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Global benchmarks are mixed in cautious trading ahead of US holiday and jobs report

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Global benchmarks are mixed in cautious trading ahead of US holiday and jobs report
News

News

Global benchmarks are mixed in cautious trading ahead of US holiday and jobs report

2024-09-02 18:10 Last Updated At:18:20

TOKYO (AP) — Global shares were mixed in cautious trading Monday ahead of the Labor Day holiday in the U.S., when stock exchanges are closed.

France's CAC 40 slipped 0.3% in early trading to 7,611.64, while Germany's DAX fell 0.1% to 18,881.14. Britain's FTSE 100 was little changed, down less than 0.1% at 8,370.39. U.S. shares were set to drift lower with Dow futures down 0.1% at 41,613.00. S&P 500 futures fell 0.1% to 5,654.25.

Investors were also looking ahead to the U.S. employment report set for release Friday for an indication of the strength of the American economy.

In Asia, Japan’s Nikkei 225 gained 0.1% to finish at 38,700.87, after the Finance Ministry reported capital spending by Japanese companies in the April-June quarter increased 7.4% from the previous year.

After a period of stagnation, Japan’s economy is showing signs of a recovery. Next week, Japan will release revised gross domestic product, or GDP, data, a measure of the value of a nation’s goods and services. The preliminary data released earlier showed the first growth in two quarters.

Australia’s S&P/ASX 200 rose 0.2% to 8,109.90, while South Korea’s Kospi gained nearly 0.3% to 2,681.00. Hong Kong’s Hang Seng slipped 1.7% to 17,691.97. The Shanghai Composite dipped 1.1% to 2,811.04.

A bit of pessimism rolled in over China’s growth prospects over the weekend, as its National Bureau of Statistics reported that August manufacturing PMI, a barometer of industrial output, fell from 49.4 to 49.1. That was weaker than market forecasts.

Recent reports on the U.S. economy, including inflation, consumer spending and income, have been encouraging. The Commerce Department said its personal consumption and expenditures report showed prices rose 0.2% from June to July, up slightly from the previous month’s 0.1% increase.

That means price rises are slowing down, and that’s likely to lead to the Federal Reserve cutting interest rates for the first time in more than four years. The market expects the Fed will start cutting rates later this month.

In other encouraging news, Friday’s Commerce Department report showed Americans stepped up their spending by 0.5% from June to July and incomes rose 0.3%, faster in July than the previous month.

In energy trading, benchmark U.S. crude rose 5 cents to $73.60 a barrel. Brent crude, the international standard, added 6 cents to $76.99 a barrel.

In currency trading, the U.S. dollar edged up to 146.68 Japanese yen from 146.18 yen. The euro cost $1.1071, up from $1.1053.

Yuri Kageyama is on X: https://x.com/yurikageyama

FILE - Currency traders watch monitors at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, on Aug. 29, 2024. (AP Photo/Ahn Young-joon, File)

FILE - Currency traders watch monitors at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, on Aug. 29, 2024. (AP Photo/Ahn Young-joon, File)

FILE - A custodian cleans up an electronic stock board showing Japan's Nikkei index at a securities firm in Tokyo, on Aug. 26, 2024. (AP Photo/Eugene Hoshiko, File)

FILE - A custodian cleans up an electronic stock board showing Japan's Nikkei index at a securities firm in Tokyo, on Aug. 26, 2024. (AP Photo/Eugene Hoshiko, File)

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Levi Strauss heir Daniel Lurie pledges to make San Francisco safer as mayor

2024-11-09 08:12 Last Updated At:08:20

SAN FRANCISCO (AP) — Levi Strauss heir Daniel Lurie, who has never held public office, promised on Friday that as San Francisco’s mayor he will do what seasoned politicians before him have not — clean up city streets and bring an end to its open-air drug markets.

“Your voices and your call for accountable leadership, service and change have been heard,” Lurie said at a park in San Francisco's Chinatown, delivering his first public remarks since Mayor London Breed called him to concede the race the previous day.

Lurie said he chose Chinatown for Friday’s event to underscore how important the area's health is to turning San Francisco around. He walked the neighborhood the day after Tuesday's election and visited again Friday. Chinese voters are also critical to winning citywide in San Francisco.

The Associated Press has not declared a winner in Tuesday’s election because tens of thousands of ballots have not yet been counted and added to the ranked-choice voting calculations. San Francisco uses a system that allows voters to list up to 10 candidates in order of preference.

But on Friday, Lurie held a commanding lead in early election results, and Breed called Lurie on Thursday to congratulate him. She said in a statement that she and her staff will work to ensure a smooth transition when he takes over as mayor of a city.

“I know we are both committed to improving this City we love,” Breed wrote.

Lurie's ascent was remarkable for a candidate with little name recognition who appears to have bested two San Francisco supervisors and a former interim mayor to unseat.

His deep pockets helped. Lurie spent nearly $9 million of his own money on his first-time campaign for mayor and raised more than $16 million, including $1 million from his mother Mimi Haas. Lurie is the stepson of the late Peter Haas, a great-grandnephew of Levi Strauss and longtime CEO of the iconic San Francisco-based clothing company.

Breed's victory six years ago as the city's first Black female mayor — who grew up impoverished in public housing — showed that no dream was impossible in the progressive, compassionate and equitable city. But the honeymoon was short-lived as the COVID-19 pandemic shuttered stores and tech workers retreated to home offices. Tent encampments proliferated, as did public drug use.

Streets did become cleaner and homeless tents harder to find this year, but the daytime shooting in September of 49ers rookie Ricky Pearsall in a popular central shopping district reignited a debate over public safety. She faced off with multiple opponents who accused her of doing too little too late.

