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HONG KONG (AP) — Asian stocks moved lower today while European shares were mixed in early trading following Wall Street's worst day since July. Futures point to a flat opening on Wall Street this morning. The dollar strengthened against the yen and the euro. Benchmark crude oil slipped below $92.50 a barrel.
WASHINGTON (AP) — Today, the Commerce Department will release its third and final estimate of second-quarter gross domestic product. Also today, the University of Michigan will issue its monthly index of consumer sentiment for September.
BERLIN (AP) — Economic gloom is on the rise among Germans. A closely watched survey shows German consumer confidence has fallen further amid concerns over conflicts in Ukraine and elsewhere and economic weakness across Europe. The GfK institute says its forward-looking consumer climate index for October dropped to 8.3 from 8.6 in September.
DETROIT (AP) - Bankrupt Detroit is being run by the mayor and city council again after 18 months of oversight by a state-appointed emergency manager. In formally relinquishing his control Kevyn Orr says "the city is more than ready." A restructuring plan would wipe out $7 billion of Detroit's $12 billion in long-term, unsecured debt while restructuring city services.
BILLINGS, Mont. (AP) — The oil industry's lead trade group is getting behind new standards for testing and classifying crude shipped by rail after prior shipments were misclassified, including a train that derailed in Canada and killed 47 people. The American Petroleum Institute said the standards were crafted in cooperation with regulators and the rail industry. Shipping oil by rail has become far more common as domestic drilling booms in North Dakota, Montana, Texas, Colorado and other states.
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