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Home / Business / A boost for China's market; Gap soars; Tesla comes to $ 35,000

A boost for China's market; Gap soars; Tesla comes to $ 35,000



The tariffs on Chinese goods were set to rise from 10% to 25% on Saturday. But US trade representatives said in a statement Thursday that they would post documents to suspend the tours "for further notice."

The Shanghai Composite gained 1.8% on Friday, while the smaller, tech-heavy Shenzhen Composite increased 1.2%. [19659002] There were also some positive economic data out of China, where an unofficial measurement of production activity recovered in February. Nevertheless, economists warn the bouncing may be temporary.

"While there are indications that credit growth is beginning to pile out, thanks to political support, the common law means that last year's decline in lending is likely to continue to weigh on economic activity at least mid-year," Julian Evans- Pritchard, senior Chinese economics economist, wrote in a research paper.

2. Gap looks at company sharing: Stocks in Gap ( GPS ) increased 23% in extended trading after the company announced Thursday that it would break into two businesses.

One of the companies will include Old Navy, while the other business will include Gap, Banana Republic and other brands, including Athleta and Hill City.

The separation is a story of two large different businesses. Old Navy has flourished in recent years, and sales in stores open at least a year increased by 3% in 201

8.

At the same time, Gap has turned down – sales fell 5% last year. The banana republic has been closing down stores, which has helped the company improve its sales.

3. Muscle comes to $ 35,000: Shares in Tesla ( TSLA ) fell almost 4% in extended trading after CEO Elon Musk said the company will close stores and add by workers producing a cheaper model 3.

Tesla has long promised a version of its model 3-sedan that would cost $ 35,000. The company said on Thursday that it had finally reached the price point, which Musk described as "scary difficult".

The move means that Tesla will close stores and shift sales worldwide only to online. It refused to say how many of the stores will be closed or how many jobs will be affected

4. Huawei fighting back: The Chinese technology company Huawei on Thursday did not plead guilty to federal charges that it attempted to steal trade secrets from T-Mobile ( TMUS ) . [19659007] The company was arrested in the Seattle Federal Court, where a judge filed a lawsuit for March 2, 2020. The US Department of Justice made the charges public last month.

The case comes in the middle of a major press campaign against the company of the US government, claiming that Huawei's technology constitutes a national security threat. Huawei has denied the allegations.

5. Global market overview: US stock futures pointed higher. The European markets opened with gains, following a positive increase in Asia.
Dow Jones Industrial Average, S & P 500 and Nasdaq each dropped 0.3% on Thursday. Despite the losses, the three main markets reported overall results in February.
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6. 19659006] ] and Tribune Media ( TRCO ) plan to release earnings before the open Friday.

The US Office of Economic Analysis will release its core personal consumption report for December at 8:30 ET. The Department of Supply Administration will release production data at. 10:00 ET.

Economic data released in Europe painted a cruel picture of the region's economy.

Production survey data published by IHS Markit showed that factory activity in Germany slowed further into the contraction in February. German companies owed the decline of factors such as falling car sales, weaker demand from China and anxiety over Brexit.

Production also declined in the eurozone in general, as modest gains in France failed to compensate for further drops in Italy and Spain.

7. ] and Tribune Media ( TRCO ) ) ) earnings

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