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NEW YORK (AP) — U.S. stocks are edging lower Thursday morning as industrial companies like defense contractor Raytheon fall. Bond yields are jumping and investors are selling utility and real estate companies. Chipmaker Qualcomm said it will buy competitor NXP Semiconductors for $38 billion.
China's ruling Communist Party declared its General Secretary Xi Jinping the "core" of its leadership on Thursday, elevating his already powerful status. A communique issued by top party leaders after a four-day meeting in Beijing called on all its members to "closely unite around the CPC Central Committee with Comrade Xi Jinping as the core", said the People's Daily, the party's official mouthpiece. The announcement followed a gathering of 400 top party leaders in Beijing for a meeting known as the Sixth Plenum to discuss changes to party structure and discipline.
The British pound rallied briefly Thursday on brighter-than-expected economic growth data, while eurozone stock markets sagged amid a dearth of news from the region. Sterling bounced after official data showed that Britain's economy grew by 0.5 percent in the three months following the country's referendum in favour of exiting the European Union. "The GDP data initially boosted the pound which had a negative impact on the FTSE and pushed it into the red," Oanda analyst Craig Erlam told AFP.