Eds: Updates with stocks stabiliziing
NEW YORK (AP) – Stocks are stabilizing in late morning trading on Wall Street after dropping on the latest disappointing report on the economy. Stocks fell following a report that the services sector, which makes up the bulk of the U.S. economy, grew at a slower pace in September than economists had forecast. The major indexes have now turned slightly positive.
WASHINGTON (AP) – Growth in the U.S. services sector slowed sharply in September to the lowest level in three years, suggesting that rising uncertainty is weakening the bulk of the economy. The Institute for Supply Management, an association of purchasing managers, says its non-manufacturing index slipped to 52.6 from 56.4 in August. Readings above 50 signal growth, but September’s figures are the lowest since August 2016. Sales, new orders and employment all slowed, and companies expressed concerns about tariffs.
NEW YORK (AP) – The nation’s largest retail trade group is predicting that holiday sales will rise between 3.8% and 4.2% even as uncertainty looms over an escalating trade war with China. The National Retail Federation’s forecast marks an increase from the disappointing 2.9% growth seen in the November and December 2018 period. The holiday forecast is above the average holiday sales growth of 3.7% over the previous five years.
PARIS (AP) – An influential German industry organization says it’s “disappointing” the U.S. has announced plans to impose tariffs on $7.5 billion worth of European imports in retaliation for illegal European Union subsidies for aircraft maker Airbus. The Federation of German Industries says the tariffs are “legally legitimate” after a World Trade Organization ruling, but “at the same time they are extremely damaging to economic and political relations.”
ANKARA, Turkey (AP) – Turkey’s data protection authority is fining Facebook $280,000 for contravening the country’s data laws. The Turkish Personal Data Protection Council says personal data belonging to nearly 281,000 Turkish users, including their names, gender, birth dates, relationship status, religion and search history, were compromised in a data breach. Earlier this year, the Turkish authority had fined Faceboo over a separate data law breach relating to a software bug.