Global stocks rise ahead of closely watched US hiring data


BEIJING (AP) — Global stock markets rose as investors waited for U.S. jobs data Friday that might influence a Federal Reserve decision on when to roll back stimulus after lawmakers averted a possible government debt default.

London and Frankfurt opened higher. Shanghai, Tokyo and Hong Kong advanced. Wall Street futures advanced.

Investors want to see whether U.S. hiring in September was strong enough for Fed officials who are discussing when to withdraw bond purchases and other stimulus that is boosting stock prices but say they want a healthy job market.

Friday’s Labor Department data “will decide, in the markets’ minds, whether the start of the Fed taper is a done deal for December,” said Jeffrey Halley of Oanda in a report.

In early trading, the FTSE 100 in London rose 1.7% to 7,079.73 while Frankfurt’s DAX lost 0.3% to 15,208.73. The CAC 40 in Paris shed 0.2% to 6,586.79.

On Wall Street, the future for the benchmark S&P 500 index lost less than 0.1%. The future for the Dow Jones Industrial Average was up less than 0.1%.

On Thursday, the S&P 500 rose 0.8% while the Dow added 1% after U.S. lawmakers agreed to extend Washington’s borrowing ability into December. Lack of agreement might have led to a default experts say would set back a recovery from the coronavirus pandemic.

Despite that truce, “concerns around the U.S. funding its government have far from dissipated,” said Mizuho Bank’s Venkateswaran Lavanya in a report.

Earlier, the S&P 500 swung between gains and losses of more than 1% for four days due to anxiety about the debt fight.

In Asia, the Shanghai Composite Index rose 0.7% to 3,592.17 after Chinese markets reopened following a five-day holiday. The Nikkei 225 in Tokyo jumped 1.3% to 28,048.94 and the Hang Seng in Hong Kong shed 0.6% to 24,837.35.

The Kospi in Seoul lost 0.1% to 2,956.30 while Sydney’s ASX-S&P 200 added 0.9% to 7,320.10. India’s Sensex gained 0.7% to 60,075.91. New Zealand declined while Southeast Asian markets advanced.

On Thursday, the Labor Department reported the number of people applying for unemployment fell last week.

Earlier, Fed officials responded to a spike in inflation by saying they wanted to be sure a recovery was established before withdrawing stimulus. Stronger employment might add to pressure for prices to rise faster, which investors worry might prompt the Fed and other central banks to wind down stimulus that has boosted stock prices.

In energy markets, benchmark U.S. crude rose $1.21 to $79.51 per barrel in electronic trading on the New York Mercantile Exchange. The contract gained 87 cents on Thursday to $78.30. Brent crude, the price basis for international oils, advanced $1.24 to $83.19 per barrel in London. It added 87 cents the previous session to $81.95.

The dollar rose to 111.95 yen from Thursday’s 111.63 yen. The euro advanced to $1.1554 from $1.1550.

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Asia shares mostly fall on China energy, Evergrande worries


TOKYO (AP) — Asian shares mostly fell Tuesday as concerns about China chipped away at investor optimism following a mixed finish on Wall Street.

Japan’s benchmark Nikkei 225 lost 0.3% to 30,139.65. Australia’s S&P/ASX 200 slipped 1% to 7,314.10. South Korea’s Kospi declined 0.8% to 3,109.07. Hong Kong’s Hang Seng added 1.7% to 24,619.28. The Shanghai Composite index climbed 0.3% to 3,594.18.

A power crunch in some parts of China has shut down factories and left some households without electricity under an effort to meet official energy use targets. That could have global repercussions, including on supplies needed for manufacturing throughout Asia, coming right ahead of the year-end shopping season.

The woes come on top of parts and raw material shortages that already ail regional manufacturing because of supply disruptions caused by the coronavirus pandemic.

Analysts say the power shortage in China could become prolonged as the demand for coal and natural gas surges during the winter.

