Global Stocks Fall, Canadian Dollar Weakens
Global stocks lost ground for a third session, as Chinese equities failed to provide the boost. As a result, the Canadian dollar hit its lowest point in two months. Many major U.S indexes failed to gain value, which is linked to the failure to provide a resolution to the US-China trade talks.
However, Chinese stocks gained despite the global stocks fall. Beijing announced measures to assure this, saying that they will implement plans to boost domestic consumption. European stocks, on the other hand, remained close to their mark, hitting just below. But, weak results from the auto industry caused stocks to begin fraying.
Amazon To Close All U.S. Pop-Up Stores
Amazon announced plans to close all U.S. based pop-up stores by the end of April. Instead, they will focus on opening more book stores. The stores in question helped Amazon solidify their products, and closing them outlines Amazon’s future brick-and-mortar plans.
However, now that those products can be showcased at recently acquired Whole Foods, the pop-up stores are no longer required. “After much review, we came to the decision to discontinue our pop-up kiosk program, and are instead expanding Amazon Books and Amazon 4-star, where we provide a more comprehensive customer experience and broader selection,” a spokesperson said.
U.S.-China Trade Talks Going Well
Trade discussions between the U.S. and China are going well, according to a spokesperson familiar to the matter. Currently, the talks are occurring over video chat. The two parties have a lot of work to go, and talks can still fall apart if no agreement is met.
The U.S. demanded China make changes to its laws to protect U.S. intellectual property, end forced transfers of technology to Chinese businesses, and open their market to U.S. companies. “Presently there’s a lot of discussions going on by digital video conference, also a very good and productive thing,” Ted McKinney, Undersecretary for Trade and Foreign Agriculture Services said.
U.S. House Market Hits 7 Month High
New U.S. single-family homes sales rose to a seven-month high in December. However, November’s jump pointed to continued weakness in the housing market. “GDP growth is currently on course to drop below 2 percent in the first quarter,” said Andrew Hunter, a senior U.S. economist.
Porsche Dealing With Tax Investigation Issues
Volkswagen’s Porsche unit said it was cooperating with state prosecutors to clear up investigations into alleged tax debts Sunday. The debts are related to early retirees and taxable benefits granted to former top executives. “Porsche had already responded to possibly anticipated tax payments via safety surcharges and lump sum payments,” a company spokesman said.