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Stocks fall…Trump says US, China seek new site to sign trade agreement…Fiat Chrysler merges with Peugeot

NEW YORK (AP) — Stocks are falling in afternoon trading on Wall Street as investors shift to a more cautious stance following another record high for the S&P 500 yesterday. Banks are leading the declines as bond yields fall sharply following a surprisingly weak report on business activity in the Midwest. Technology stocks are also down, despite solid gains from Apple following its encouraging earnings report. Facebook rose after releasing surprisingly good third-quarter results.

WASHINGTON (AP) — President Donald Trump says the U.S. and China are working to secure a new site to sign “phase one” of their trade agreement and the location will be announced soon. Trump and Chinese President Xi Jinping (shee jihn-peeng) had been expected to sign the document at the Asia Pacific Economic Cooperation summit in Chile in mid-November. But Chile announced yesterday that it is canceling the event due to ongoing mass demonstrations.

MILAN (AP) _ Fiat Chrysler and France’s PSA Peugeot will merge forces to create the world’s fourth-largest automaker. Under the agreement announced today, the new company would have enough scale to confront big shifts in the industry, including a race to develop electric cars and driverless technologies. Fiat Chrysler brings with it a strong footprint in North America while Peugeot is the No. 2 automaker in Europe.

RICHMOND, Va. (AP) — Virginia’s attorney general has filed a new lawsuit over the opioid crisis, even as the top lawyers in some states are pushing to settle claims over powerful prescription painkillers. Mark Herring filed a lawsuit today against Teva Pharmaceuticals USA, saying it and a company that it bought misrepresented the benefits and risks of products that include fentanyl.

SKOKIE, Ill. (AP) — Uber is suing the Chicago suburb of Skokie, alleging that its new tax on ride-hailing services violates the Illinois constitution. The lawsuit asks a Cook County judge to block Skokie from collecting the tax, which took effect yesterday. The Chicago Sun-Times reports Uber claims the village’s ride-hailing ordinance violates Illinois’ constitution by imposing a tax on a specific occupation.

Associated Press

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