On policy, Lurie does not differ much from Breed. Lurie said he wants to build more housing, crack down on drug dealers, get homeless people off the streets and take a compassionate yet firm approach to drug users who refuse help.

But he said that as a political outsider, he would bring a critical eye to bureaucracy, weed out nonprofits and department heads who fail to deliver, and focus on results. As mayor, he would oversee more than 30,000 employees and a $15 billion annual budget.

Lurie plans to beef up the city's police presence, declare a fentanyl state of emergency, set up 1,500 shelter beds within six months, and drastically streamline the permitting process so small businesses can thrive, he said.

His opponents on the campaign trail trashed Lurie for spending so much money, but his supporters did not seem to mind, nor did they seem bothered by his lack of experience in government. Several people at Friday's event said they were familiar with the anti-poverty nonprofit he founded in 2005, Tipping Point Community.

“I’m so happy to have Daniel here because, you see, special interests is gone. He doesn’t need the money, it’s all about passion for this city,” said Shirletha Holmes-Boxx, 67, a community organizer.

Lurie, 47, said he plans to put his holdings into a blind trust and talk to the city attorney about forgoing the mayor’s $380,000 annual salary.

Paul Yep, a retired San Francisco Police Department commander, said Lurie convinced him early on with his ideas, passion and purpose for running.

“I saw his commitment and his love for San Francisco,” Yep said. “I knew that the outsider point of view was exactly what was needed.”

Lurie planned to visit other parts of the city Friday, including a senior center, lunch at a gumbo social, ice cream with his two children and happy hour at a pub.

“So many people love this city, it’s time for us to start making people feel like the city loves them back,” he said Friday, with his wife Becca Prowda at his side as scores of supporters snapped photos, clapped their hands and hooted with joy.

San Francisco mayoral candidate Daniel Lurie, middle, tours businesses as he walks through Chinatown in San Francisco, Friday, Nov. 8, 2024. (AP Photo/Jeff Chiu)

San Francisco mayoral candidate Daniel Lurie, middle, tours businesses as he walks through Chinatown in San Francisco, Friday, Nov. 8, 2024. (AP Photo/Jeff Chiu)

San Francisco mayoral candidate Daniel Lurie tours businesses as he walks through Chinatown in San Francisco, Friday, Nov. 8, 2024. (AP Photo/Jeff Chiu)

San Francisco mayoral candidate Daniel Lurie tours businesses as he walks through Chinatown in San Francisco, Friday, Nov. 8, 2024. (AP Photo/Jeff Chiu)

San Francisco mayoral candidate Daniel Lurie, middle, is greeted by supporters after speaking at a news conference in San Francisco, Friday, Nov. 8, 2024. (AP Photo/Jeff Chiu)

San Francisco mayoral candidate Daniel Lurie, middle, is greeted by supporters after speaking at a news conference in San Francisco, Friday, Nov. 8, 2024. (AP Photo/Jeff Chiu)

San Francisco mayoral candidate Daniel Lurie, middle, greets Wing Pau, manager of Far East Cafe restaurant, as he walks through Chinatown in San Francisco, Friday, Nov. 8, 2024. (AP Photo/Jeff Chiu)

San Francisco mayoral candidate Daniel Lurie, middle, greets Wing Pau, manager of Far East Cafe restaurant, as he walks through Chinatown in San Francisco, Friday, Nov. 8, 2024. (AP Photo/Jeff Chiu)

San Francisco mayoral candidate Daniel Lurie, middle, and his wife, Becca Prowda, middle right, walk through Chinatown in San Francisco, Friday, Nov. 8, 2024. (AP Photo/Jeff Chiu)

San Francisco mayoral candidate Daniel Lurie, middle, and his wife, Becca Prowda, middle right, walk through Chinatown in San Francisco, Friday, Nov. 8, 2024. (AP Photo/Jeff Chiu)

San Francisco mayoral candidate Daniel Lurie, foreground right, speaks at a news conference next to his wife in San Francisco, Friday, Nov. 8, 2024. (AP Photo/Jeff Chiu)

San Francisco mayoral candidate Daniel Lurie, foreground right, speaks at a news conference next to his wife in San Francisco, Friday, Nov. 8, 2024. (AP Photo/Jeff Chiu)

Daniel Lurie, center, speaks at a news conference accompanied by his wife, Becca Prowda, center left, in San Francisco, Friday, Nov. 8, 2024. (AP Photo/Jeff Chiu)

Daniel Lurie, center, speaks at a news conference accompanied by his wife, Becca Prowda, center left, in San Francisco, Friday, Nov. 8, 2024. (AP Photo/Jeff Chiu)

Daniel Lurie speaks at a news conference in San Francisco, Friday, Nov. 8, 2024. (AP Photo/Jeff Chiu)

Daniel Lurie speaks at a news conference in San Francisco, Friday, Nov. 8, 2024. (AP Photo/Jeff Chiu)

Daniel Lurie waves as he arrives at a news conference in San Francisco, Friday, Nov. 8, 2024. (AP Photo/Jeff Chiu)

Daniel Lurie waves as he arrives at a news conference in San Francisco, Friday, Nov. 8, 2024. (AP Photo/Jeff Chiu)

Daniel Lurie speaks at a news conference accompanied by his wife, Becca Prowda, left, in San Francisco, Friday, Nov. 8, 2024. (AP Photo/Jeff Chiu)

Daniel Lurie speaks at a news conference accompanied by his wife, Becca Prowda, left, in San Francisco, Friday, Nov. 8, 2024. (AP Photo/Jeff Chiu)

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