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HONG KONG (AP) — World stocks are lower today after the Fed surprised markets by signaling it could raise interest rates next month if economic conditions keep improving. European stocks have dropped sharply in early trading, with Germany's DAX shedding 1.6 percent. Losses in Asia were less dramatic. Futures suggest a lower opening on Wall Street.
WASHINGTON (AP) — Today's schedule of economic reports has the Thursday regulars. The Labor Department will release the weekly jobless claims number this morning. Later, Freddie Mac releases its weekly mortgage rate numbers. On the earnings front, Wal-Mart reports quarterly financial results before the market opens, while The Gap reports after the market closes.
BERLIN (AP) — Bayer confirms it's entered talks with Monsanto about the possible acquisition of the U.S.-based specialist in genetically modified crop seeds. The German drug and chemicals company says its executives met recently with their Monsanto counterparts "to privately discuss a negotiated acquisition." The news sent Bayer shares tumbling nearly 8 percent in early trading on Germany's DAX, but Monsanto shares are up nearly 9 percent in pre-market trading in New York.
PALO ALTO, Calif. (AP) — Tesla Motors is selling around $1.4 billion worth of stock to help bring its lower-cost Model 3 to market. Analysts have been expecting the move after the electric car maker announced it wants to produce half a million cars per year in 2018, two years earlier than planned. The $35,000 car Model 3 goes on sale at the end of 2017, and more than 370,000 customers have put down a $1,000 deposit since Tesla began taking reservations at the end of March.
HYDERABAD, India (AP) — Apple says it's setting up an office in southern India to develop maps for its products. The company says the venture in Hyderabad will create about 4,000 jobs. Yesterday, Apple announced that it's setting up an app design and development center in the city of Bangalore. CEO Tim Cook is currently visiting India.
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