Morning Brief | China and EU hold talks on EV tariffs; Apple's rating downgraded

Pre-market Movers

Ahead of Friday's trading, the three major U.S. stock index futures were rise, with Dow futures up 0.23%, S&P 500 futures up 0.24%, and Nasdaq 100 futures up 0.24%.

A federal judge blocked the planned $8.5 billion acquisition by Tapestry Inc., maker of Coach and Kate Spade handbags, of rival Capri Holdings Ltd., concluding it would harm competition in the market for "accessible luxury" handbags. Capri shares down as much as 56% in premarket trading.

Chinese EV companies, like NIO, Li and XPEV rise in premarket trading. The European Union and China have agreed to hold further technical negotiations soon on possible alternatives to tariffs on China-built electric vehicles, although significant gaps remain, the European Commission said on Friday. The two sides are looking at possible minimum price commitments from Chinese producers or investments in Europe as an alternative to tariffs.

Apple shares fall nearly 1% in premarket. KeyBanc analysts Brandon Nispel   see a chance for a further fall if consumers opt for cut-price models instead of the priciest new smartphone. Nispel lowered his rating on Apple to Underweight from Standard Weight, with a price target of $200.  

Pre-market Headlines

Mercedes to step up cost cuts after earnings plunge

Mercedes-Benz will step up cost cuts after earnings halved in the third quarter hit by tepid demand and fierce competition in China, it said on Friday. CFO declined to provide more details about the cost cuts, but warned that it will be tighter and tougher for sure.

World at A Glance

India, China begin implementing new border pact

India and China have begun implementing an agreement to end a military standoff on their disputed Himalayan border, the two sides said on Friday, in the biggest thaw between the Asian giants since deadly clashes between their armies four years ago.

Troops who were eyeball-to-eyeball at two points on the frontier in the western Himalayas had begun pulling back, an Indian government source said, heralding an end to a the standoff.

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