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China bans sale of most iPhone models

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U.S. stocks closed higher on Monday, as major indexes bounced back from earlier losses as renewed confidence in the strength of the U.S. economy offset lingering worries over the U.S.-China trade dispute. The Dow Jones Industrial Average rose 0.1%, to end at 24,423.26, while the S&P 500 gained 0.2%, to 2,637.72. The Nasdaq Composite Index advanced 0.7%, to close at 7,020.52.

European stocks lower, as investors failed to shake continued weakness in U.S. equities and as signs of slowing growth in France added to worries. The Stoxx Europe 600 dropped 1.9% to end at 338.99. Germany’s DAX 30 dropped 1.5% to 10,622.07, while France’s CAC 40 lost 1.5% to 4,742.38. The U.K.’s FTSE 100 dropped 0.8% to end at 6,721.54, after U.K. Prime Minister Theresa May confirmed she would delay a crucial parliamentary vote on her Brexit plan.

Apple Hit with Sales Ban on Older iPhones in China

A Chinese court ordered Apple Inc. to stop selling older iPhone models after finding the company infringed on two patents held by Qualcomm Inc., the chip maker said, casting uncertainty over Apple’s business in a critical market amid thorny trade relations between the U.S. and China. Apple said its full portfolio of iPhones in China remain on sale, and that it plans to appeal the court’s decision. The company filed a request to the court to reconsider its decision on Monday.

The Nov. 30 decision by a Chinese court, which doesn’t apply to new iPhone models launched this year, is the first in the world’s largest smartphone market that seeks to curtail iPhone sales in the country. Qualcomm said the Fuzhou Intermediate People’s Court in China found Apple had infringed on two patents: one related to photo editing and another to swiping on a touch-screen device.

Theresa May turns to Germany’s Angela Merkel

British Prime Minister Theresa May will seek German Chancellor Angela Merkel’s support on Tuesday for changes to the Brexit deal in a last minute bid to avoid a disorderly exit that would silt up the arteries of trade and roil financial markets. Amid demands for a national election, ridicule and blunt warnings that her eleventh-hour bid for a changed deal was in vain, May pledged to seek EU support for changes to make it more palatable to lawmakers.

The EU said it was ready to discuss how to smooth ratification in Britain, but that neither the withdrawal agreement nor the contentious Irish backstop would be renegotiated.

Without a deal, the options for the world’s fifth largest economy include a last-minute agreement, probably struck in 2019, another EU referendum or national election, or a potentially disorderly Brexit without a deal.

The Calamatta Cuschieri Traders Blog is available daily on CC WebTrader. Other market coverage including coverage of the International Bond Markets is also available.

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