUSINESS / ECONOMY / FINANCE
Dollar bides time as coronavirus spread revives global growth anxiety
TOKYO – The dollar held onto gains on Wednesday as a resurgence of the coronavirus in the United States and the return of lockdowns in some countries boosted safe-haven demand for the U.S. currency.
Risk sentiment was also undermined after Federal Reserve officials expressed concern that rising coronavirus cases could harm economic growth just as stimulus measures start to expire.
The yuan fell slightly against the dollar, halting a two-day rally, after the Chinese central bank’s daily midpoint for the currency was set at a weaker than expected level.
Other Asian currencies straddled narrow ranges as a resurgence of coronavirus cases threatened a return of lockdown restrictions, leaving investors fretting about the mounting economic costs of the pandemic.
“The mood changes day by day, but the dollar looks to be supported for now as investors turn more cautious about the virus,” said Yukio Ishizuki, foreign exchange strategist at Daiwa Securities.
Full coverage: REUTERS
Asian shares waver with coronavirus, corporate earnings in focus
SYDNEY/NEW YORK – Asian stocks dithered on Wednesday as an increase in new coronavirus cases in some parts of the world cast doubts over the economic recovery while oil prices eased on oversupply fears.
MSCI’s broadest index of Asia-Pacific shares outside Japan were a tad lower after hitting a 4-1/2 month high just on Tuesday.
Chinese shares flickered between green and red. Australian shares were down 0.4% as were indexes for New Zealand and South Korea. Japan’s Nikkei was off 0.1% and Hong Kong’s Hang Seng index was slightly firmer.
E-mini futures for the S&P 500 added 0.18%.
Overnight, U.S. stocks fell, halting a five-day winning streak by the benchmark S&P 500 index, its longest this year and driven by better-than-expected economic data.
Full coverage: REUTERS
Oil dips as U.S. inventory build stokes supply fears
TOKYO – Oil prices eased in early trade on Wednesday as industry data showing a build in U.S. crude stockpiles and a forecast for U.S. crude output to fall less than anticipated in 2020 added to worries about oversupply.
Brent crude futures fell 13 cents, or 0.3%, to $42.95 a barrel by 0019 GMT. U.S. West Texas Intermediate (WTI) crude futures dropped 10 cents, or 0.3%, to $40.52 a barrel.
Prices were little changed in the previous session and have been held in a narrow band over the past two weeks as concerns about a spike in coronavirus cases globally tempers optimism about a recovery in fuel demand.
U.S. crude oil stockpiles rose last week, against expectations for a draw, although gasoline and distillate inventories fell more than expected, data from industry group the American Petroleum Institute showed on Tuesday.
The U.S. Energy Information Administration’s (EIA) said on Tuesday U.S. crude oil production is expected to fall by 600,000 barrels per day (bpd) in 2020, a smaller decline than the 670,000 bpd it forecast previously.
Full coverage: REUTERS
