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European shares mostly lower...President's Fed nominee...China auto sales rebound

By The Associated Press | Posted - Jul. 11, 2017 at 4:34 a.m.



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TOKYO (AP) — Shares were mostly lower in Europe early today after a mixed day of trading in Asia as investors await Federal Reserve chair Janet Yellen's testimony to the U.S. Congress. Wall Street looks set for a lackluster start with Dow futures flat and S&P 500 futures less than 0.1 percent lower.

WASHINGTON (AP) — Randal Quarles, who served in top Treasury Department positions under two Republican presidents, has been nominated by President Donald Trump to take a key position on the Federal Reserve board. The selection of Quarles marks Trump's first effort to reshape the nation's central bank, an institution he criticized during the campaign.

BEIJING (AP) — China's auto sales rebounded in June on the strength of SUV demand but rose just 2.3 percent from a year earlier following a sales tax hike and weak economic growth. An industry group says drivers in the world's biggest auto market, by number of vehicles sold, bought 1.8 million sedans, SUVs and minivans. Sales in May shrank 2.6 percent.

CARSON CITY, Nev. (AP) — An electric car maker has deserted its plan to construct a $1 billion manufacturing plant in southern Nevada in a move experts say could spell trouble for the company and the broader niche electric automobile businesses. Faraday Future says its decision to scrap the plant and look for an existing facility was due to a shift in business strategy.

TOKYO (AP) — The head of the failed Japan-based bitcoin exchange Mt. Gox has pleaded innocent in Tokyo to charges of embezzlement and data manipulation. France-born Mark Karpeles went on trial today, suspected of accessing the exchange's computer system in February 2013 and inflating his account.

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The Associated Press

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