Global shares mixed … Fed chair to testify before Congress … US, Chinese trade envoys have 1st contact after Trump-Xi truce

Global shares mixed ... Fed chair to testify before Congress ... US, Chinese trade envoys have 1st contact after Trump-Xi truce

TOKYO (AP) — Global shares are mixed today in cautious trading ahead of closely watched congressional testimony by U.S. Federal Reserve Chairman Jerome Powell. France’s CAC 40 inched up less than 0.1% in early trading. Germany’s DAX lost less than 0.1%, while Britain’s FTSE 100 fell nearly 0.1%. In Asia, Japan’s Nikkei closed down nearly 0.2%. South Korea’s Kospi gained 0.3% and Hong Kong’s Hang Seng rose 0.3%, while the Shanghai Composite fell 0.4%. Wall Street is expected to open lower with Dow futures down 0.2% and S&P futures down 0.1%. WASHINGTON (AP) — Federal Reserve Chairman Jerome Powell will testify before Congress for two days starting today. And every sentence he speaks is sure to be parsed by investors who expect — and hope — the Fed will cut interest rates later this month for the first time in a decade. The Fed’s benchmark interest rate currently stands in a range of 2.25% to 2.5% and the central bank has not cut rates since the Great Recession in 2008. Last year, Fed officials raised rates four times. BEIJING (AP) — The top U.S. and Chinese trade envoys have spoken by phone in their first known contact since Presidents Donald Trump and Xi Jinping agreed to resume stalled talks on a tariff war. The Chinese Commerce Ministry says Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin talked with Beijing’s envoy, Vice Premier Liu He. Economists say the truce might be fragile because the two sides still face the […]

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