Global Glance: Trump revelations weighing on global stocks; US industrial production posts biggest gain since 2014

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Here are today’s top business headlines from across the nation and world:

Trump revelations weighing on global stocks and the dollar

LONDON (AP) — Global stock markets and the dollar drifted lower Wednesday as traders fretted over reports that President Donald Trump appealed to ex-FBI Director James Comey to ditch an investigation into ousted national security adviser Michael Flynn. Though the White House has denied the allegation, there’s mounting unease in markets over the developments in the U.S. government. Traders appear to be growing concerned over the outlook for the Trump administration both politically and economically. A day barely passes without some new report about the president and his team. The latest centers on a memo that Comey wrote that showed the president asking him to shut down an FBI investigation into Flynn. Read more

US industrial production posts biggest gain since 2014

WASHINGTON (AP) — American industry expanded production last month at the fastest pace in more than three years as manufacturers and mines recovered from a March downturn. The Federal Reserve said Tuesday that industrial production at U.S. factories, mines and utilities shot up 1 percent in April from March, biggest gain since February 2014 and the third straight monthly gain. The increase was more than twice what economists had expected. Read more

Target reimagines itself; investors like what they see in 1Q

NEW YORK (AP) — Target’s first-quarter profits jumped almost 8 percent as attempts to turn its business around appear to be gaining some traction. Comparable-store sales fell for the fourth consecutive quarter, but the decline was nowhere near as bad as expected and online sales surged 22 percent. While growing online sales and rising profits pushed shares up more than 8 percent before the opening bell Wednesday, CEO Brian Cornell still needs to find a way to thrive in the face of intense pressure and Wal-Mart Stores Inc. Facing those challenges, Target plans to spend $7 billion over the next three years, more than three times its typical capital expenditure, to remodel more than a third of its 1,800 stores, speed up its expansion of small-format stores, bolster online operations, and launch new brands. Read more

Ford to cut 1,400 salaried jobs in North America, Asia

DETROIT (AP) — Ford Motor Co. plans to cut 10 percent of its salaried jobs in North America and Asia Pacific this year in an effort to boost profits. The company says it will offer voluntary early retirement and separation packages to its workers. It expects 1,400 positions to be affected by the end of September. Ford says its European and South American operations have already cut workers and won’t be affected. Read more

Google poised to roll out arsenal of services, gadgets

MOUNTAIN VIEW, Calif. (AP) — Google is about to provide the latest peek at its digital services and gadgets as it seeks to become an even more influential force in people’s lives. The overview will come Wednesday during Google’s annual conference for thousands of computer programmers. Google is expected to give the crowd a look at new twists in its Android software for mobile devices. Executives are also likely to detail plans for expanding the reach and capabilities of a voice-controlled digital assistant currently available on some smartphones and an internet-connected speaker called Home. Some of the unveiled products won’t be out until later this year. Read more

More health insurance woes looming: Who’s to blame?

WASHINGTON (AP) — Another year of big premium increases and dwindling choice is looking like a distinct possibility for many consumers who buy their own health insurance – but why, and who’s to blame? President Donald Trump has seized on early market rumbles as validation of his claim that “Obamacare” is a disaster, collapsing of its own weight. Democrats, meanwhile, accuse Trump of “sabotage” on a program he’s disparaged and wants to dismantle. It’s more complicated, say some independent experts. As for blame, there’s enough to go around. Read more

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