Stocks fall amid new China tensions…Domino’s sales slow…Producer prices slip
NEW YORK (AP) – Stocks are opening lower on Wall Street as tensions rose between Washington and Beijing just ahead of the latest round of trade talks. The broad losses early today came after the U.S. blacklisted Chinese tech companies that develop facial recognition and other technology. The U.S. says it’s being used to repress China’s Muslim minority groups. Technology stocks were among the biggest losers as chipmakers absorbed the impact of the latest U.S. restrictions on sales to China.
NEW YORK (AP) – Domino’s Pizza fell 4.1% after a key sales measure for the pizza chain fell short of Wall Street forecasts. Sales at established locations grew at a surprisingly slow rate in the third quarter. The company also eliminated its long-term forecast and replaced it with a shorter view with lower sales growth.
WASHINGTON (AP) – U.S. producer prices fell in September, another sign that inflation remains tame more than 10 years into America’s economic expansion. The Labor Department says its producer price index, which measures inflation before it reaches consumers, fell 0.3% last month, the first drop since June and the biggest since January. Even core wholesale prices, which exclude volatile food and energy prices, fell 0.3%. Falling prices were widespread, ranging from clothing to machinery.
LONDON (AP) – The British government says it still hopes to strike a Brexit deal with the European Union, despite mounting gloom on both sides of the Channel about the chances of success. EU leaders have demanded more “realism” from Britain in response to a Brexit plan proposed by Prime Minister Boris Johnson. The bloc says the proposals don’t fulfil the U.K.’s commitment to a frictionless border between Northern Ireland and EU member Ireland.
TOKYO (AP) – Japanese automaker Nissan Motor Co. has named the head of its China business, Makoto Uchida, to be its new CEO. Uchida replaces Hiroto Saikawa, who resigned last month after acknowledging he had received questionable income payments.