Global Glance: How Fed hike will affect consumers; China approves 9 Trump trademarks

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

How Fed hike will affect consumers and overseas economies

WASHINGTON (AP) — Credit card holders will soon pay more. So will people with adjustable-rate mortgages or home equity lines of credit. But most would-be home buyers needn’t worry. And auto loan rates won’t likely change much. For savers? Rates should creep up, at least for the highest-yielding CDs and saving accounts, though on average they’ll still pay a pittance. The cumulative impact of another Federal Reserve interest rate hike – its fourth in 18 months – will range widely for individuals and businesses with loans or income-producing accounts. Read more

China approves 9 Trump trademarks previously rejected

SHANGHAI (AP) — The Chinese government has granted preliminary approval for nine Donald Trump trademarks it had previously rejected, in whole or in part, The Associated Press found, a turn that is likely to fuel further allegations that Beijing may be giving the president’s family business special treatment. Trump’s decision to retain ownership of his global branding empire has sparked criticism over perceived conflicts of interest and three lawsuits, including one filed Wednesday by nearly 200 Democrats in Congress, which allege violations of a constitutional prohibition against accepting gifts from foreign governments. Read more

US retail sales slide 0.3 percent, biggest drop in 16 months

WASHINGTON (AP) — Americans cut spending at gasoline stations, department stores and electronics shops in May as retail sales registered their biggest drop in 16 months, a cautionary sign for the economy. The Commerce Department said Wednesday that retail sales dropped 0.3 percent, the first decline since February and the sharpest since a 1 percent decrease in January 2016. Economists had expected sales to increase slightly in May after rising 0.4 percent in April. Over the past year, retail sales have risen a solid 3.8 percent. Read more

This is peak investing: Stocks, bonds and concerns are up

NEW YORK (AP) — Everything is awesome for investors. Everything. Stocks are at peak levels. Bonds are making money despite a raft of predictions to the contrary at the start of the year. Stock markets overseas, notoriously poor investments for much of the last decade, are perking higher. Even gold, which typically glitters brightest when other markets are struggling, is up this year. If it feels precarious to have so many investments doing so well, particularly when the economy itself is still growing only modestly, markets are giving few indications of worry. Read more

Greece hoping to finally secure long-term debt relief deal

LUXEMBOURG (AP) — Greece is hoping to secure more bailout funds to meet a summer debt repayment hump as well as a debt relief deal at a meeting of finance ministers from the 19-country eurozone. The country, which has been promised help on its mountain of debt once its bailout ends next year, is again the main topic of discussion at a meeting of the so-called eurogroup Thursday. The main obstacle to an agreement is a difference of opinion between the eurozone and the International Monetary Fund over Greece’s long-term debt outlook. Read more

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