Global shares slide and US futures and dollar drop after Moody’s downgrade of US credit rating

By JIANG JUNZHE Associated Press HONG KONG AP Global shares fell Monday and U S futures and the dollar also weakened after Moody s Ratings downgraded the sovereign credit rating for the United States because of its failure to stem a rising tide of debt The future for the S P lost while that for the Dow Jones Industrial Average fell The U S dollar slipped to Japanese yen from yen The euro advanced to from The yield on the -year U S Treasury was at about up from late Friday Related Articles Renck Nikola Jokic knows Nuggets need deeper bench And that s not all Colorado is part of lawsuits and counting against Trump Here s what AG Phil Weiser says is behind the strategy Moody s strips U S executive of top credit rating citing Washington s failure to rein in debt US lost business travelers in April as economic anxiety and dividing line detentions cooled demand Hospital tells family brain-dead Georgia woman must carry fetus to birth because of abortion ban In Europe Germany s DAX retreated to while the CAC in Paris lost to Britain s FTSE declined to Chinese markets fell after the authorities announced retail sales rose in April from a year earlier less than expected Rise in industrial output slowed to year-on-year from in March That could mean rising inventories if production outpaces demand even more than it already does But it also may reflect certain of the shipping boom before several of U S President Donald Trump s tariffs on Chinese goods took effect After an improvement in March China s economic activity looks to have slowed again last month with firms and households turning more cautious due to the commerce war Julian Evans-Pritchard of Capital Economics mentioned in a analysis Hong Kong s Hang Seng lost to and the Shanghai Composite Index was nearly unchanged at E-commerce giant Alibaba s shares in Hong Kong skidded following a record that U S executives are scrutinizing a prospective Apple-Alibaba deal to integrate AI features into iPhones in China Tokyo s Nikkei gave up to while the Kospi in Seoul dropped to Australia s S P ASX declined to Taiwan s Taiex was lower In oil trading early Monday U S benchmark crude oil lost cents to per barrel Brent crude the international standard gave up cents to per barrel Wall Street cruised to a strong finish last week as U S stocks glided closer to the all-time high they set just a insufficient months earlier though it may feel like an economic era ago The S P rose It has rallied to within of its record set in February after it briefly dropped roughly below it last month Gains have been driven by hopes that Trump will lower his tariffs against other countries after reaching transaction deals with them The Dow industrials added and the Nasdaq composite climbed Trump s contract war sent financial markets reeling because they could slow the financial system and drive it into a recession while also pushing inflation higher This week featured chosen encouraging news on each of those fronts The United States and China communicated a -day stand-down in most of of their punishing tariffs against each other while a couple of reports on inflation in the United States came in better than economists expected That uncertainty has been hitting U S households and businesses raising worries that they may freeze their spending and long-term plans The latest reading in a survey of U S consumers by the University of Michigan demonstrated sentiment soured again in May though the pace of decline wasn t as bad as in prior months Charter Communications rose after it explained Friday that it has agreed to merge with Cox Communications in a deal that would combine two of the country s largest cable companies Hope remains that this week s better-than-expected signals on inflation could give the Federal Reserve more leeway to cut interest rates later this year if high tariffs drag down the U S financial market