Tuesday Morning Business Brief – July 5


Global stock markets and the pound turned lower today amid more concerns about the fallout from Britain’s decision to leave the European Union. U.S. shares are set to drift lower after the long holiday weekend, with Dow futures slipping 0.5 percent and S&P 500 futures down 0.6 percent.

NEW YORK (AP) – Benchmark U.S. crude dropped $1.32 to $47.67 per barrel in electronic trading on the New York Mercantile Exchange. Brent crude, used to price international oils, fell $1.13 to $48.97 in London.

LONDON (AP) – The Bank of England says it will reduce the amount of capital banks need to hold to free up more money for lending to businesses and households. The move comes in the aftermath of the Brexit vote.

LONDON (AP) – A British court has convicted three Barclays brokers of trying to fix the benchmark interest rate known as LIBOR, the London interbank offered rate. The three were convicted last week, but the court placed the matter under reporting restrictions until Monday.

PARIS (AP) – French unions are staging what’s likely to be their last show of force against a labor bill that has divided the nation and prompted the worst social unrest in years. The bill would make it easier for companies to hire and fire employees and extend working hours.

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