Another lingering market worry resonating from China is the possible collapse of one of China’s biggest real estate developers, Evergrande Group, which is struggling to avoid a default on billions of dollars of debt.

“Crucially, contagion risks loom large due to transmission within the property sector due to similar risks to home-buyers and banks via balance sheet exposures,” said Vishnu Varathan of the Asia & Oceania Treasury Department at Mizuho Bank. “Fact is Evergrande is at best a risk that has temporarily abated but is far from abolished.”

The vote for the leader of Japan’s ruling party, set for Wednesday, was also weighing on Tokyo trading, according to analysts, as players took a wait-and-see attitude. Four candidates are in the race to replace Prime Minister Yoshihide Suga, who is stepping down after a year in office. No major economic or foreign policy changes are expected, as the pro-U.S. Liberal Democratic Party has ruled Japan almost continually in recent decades.

Wall Street’s major stock indexes ended mixed as losses by technology and health care companies outweighed gains elsewhere in the market.

The S&P 500 fell 0.3% to 4,443.11, ending a three-day winning streak for the benchmark index, which last week notched its first weekly gain in three weeks. The Nasdaq dropped 0.5% to 14,969.97, while the Dow managed a 0.2% gain to 34,869.37. The Russell 2000 picked up 1.5% to 2,281, a sign that investors are still confident about future economic growth.

The yield on the 10-year Treasury was steady at 1.49%. It was at 1.31% a week ago, as market jitters drove investors to shift money into bonds, which lowers their yield. It has been climbing for the past week.

The yield influences interest rates on mortgages and other consumer loans, so when it rises it allows lenders to charge higher rates. Bank of America gained 2.7%.

U.S. markets have had a choppy month so far and the S&P 500 is on pace to shed 1.8% in September, which would mark the first monthly loss since January. Investors have been trying to gauge just how much room the economy has to grow amid waves of COVID-19 crimping consumer spending and job growth while inflation remains a concern.

Consumer spending has been the key driver for the economic recovery and it has been crimped in part by rising cases of COVID-19 because of the highly contagious delta variant, which remains a huge concern in Asia.

In energy trading, benchmark U.S. crude added 25 cents to $75.70 a barrel in electronic trading on the New York Mercantile Exchange. It gained $1.47 to $75.45 per barrel on Monday.

Brent crude, the international standard, rose 21 cents to $79.74 a barrel.

In currency trading, the U.S. dollar rose to 111.16 Japanese yen from 110.99 yen. The euro cost $1.1695, inching down from $1.1700.


AP Business Writers Damian J. Troise, Alex Veiga and Ken Sweet contributed.

Yuri Kageyama is on Twitter

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5 reasons an addict won’t seek help for recovery

Do you have an addict in your circle? Those suffering from addiction do not always appear to have problems.

Some signs you may notice that indicate that someone is in trouble can include when they drink or use drugs when alone, keep these things hidden away in out-of-the-way places or actively isolates themselves, ignoring friends, loved ones and activities they once enjoyed. This person may exhibit erratic behavior and suffer from troubling physical symptoms when attempting to get sober.

Addiction incurs enormous costs for all of us, whether we have an addict in our circle or not. The challenges with which we wrestle on a societal level are innumerable, including the far-reaching impact of drunk driving, complex medical issues requiring subsidies that affect all of our premiums and homelessness.

However, convincing the addict to get help and to accept recovery is an immensely difficult undertaking.

Here are five lies addicts tell themselves when confronted by loved ones about their addiction. Any one of these keeps them from recognizing that they should get help.

“I would be fine if everyone would leave me alone.”

Placing blame is one of the excuses an addict uses to justify substance abuse.

They often believe family and friends are just trying to make their lives worse, and it is usually nearly impossible to convince them otherwise. Besides the denial they exhibit when they explain why they drink or use, drugs and alcohol can actually cause or heighten feelings of paranoia.

Because of these factors, in addition to the secrecy surrounding their using, the addict can feel very isolated and lonely.

If you have an addict in your circle, it might be helpful to keep a written list somewhere of those people who care and who have attempted to intervene to help. If the addict cannot hear you at this time, this list may serve later on to remind them who does care, if and when they are willing to listen.

“I can quit anytime I want.”

An addict is usually convinced they are in control of their life.

In fact, it is the substance that controls them. Even so, they believe that they can monitor if and how much they use. Nothing could be further from the truth.

If there’s an addict in your life, you have witnessed first-hand how they will choose substance over family, friends, work and anything else in their life, including future possibilities.

Although you cannot convince an addict of this, you can outline patterns of their abuse and their choices, and use this as part of confronting them.

“If I have to ask for help, this means I’m weak.”

Addiction is stronger than the individual will. The addict believes there is something wrong with them if they can’t detox alone.

This may come from having heard statements by others that include, “Why don’t you just quit?” or “Why do you do that?” Or, they may have heard a story about someone just “kicking it.”

In fact, barring a random miracle, the addict is a prisoner to the substance, and shaming them only makes them retreat and isolate further. And although it is usually impossible for an addict to quit on their own, it’s helpful to urge them to see that because of the nature of the substance and its control over them, asking for help is courageous.

“It’s my choice if I want to screw up my life.”

Substance abuse isn’t the only problem in an addict’s life. Addiction generally spawns legal and financial problems, compromised health, lost relationships, and dishonesty cutting off personal and professional opportunities.

As this happens, other lives are touched. Friends and loved ones suffer in various ways if they stay in such a relationship. The negative impact of the fallout from addiction touches all of us, as I previously mentioned, even if we do not have an addict in our immediate circle.

“Drugs (or alcohol) is better than detox.”

The addicted person may often fear detox, hearing horror stories about withdrawal experiences.

Indeed, the longer a person has used, the more intense detoxing may be. These symptoms used to include fever and chills, vomiting, hallucinating, insomnia and more.

However, we have learned a lot about how to help mitigate these symptoms as of late, and detox is now usually tailored to the individual client, including the prescription of medicines where helpful, in order to ease the negative effects of detoxing. Moreover, detox should include follow-up care in a comprehensive program designed to help will feelings of stress, anxiety, and depression, as well as learning new, healthier behaviors to replace abusing substances.

If someone you love is suffering from addiction, please do not shun them. Do not shame them. Educate yourself about the role you may be able to play in their recovery, and seek professional help for advice in intervening, if and when appropriate. The future they can have through recovery is one of possibilities and of joy.

Patti Cotton works with business owners, executives and their companies, to elevate and support leadership at all levels. Reach her at

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How broke is your California city?

Public agencies are grappling with a gap between how much money they have and how much money they owe, thanks largely to unfunded pension promises and retiree health care benefits. Truth in Accounting, an organization that promotes clarity in public financial records, ranked the long-term financial health of the nation’s 75 most populous cities.

California cities in the black….

1. Irvine, $5,200 surplus per household, Grade B

2. Stockton, $3,000 surplus per household, Grade B

9. Fresno, $1,200 surplus per household, Grade B

California cities in the red…

15. Bakersfield, $900 deficit per household, Grade C

20. Long Beach, $1,500 deficit per household, Grade C

21. Chula Vista, $2,100 deficit per household, Grade C

25. Riverside, $2,600 deficit per household, Grade C

28. Santa Ana, $3,400 deficit per household, Grade C

32. Sacramento, $4,300 deficit per household, Grade C

37. Anaheim, $5,300 deficit per household, Grade D

38. San Diego, $5,400 deficit per household, Grade D

47. Los Angeles, $7,200 deficit per household, Grade D

56. San Jose, $10,600 deficit per household, Grade D

69. Oakland, $20,700 deficit per household, Grade F

72. San Francisco, $27,500 deficit per household, Grade F

Related: Irvine is ranked the Number 1 city in the nation for good fiscal health, report says

Source: Truth in Accounting

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